“Social” seems the way to go when screening young candidates for adviser jobs. Whether by way of social network profiles or just a social contact, such hires often have more staying power and success in the job, according to a new report from LIMRA.
“It’s a well-known industry challenge that in addition to the large turnover of financial professionals who leave early in their careers, the number of established advisers close to retirement is at an all-time high,” LIMRA wrote in a recent blog post.
The report, which discusses current efforts to attract and retain new talent for sales careers in financial services, employs statistics gleaned from recruiters’ use of a LIMRA assessment tool, which has effectively predicted success in financial services sales, the company says.
Aspiring financial professionals answer a series of questions on work and life experiences for a rating that estimates the likelihood of success in the career.
Social networking sites such as LinkedIn and Twitter represent just 5% of all candidates, yet 6 in 10 who discovered the adviser career through these sites rank high or very high as measured by LIMRA’s assessment tool. By contrast, Internet job boards such as Monster and CareerBuilder generate 20% of all candidates for these jobs, with 66% rating as low quality—the poorest number from any recruitment source.
At the other end of the spectrum, personal recommendations also yield impressive results. Among today’s young advisers, 31% were recruited or recommended by someone they know. Personal sources also deliver quality, as 7 in 10 rate high or very high on their likelihood to succeed.