‘Million-dollar question’: How to attract young talent to advice?

In the latest episode of The ifa Show, Matt Hale, senior financial planner and director of Rising Tide Financial Services, discussed the barriers hindering young people from considering a career in advice.

“It literally is the million-dollar question for the advice industry. I think we’re ageing. I think more people want and need advice and the more great quality Aussies that we can get into the advice seat will serve everyone really well,” Hale said.

“I think for young people to know that the industry that they’re potentially getting into has a strong foundation works wonders. For advisers and business owners like myself, I think for us to be real advocates around the type of lifestyle that financial planning can provide, but also the really intrinsic joy that it can provide by helping people to achieve their goals.

“In a world where so many people, I feel, like are just ticking the box when it comes to work, we get the opportunity to really change people’s lives, which I don’t think, you know, many others do.”

Hale argued that advisers need to become more prominent to attract the attention of young people by highlighting both the profession as a whole but also drawing attention to the positive impact advisers have on the community.

“I’m really wary that, I don’t think a lot of younger people in the high school and tertiary education systems know that this incredible job even exists. So, I think for us to be more visual, to do more advocacy, I think that is incumbent on us,” he said.

“But also to share some of the great stories that come from advice and also probably some of the deeper parts of what advisers do, you know, it’s not the boiler room. It’s not just updating beneficiaries or putting life insurance products in place. It can be a really diverse and gratifying place to be and to spend your time.”

He also highlighted the importance of achieving regulatory and legislative stability, allowing potential talent to see the positive aspects of the career, rather than the dissatisfaction currently permeating the profession.

“In a perfect world, if we could simplify the legislative and regulatory space, that can mean that, you know, the FAAA can focus more of its time on selling the good stories, not just always fighting wars. That will help,” Hale said.

“Then also, I think for advisers to really get behind them and let people know that the role is great, it is rewarding in a whole lot of facets, but particularly to help people achieve their amazing ‘Yes’ moments and their financial goals. It’s something pretty incredible.”

Bringing new staff into your practice

When looking to bring in new staff, Hale argued that business owners need to be looking for people that have skills to complement the existing team, filling the gaps and allowing the business to grow.

“I always think about it in more of a sporting analogy. If you’ve got a certain type of people in abundance in your football team or in your basketball team, you’re not going to try to look for more of them. You’ll look for complementing players,” he said.

“I think in a work context, there’s a whole lot of profiling we can do to understand what makes people tick, but also how they’re going to be under pressure, who they’re going to work well with, how they might look at compliance, how they might look at sales.

“Get an understanding of that old school, you know, are they a hunter or a farmer, or are they better in an [operations] role? I think it’s just about being really conscious and not just taking on someone because you like them.”

To hear more from Matt Hale, tune in here.