The advisory industry is facing one of its greatest challenges yet; a looming shortfall of nearly 100,000 advisors over the next decade. In this episode of Building the Billion Dollar Business, host Ray Sclafani unpacks how firms can overcome the "Great Talent Squeeze" and become an employer of choice for next-generation advisors. Ray explores the critical mindset, cultural shifts, and strategic investments firms must make to attract, develop, and retain elite talent not just for today, but for the future of the business.
Key Takeaways
1. Culture isn’t invisible, it’s your most powerful advantage. Build an environment rooted in trust, inclusion, and authentic leadership to attract the best.
2. Next-gen advisors expect modern tools. Investing in technology signals that your firm is forward-thinking and committed to advisor productivity.
3. Go beyond salary. Explore rev-share, equity, or performance-based incentives to align advisor goals with firm success.
4. Recruit ahead of capacity needs, benchmark compensation, and hold out for the right candidates to strengthen long-term growth.
5. Focus on potential and leadership qualities. Build a clear career path and communicate it early in the hiring process.
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