Peer-to-peer training programs are popular at some firms.NoSystem images/iStockPhoto / Getty Images
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When Kelly Hemmett’s son first expressed a desire to join his father’s advisory practice, Mr. Hemmett turned him down, telling the 20-year-old to go out and experience the world first.
Seven years later, equipped with a mutual fund licence and a diverse financial services background –including roles as a bank teller, cold caller and mobile investment specialist – Mr. Hemmett’s son was finally welcomed to Hemmett Anseeuw and Associates at Harbourfront Wealth Management Inc. in Winnipeg.
“He’s shown dedication to bettering himself, becoming more well-rounded and knowledgeable, and I feel confident engaging him with our trusted client relationships and building his own,” says Mr. Hemmett, a senior investment advisor and portfolio manager.
“There’s a perception among some young people that it’s easy to be an advisor and sell products, but not everyone is ready to take on the full responsibility of financial planning that impacts a lifetime over generations.”
As attracting and developing young talent becomes increasingly integral to shaping the future of the investment industry, wealth management firms are finding success by investing in candidates with previous work experience.
In fact, the high completion rate of the advisor internship program at Raymond James Ltd. is directly attributed to its requirement of at least three years of prior financial services experience.
Designed to help participants build and grow their own successful advisory practice, the program offers a structured blend of classroom training, online learning, mentorship, and coaching. In addition, would-be advisors receive three years of salary support and a payout on the revenue they generate while they build their books of business.
“Rookie programs that hire students right out of university to become a financial advisor have an extremely high failure rate, whereas our program has a success rate of 60 per cent and growing,” says Andrea Linger, vice president of practice management and head of network for women advisors at Raymond James Ltd. in Victoria.
“We believe in supporting ongoing career development for those already familiar with our industry, who know this is their career of choice,” she says.
“Our recruiting team will help place fresh graduates on advisory teams as licensed support or in corporate departments for them to gain the required knowledge prior to enrolling in our internship program.”
Recruiting, training and mentorships
At Richardson Wealth Ltd., a pilot sales training program called The Thin Slice program delivers content in “bite-sized” pieces, allowing aspiring advisors to implement and practice learned skills before the next “slice” is introduced.
“The Thin Slice program is for younger employees who work in a supporting role on the advisor team or new advisors who want to build their skill set,” says Natalie Bisset, senior vice president and head of corporate development at Richardson Wealth in Toronto.
The firm launched a $25-million internal succession planning program this year that allows advisors buying a retiring advisor’s practice to spread their payments over seven years, as well as to pause these payments if they need to take parental or caregiving leave.
Other ways the firm helps develop the next generation of talent include a recently launched mentorship group for women and a planned pilot program in 2024 that will match experienced advisors with staff in earlier career stages through speed-mentorship events.
Peer-to-peer training programs are also popular at Desjardins Insurance, which offers opportunities to earn continuing education credits and listen to a biweekly podcast called Discovery Series. The podcast has partnered with charitable organizations and university incubation hubs to reach audiences across North America.
“We showcase industry-leading financial advisors who share best practices on financial planning strategies, client stories, and winning life and health insurance cases,” says Rehan Bhanji, national best practice leader in business development support at Desjardins Insurance in Toronto.
“The podcast explores the advisors’ stories, their ‘why,’ and their reasons for joining the industry.”
Going to schools and scouting for talent
Discussions around how the advisory world is a viable option for those with the right drive, willingness, and attitude can start as early as at the high school level, says James Atherton, advisory services director at Nicola Wealth Management Ltd. in Vancouver.
“Advisors at our firm volunteer their time with organizations like Junior Achievement British Columbia and represent our industry speaking to post-secondary students in financial planning programs,” he says.
“The last group of interns to join our team included an Olympian looking for a career change and a number of business school graduates from Simon Fraser University and the University of British Columbia.”
Nicola Wealth also has monthly study groups for senior and junior advisors to discuss various wealth management topics.
“Sharing knowledge is key to elevating our advisory teams’ ability to provide excellent financial planning advice,” Mr. Atherton says.
When a firm is “doing it right,” its senior advisors act as evangelists, says financial advisor Alaeddine Jabri, managing partner at Longevity Achieved in Mississauga.
“They’re championing their love for their profession and organization, and exercising their desire to give back,” he says. “They’re often scouting and introducing potential talent to the firm.”
Mr. Jabri points out that the industry is rife with opportunities for women.
“Remember, the [intergenerational] wealth transfer will first go to the living spouse [presumably the female who statistically lives longer] before being inherited by the rising generation,” he says.
“With attributes like empathy and effective communication, female professionals are well positioned to excel and redefine the industry standards.”
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