Top Trends Shaping Work and Recruiting in Financial Services

We speak with Julie Genjac, Vice President and Managing Director of Applied Insights at Hartford Funds, about what financial services firms are looking for in their next class of talent, along with the top trends shaping work and recruiting in financial services. Genjac also talks about three things the next generation is looking for in their career.

What are some of the biggest trends shaping work and recruiting today in the financial services industry?

A major trend is financial professionals building out diverse, multi- generational teams to deliver their client experience. These teams are engaging clients in discussions much broader than their finances and their financial plan, which creates an opportunity (and need) to have team members with expertise in so many other areas. It also allows members of the team to collaborate with a group of individuals who have a common cause of helping clients and who leverage each other’s strengths and passions.

Also, the technological advancements that the financial services industry has seen during and after the pandemic are staggering. The ability to use virtual platforms to communicate with clients and within a team has changed the way professionals do their work, deliver their client experience and attract new clients. These technologies allow for virtual work (where appropriate) as well as more engagement with clients in diverse geographies. Although there is so much value in the human-to-human interaction and in-person engagement, the virtual aspect has opened many doors for the next generation to enter the industry.

Finally, the nobility of the profession and the purpose of the work is also articulated more clearly than ever. It’s a people-helping-people industry where genuine and meaningful relationships and conversations are the cornerstone. This aspect has not been talked about as much in past decades, and it’s exciting to see the evolution of how financial professionals are talked about today.

Have you seen a growth of interest from younger generations in joining financial services firms? Why or why not?

As the value of advice continues to expand, the next generation can see that the historical image of the industry has evolved. The evolution of remote work has also opened many doors for the next generation to work in financial services and still retain a work/life balance which is important. In addition, financial services is a unique industry whereby teams have the ability to bring on related parties, family members, close friends and connections to build out high-performing teams. As financial professionals’ children age and find interest in the industry, there has been increased interest by the next generation to join the family business.

What are financial services firms looking for in their next class of talent?

Financial professionals and their teams are looking to engage individuals with diverse skillsets (outside of investments) such as expertise in technology, marketing, financial planning, communications, social media – and that’s just the tip of the iceberg. These areas of expertise, though not historically associated with the financial services industry, are attractive to the next generation and tend to closely align with their experiences, education and passions. Also, a genuine care for one’s work is crucial. Firms can teach processes, skills, systems, etc. but cannot teach one to care, and that is such a crucial aspect of financial services.

What is the next generation looking for in these firms?

First, mentorship. Taking the time to build those mentoring relationships with younger generations is a crucial part of building genuine, trusted relationships within the organization, and is the cornerstone to attracting and retaining talent.

Second, having a positive impact on others. It’s important to articulate how the company or firm works to give back to the community or improve it, and to share how financial professionals enhance clients’ lives, outside of just the financial aspects.

Third, opportunities to grow and develop. The next generation wants to know, what does the long-term career path look like? Are there ways to further advance knowledge and skills? Are there opportunities for development? What does the next step of the role look like? How will one’s income increase over time?

How can these firms reach the younger generation?

Engaging with the next generation begins with resuming in-person events and seizing all networking opportunities in a consistent and meaningful way. Virtual engagement is a great tool and can certainly supplement, but there is no replacement for in-person connections with young professionals.

And, when speaking with the next generation of talent, take some time to prepare and reflect on your own story, and use storytelling to show how financial professionals can make a difference in people’s lives, families and futures, which shows a great sense of purpose. Think of real-life examples of how you and your team have truly helped a client and their family accomplish a goal, overcome an obstacle, navigate longevity, etc. How can you make it tangible for prospective new team members to feel the nobility of the work?

Also, being a part of a team is an important aspect of how the next generation likes to work. Talking about the amount of collaboration, engagement, camaraderie that happens daily within a team is important to highlight in describing the career path. No one person delivers a client experience; it’s the combination of many talented professionals coming together for a common cause.

How can the industry do a better job of attracting women to the field?

There are so many roles within the industry to align with all skillsets, passions, genders, viewpoints, etc., and so many are well outside of the investments, the markets, the numbers. A decades-long misnomer about the industry is that one needs to be great with numbers or be an investment whiz to engage in a role in financial services. That’s one path, and if you love numbers or the markets or the investment vehicles, then absolutely it’s a natural fit. But if those aren’t your passions, there are so many amazing career paths in wealth planning, relationship management, marketing, operations, technology, and that’s just scratching the surface. Think outside of the box in terms of individuals who have a passion for (or experience with) philanthropy, healthcare, longevity planning, caregiving or other major life events. Clients are experiencing the same life events and those hands-on life experiences are a perfect alignment for financial services.

In addition, there have never been more women-based networks than there are today. And, outside of women-to-women, the number of males who are advocates, mentors and allies to women in financial services is also incredible. There is so much to learn from each other within the industry, and the lines of communication have never been more open.

This interview originally appeared in our TradeTalks newsletter. Sign up here to access exclusive market analysis by a new industry expert each week. We also spotlight must-see TradeTalks videos from the past week.