Hi there, hope all is well on your side!
This is a longer email than usual, but this time it's longer as I have additional important things to say and cover...so it might be well worth your while taking the extra bit of time to read it all.
Wow, it's almost July already...can you believe it? In a few months we're again considering year-end strategies and slowly taking out Christmas decorations...MAN, how time flies!
Ok, so I've reached out to a few of the top wealth management companies I work with, and said that I wanted to get to the real nitty gritty of what they have on offer. We all know everybody is looking for AUM, and most of us do know why, right?
Look, someone with a book is usually proof that someone can actually hack the job, and have something to show for it, we all get that.
That said, I have had many of you telling me that you feel like that's ALL that some firms are seemingly after, and that you have more to offer. If you perhaps sold your book or can't legally take your book with you...are you then going to be passed over or denied an opportunity? We all get the "hit-the-ground-running" part all companies prefer...but I think many companies seemingly ignore the all important "LEARNING-TO-WALK-FIRST" part with folks new to the industry. That seems quite short-sighted according to many, and of course, I do agree.
Fortunately for YOU, I have this very unique and enviable birds eye view of the wider IFA playing field, and those few firms who seemingly stare themselves blind into-, and are relentlessly trying to tick one or two specific checkboxes without properly considering other factors as well, are basically going to miss out and will only have themselves to blame later on.
I too am surprised at the overall lack of investment into fresh new talent overall with many firms, with those very same firms seemingly quite happy with what often turns out to be sloppy seconds and tainted candidates after they've been through an all too familiar disillusioned, seemingly larger-than-life mill and cult-like experience elsewhere! Its surprising how many would let others bend and shape the trees, and then complain about what's dumped into the general candidate pool afterwards.
One thing I have learnt is that if you want to play the long game, -if you want to RETAIN people long term...you simply have to be-, or very quickly BECOME flexible, -make sure you continually get enough young blood into your ranks, or your staff compliment will start resembling a nursing home or a worn out Mermaid Man and Barnacle Boy SpongeBob Squarepants legacy as depicted in the picture above. I've seen it before, and there are a few "I-told-you-so" situations in the making.
Why this simple "sausage-machine" principle-, one of a few old school tactics that still makes sense and something I too were taught in the then-spankshop, Brittex-type outfit back in 2010 as a rookie, is NOT also applied in recruitment strategies, is beyond me.
The more you put in, the more you get OUT, right? No rocket science here, yet somehow some of the most well known brands out there have seemingly lost sight of this simple principle when it comes the THE MOST VALUABLE part of their companies:
I strongly believe that if firms do this RIGHT from the start and play the long game, they should not run out of good advisors or battle with retention, it's really that simple. Sure, some people will always move on, want more or something different perhaps, circumstances and life changes etc...but if you are actively and regularly LOSING key people you've invested time and resources in, there's a big problem somewhere.
Do right by your people, give them what they need, reward innovation and results, and you should be good. Not having a good reason to stay is ALWAYS a good reason to go, we all know this.
That all said, I have now determined exactly what companies I will be pitching in this message specifically want in certain jurisdictions.
It's easy for me to sell something I would buy myself, so let me help you cut through the BS and tell you what's behind some of the glossy and perhaps cliché PDF brochures with old people walking on beaches holding hands! (Thank God, less of that around these days! 😂)
Right, that was a long intro, but I do hope it helps a few of you out there. If you made it through, you have my respect. The lazy readers and quick fixers will of course miss it all, but then again, those are not really the ones I am after either.
Ok, let's get to it then!