You are currently viewing Consulting competing with big tech to attract talent

Consulting competing with big tech to attract talent

Jo-Anne Bloch (left) and Alisdair Barr

New, tech-aligned industries pose a greater threat in the hunt for talent than other financial services professions, according to recruiting firm Striver.

Although the lack of new entrants to the industry was well noted, as was the war for talent, Striver founder Alisdair Barr said professional planner nor does the consulting industry attract the right talent.

“I don’t think it’s a new problem, but we’re not attracting the attention of talent early enough in college and we’re losing it to big companies like Google, Atlassian and the tech and software industries. software that creates more exciting opportunities for young people.”

Barr says that traditionally banks and accounting firms were the main competitors for talent, but that has turned into an increase in the variety of professions available to young adults.

“We need to come together and look at ways to make our voices heard collectively at universities. This is [about] speak to young people about the attractiveness of the wider wealth management profession and compete for this talent earlier.

Even with the limited supply, firms often cannot find work for them. In January, Barr previously noted that the industry needs 2,500 to 3,000 people in support and customer service roles who have met some of the training requirements.

“That’s what we’re focused on: how to bring together all the players in the profession and industry to create a voice that really engages and engages young people earlier so we can get the lion’s share of them as they graduate from college,” Barr says.

Firms have struggled to structure effective programs to nurture talent, he continues, although some are aligning their offering to better attract talent to the system, which was also noted in a recent professional planner podcast.

Barr founded Striver in 2013 and has since grown to a network of 550 clients in financial planning, accounting and information technology.

“There is a lot of demand [for talent in financial advice] and we haven’t seen an increase in supply, which means quality companies need to demonstrate their ability to compete for talent and deliver the right value to employees.

Former Financial Planning Association chief executive Jo-Anne Bloch recently joined Striver as independent chair of the advisory board, the appointment coming as Striver nears 1,000e internship at the end of my school program.

Bloch says the counseling profession needs to plant the seed early in the education process, which other industries are doing.

“There’s huge competition from all kinds of industries, including big accounting firms, big tech companies, big brands.”

Long term question marks

The institutional exodus from consulting has driven away major providers and trainers of new talent, although there are exceptions like AMP, Insignia and Zurich’s new Assure business for risk advisers.

Barr says small businesses are frustrated by the prospect of hiring advisers to do their professional year only to have them leave once they’ve fulfilled their obligation.

“They lose people at the end of the year to people who offer $20,000 more [a year in salary]. What we see really working is when people hire or invest in people earlier, establish a relationship and cultural fit over a few years before investing in PA.

Bloch adds that it is essentially an employee market.

“There are still people who can’t find jobs and there are jobs that still can’t find people. I don’t want to call it a war because I hate that aggressive language, but it’s a challenge.

Leave a Reply