The statistics are overwhelming. 85% of trainees quit within 4 years. 10,000 boomers are turning 65 everyday. The average age of a financial planner is 55 and nearly a third are over 60 (Jeff Opdyke, WSJ, 10/09/07). And with a decrease in the resource pool, competition is increasing. Wire firms are competing against other wire firms for new advisors. Advisors typically revolve through wire firms every few years, leveraging high sign-on bonuses. Wire firms are also competing against the shift to independent advisor models. 
Advisor satisfaction is also at an all time low. As the market demands increase so does the pressure for increased advisor productivity, and often with little support from the firm. Firms are challenged to engage with the potential advisor by communicating who the firm is, why they’re different, why the potential advisor would want to work there, what the firm benefits are, and how the potential advisor can learn more about joining. Oh, and this all has to be done with few resources and in a covert manner.
Below are digital marketing tactics that can also be used in your recruitment efforts.
- Segment your audience. Look at your database and segment communications based on current employment status. Consider advisors currently working at competing wire firms, new advisors recently certified and looking for first time work within a wire firm, advisors at non-traditional firms like banks and independents, and advisors at other smaller firms. Also segment on the third and fourth quintiles of production (for example, advisors with six years in the business, and $260,000 to $340,000 in annual production), and advisors with decent-sized books looking to retire (those with at least $250,000 on $50 million under management who are looking to phase out from the business over the short term)
- Leverage social media. LinkedIn is traditionally a recruitment social hub, but don’t discount other channels. Facebook, YouTube, and Instagram all provide opportunities to visually communicate the benefits and atmosphere of your firm.
- Utilize digital advertising. With advancements in display advertising you can now target recruitment advertisements based on the predefined segments outline in #1. And you can do display these ads wherever they travel online.
- Automate your communications. Marketing automation is not for marketing alone. Leverage process automation, rules based workflow, and a contact’s Digital Body Language to deliver the right communications, to the right person, at the right time.
- Score recruitment behavior. Just like you can score lead behavior, you can also score recruitment behavior. Understand which candidates are most engaged, and gain insight into what recruitment content is most effective. Focus your efforts on those candidate who are most engaged with your company.
- Don’t forget the call to action. Make sure your communications include information on “How can I join?” An explanation of the recruitment and onboarding process should be developed and communicated.
- Communicate who you are and what you care about. Because relationships are key to a successful advisor, a firm must demonstrate their dedication and focus to fostering relationships with clients. Firms must also clearly communicate their differentiation. There’s a perception amongst advisors that all firms are the same. Prove this is incorrect.
- Emphasize why people stay. Because there’s concern in the financial services space around attrition, communications should highlight advisor tenure and employee satisfaction with work/life balance. Demonstrating a commitment to shared vision is important.
- Of course, remember the “What’s in it for me?” Explain the benefits the advisor receives when joining the organization. This can include anything from signing bonuses to technology access, brand recognition, additional training, thought leadership and certification.
Incorporate these tactics into your recruitment efforts and begin to see an increase in quality staffing and ROI.