6 Things to Know About Recruiting Gen Y
Over the past few years the financial services industry has been struggling with the surging demand for financial advisors. Rather than looking to recruit fresh college graduates, financial services firms have largely ignored this demographic and instead have engaged in bidding wars with competitors for experienced advisors.
A recent Pershing study highlights the industry's dire need for new advisors, and aims to help firms understand how Gen Y can solve the industry's recruiting woes.
Here are six key takeaways from the study, titled ,i>Regeneration: How Gen Y Could Revitalize the Industry -- and Bring New Life to Your Firm.
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1. Advisor Shortage
The financial industry will need to add a total of 237,000 new advisors across all business models over the coming decade to meet projected market demand,Pershing finds.
And only 7% of college graduates from 2013 expressed interest in pursuing a career as a financial advisor, according to a study conducted by Pershing.
With this growing disparity between new recruits and retirees, it is absolutely crucial for businesses to turn their focuses toward expanding the pool of Gen Y advisors to recruit from.
2. Reasons for Hope
With more than 7.2 million students obtaining a degree each year in the U.S., those students could represent a fresh annual influx of over 500,000 interested new prospects,the study argues. The responsibility falls on firms to transform that potential into measurable action, Pershing concludes.
3. Ideal Career for Gen Y
Financial advising may in fact be most college graduates dream job -- even if they may not know it.
4. Gen Y Advantage
This demographic brings several things to the table that can help strengthen your business, Pershing finds, listing a number of positive Gen Y traits: adaptability, technological savvy, better organizational skills and better connectedness.
5. Recruiting Makeover
Pershing suggests that firms create programs aimed at bringing Gen Y into the field: scholarship programs for financial planning students, career day attendance, participation in campus competitions, and summer internship and training programs. Another idea: Get involved with the children of both clients and
centers of influence,discussing career options and networking through them.