Recruitment hasn’t always proved the easiest task for financial advisers.
The fall in the number of advisers sparked by the Retail Distribution Review when it came into force in 2012 has prompted many to question just where and how the industry will be able to attract the next generation of talent to the sector.
Meanwhile current developments including headlines around the Panama Papers disclosure and the potential threat of robos taking over human face-to-face advice, make it challenging to encourage those outside the industry to consider pursuing a career in the world of financial services.
Against this backdrop, growing a good financial adviser team requires significant time and effort of an adviser business. However, such is the initial drive to recruit that, in reality, it can be all too easy to let the ball drop once the new starter finally gets their foot in the door.
By no means an exclusive problem for financial advisers, this is a universal issue which can arguably affect businesses of almost any size and sector.
Advice firms are often made of up of close-knit teams, who between them may have accumulated a significant tenure in the industry.
While this sort of experience is generally a great asset, it can make it harder for new starters, who are often much younger, to integrate with the wider team.
Why does integration matter?
Almost all new joiners will be enthusiastic, motivated and eager to impress when they first begin working for a company and, likewise, the employer will be keen for them to get started. So what could possibly go wrong?
Not only can there be a lot to learn during the first few weeks of a job, this is also a crucial time for the new starter to begin building relationships with colleagues and clients.
With research showing that eight out of 10 employees who leave their employer choose to exit within just the first few months of being hired, these initial weeks on the job clearly have the potential to make a lasting impression.
Helping someone settle in properly in their role can allow them to become happy and content while ensuring that they are both a valued and productive member of the wider team.
One of the reasons why many businesses often struggle to effectively integrate fresh recruits into their business is due to the fact there is no book of hard and fast rules on how to ensure a new starter receives a proper introduction. Every firm has and will do it slightly differently.
But instead of following set rules, it is really the little things that go a long way towards making a real difference to a person’s first few weeks in their role, underpinned by some simple steps that financial advice firms can easily follow.