Many branch office managers—most of whom are baby boomers—use recruiting and management techniques developed 10 or 15 years ago. But as the industry evolves, and the next generation of advisors comes on board, management strategies must change, experts say.
Gen-Y recruits have very different expectations from work than their older colleagues. So as more baby boomers age out of the business, office managers who know what makes millennials tick will have an edge.
Traditional brokerage training programs are a failure, and the industry is not replacing aging advisors. So some brokerages have turned to colleges and universities to find new blood, offering special curriculum and internships to jump start the next wave. Will it work?