The supply/demand challenge in adviser recruitment
It is difficult to hire senior advisers currently as the adviser exodus presents a supply/demand challenge for those remaining in the market, according to a financial advice firm.
Speaking to Money Management, Ben Nash, founder of Pivot Wealth, said he had been recruiting for two senior advisers but found it hard to find a suitable candidate.
He disputed that it is was solely down to the adviser exodus as he was seeking a younger candidate who was looking to make it their long-term career, a different demographic to those older advisers who were leaving the market.
“I expect it is a little bit to do with the adviser exodus but the one we are looking for are not the ones who are leaving. We want a quality adviser who is good technically and is taking a long-term view and I think they are in demand in a lot of businesses.
“There is pressure on the market and advisers might also be reluctant to leave their existing roles if they are in a senior role.
“We have had applicants but it is also about finding the right fit as every firm does things differently and has a different client base.”
The firm, which was set up seven years ago, had found a niche working with younger professional clients aged 35-45, particularly those high-earners in the technology space.
“I find it rewarding to work with this group and help people set up their financial freedom rather than helping a high-net-worth client gain more millions.
“It doesn’t matter what background [candidates] have or whether they have worked with young people before, it’s about their values, their technical skills, their work ethics and their client management skills.”
Asked whether he would consider taking on a new adviser, he said Pivot already had three candidates on their Professional Year (PY). It had also found it easier to fill associate and paraplanning positions.
“We already have PY candidates and have progression plans in place for them but we need the senior ones who have that experience, those are the spots that are difficult to fill.”
AUTHOR
Laura Dew
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