Michael Wagner On the Importance of Flexibility in Attracting Young Advisors in Barron’s
As more and more wealth passes through to younger generations, it is important that advisors are able to relate to these young inheritors of wealth. However, according to Barron’s, many firms are struggling to attract employees who look like—and know how to communicate with—next-generation clients.
In a recent article, Michael Wagner, co-founder and chief operating officer of Omnia Family Wealth, offers insight into how Omnia recruits and retains younger talent in a greying industry. The key? Flexibility.
“You’ve got to meet people where they are, and not everybody wants to commute five days a week and be in the office,” he told Barron’s.
Wagner said that being in the office five days is a turnoff to many younger people, especially those coming out of school, who are used to setting their own schedules and like knowing flexibility is an option.
Omnia allows its staff to work at home two days a week after a roughly three-month probationary period when they are in the office full time. They also remain flexible in accommodating employees’ needs. Wagner shared the example of an employee in his early 30s who recently worked for a few weeks from Spain while visiting family.
Flexibility isn’t only about working at home a few days a week, Wagner told Barron’s. When discovering talent, Omnia is flexible from the beginning and has offered remote work as an option to employees who may not be able to relocate to Florida immediately.
Flexibility also extends to how Omnia serves its clients. As the firm continues to evolve and embrace concepts such as a hybrid work model, its use of technology has also accelerated. Technologies such as video conferencing have helped the firm to keep in frequent communication with clients – whether they are across town or across the globe.