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Overview

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.
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1. Career development

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.
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2. Flexible schedule

"Time balance is an important incentive for young people," Pfeiffer notes. "They're willing to work on Saturday night, but if something comes up on a Wednesday afternoon that's important to them, they want to be able to go."
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3. Health club membership

Lifestyle benefits are key, says industry consultant and researcher Angie Herbers.
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4. Community connection

“If you want to get good associates, give them contact with clients from the outset,” Herbers recommends. “This is a generation that wants to be involved.” Firms should also consider offering young associates paid time off to do volunteer or charity work, suggests George Tamer, head of strategic relationships for TD Ameritrade Institutional. This is a generation that wants to give back, and employers need to recognize that.
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5. Go beyond the traditional

Across the board, Pfeiffer says, firms should think beyond traditional incentives based on assets and revenue generation. "They need to change their lens and incent young people for all that they contribute, whether it's social media, client retention or bringing goodwill to the firm by community volunteer work,” he says.
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