5 ways to lure young talent other than money

Advisers grappling with hiring costs can take heart: Wooing and retaining young advisers goes beyond cash compensation, industry experts say. Younger workers are motivated by a variety of other factors, many of which require less upfront cash outlay. Consider including some of these benefits in your recruiting pitch.

Young advisers want to know what their career path will be, says Linda Leitz, chairwoman of NAPFA’s national board and principal of Colorado Springs, Colo.-based It’s Not Just Money Inc. Young people out of college want a rewarding job, structured development and honest feedback, adds Craig Pfeiffer, founder and CEO of Advisors Ahead, a company that places college graduates with financial advisory firms.