Advice practices need flexibility to retain staff
With adviser levels decreasing steadily each week, advice practices need to offer flexibility to draw in advice candidates, according to Verve Group.
Speaking with Money Management, Verve Group director and senior wealth adviser, Matthew Carberry, said there was high demand for advice roles and that it was not all about the money now with candidates.
Carberry said his firm hired a candidate who had turned down a role at a large bank that offered them a higher salary but would have required them to be in the office five days a week.
“We picked her up because we gave her flexibility. Another one of our girls got headhunted somewhere else for $10,000 to $15,000 more but she knocked it back because we give flexibility,” he said.
“She said it’s not all about the money but also about culture and flexibility. Most of the team work from home two days a week and three days in the office now. We’re just as efficient, if not more efficient.”
He said it was important for advice firms to stay connected with their teams through daily Zoom ‘huddles’ and touching base more often.
Carberry said his firm used a weekly ‘office vibe’ survey to measure employee sentiment given that fact that they were not in physical contact with employees every day.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.