In addition to "Moneyball" hiring
, internships have also proven to be a successful way to hire. The internship takes away the bias we may have for those who interview well or have a showy resume. An internship can actually show you how someone will perform within the workplace. You find out what they are willing to do, what their work ethic is, what they're capable of, and moreover — their social intelligence.
At one large firm, they have found that 33 percent of their interns transition into fully employed financial advisors. Additionally, those same former interns are often in the top performance group. It is a significant improvement in the odds as only 15 percent of advisors who start in the industry typically make it beyond three years.
Before hiring a young person to start a career as a financial advisor
, it may be helpful to start with an internship program in coordination with one of your local colleges. Once there is mutual agreement on the job fit, then the person can be hired, get fully licensed, and complete further training in products, selling and service. And don’t forget about university sales programs. These programs have proven to be especially successful for hiring advisors who are not afraid to sell and have a predisposition to this type of career.
If we want to change the results of recruiting in the financial services industry, we have to change the methods. Are you ready to implement an internship program at your firm?