06.29.22
Recruiting and Retaining Your Most Important Assets
by: Takeaways from the session “Protect Your Most Important Assets: Retain and Recruit Top Advisors,” presented by LeAnn Rummel, president and CEO of Cetera Investment Services
As companies and firms adapt to increasingly common work-from-home or hybrid work models, there have been several challenges presented in retaining your top advisors. You may have asked yourself, “How do I keep redefining my program’s value proposition for my financial professionals and build solid succession and business continuity plans to retain and recruit the best?”
During the 2022 BISA Annual Convention, LeAnn Rummel, president and CEO of Cetera Investment Service, sat with Daniel Duewke, program manager at IB Wealth Management; Alex Sarafinanos, regional manager at Regions Investment Service, Inc.; and James Fujinaga, president and CEO of Hancock Investment Services, and asked how they were tackling these challenges.
1) Do you have recruiting advice?
Duewke noted that to not look in just one area. With social media being the norm, it is imperative to utilize these platforms. LinkedIn is a fantastic source to find good advisors, and it’s important to get just one good advisor. Not only do they bring in their best assets, but they also tell their friends.
Sarafinanos encouraged to do something recruitment-related every day until you find the perfect advisor. Don’t be afraid to be friendly too! Take them out to lunch, for example. It is also important to get someone from existing businesses.
Fujinaga emphasized creativity. Open houses are a great way to garner interest and scope out candidates. Sell your company so that future advisors will understand what exactly it is you, your team and your company stand for.
2) What’s the deal structure?
“Have a path, not structure,” Duewke said. Provide them the opportunity to progress with their careers, such getting them licenses. Associate financial advisor programs are also important. Mentor the newcomers and provide them guidance, and they’ll be able to become top performers.
Fujinaga shared that it is important to ensure that the career path for licensed bankers leads to becoming financial advisors, and “ensure enhanced payout."
3) How do you implement a sunset plan?
Show the impact to the program. It’s important to show that it’s a net-zero cost to the bank. Be sure to also segment financial advisors and have Second Story advisors take on new partnerships, including taking some of their producers and sending them upstairs, provide perks, etc.
The "Protect Your Most Important Assets: Retain and Recruit Top Advisors” session was presented at the 2022 BISA Annual Convention by LeAnn Rummel, president and CEO of Cetera Investment Service, featuring Daniel Duewke, program manager at IB Wealth Management; Alex Sarafinanos, regional manager at Regions Investment Service, Inc.; and James Fujinaga, president & CEO of Hancock Investment Services.