John Pierce is Head of Business Development at Cetera Financial Group, driving Cetera’s financial professional recruiting strategy.
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Every industry has cycles of ultra-competition between firms, and 2023 is evidencing that in financial services. The desire to acquire talent is at an all-time high. Firms that clearly differentiate themselves on their value proposition will win optimal talent compared to competitors that fall into the trap of focusing on cost or price. Here are three key drivers, with tangible examples for you to consider as you compete for talent regardless of your industry.
1. Listen more than you talk.
While your firm may spend millions on marketing material highlighting your organization, prospects want you to understand them first to determine whether a second conversation is worth their time.
In my experience, business development professionals who are consistent top performers listen exponentially more than they speak. The recruiters who are at the bottom of every stack-rank are the ones who press their story without understanding the fundamental needs of the prospect. Force yourself to listen actively. In a Forbes Council post, Dr. Jonathan Westover summed this concept up simply: “Impactful active listening is all about understanding the context in which those words are shared, along with other verbal and nonverbal cues... When we actively listen, we practice mindfulness, we are present with those around us and we do not allow distractions to take away our focus on the most [important] thing in that moment: seeking understanding, showing compassion and demonstrating empathy.”
2. Find friction and solve it.
When speaking with financial professionals using active listening, constantly probe for friction—why else would they be speaking with you? An example from my experience was a team of female financial professionals who had minimal engagement with employee resource groups (ERGs) focused on their needs. My company engaged them with our ERG, and they found a new home and a cohort of like-minded professionals who understood their friction points and helped them grow in unique ways spurred by the new cohort. The other area this team needed was a lead engine program that was not available at their current firm. My company delivered optionality that we learned about through active and engaged listening. Find the friction, solve it and you will win as price will be off the table.
3. Focus on value.
There will always be a firm that will outspend you for candidates, whether they are optimal or sub-optimal. Don’t play that game. In our industry, having a personalized brand that resonates with prospects is critical. My company has found success in delivering an omnichannel experience where we assist financial advisors to increase their visibility with a differentiated website while having a consistent, integrated approach with social, web, print, device and desktop experiences. Another example is our Growth Hub approach, where we forget about corporate structures to deliver on the long-term goals and dreams of a team. Explore ways to differentiate yourself as a brand and offer the best value possible, like these two examples, so that when you are "tied" with another company, price is no longer a factor.
Flip the script.
As you engage in an increasingly competitive marketplace, flip the script to the value that your firm delivers rather than focusing on price. Walk away from irrational deals—if they are check chasers, let them cash someone else’s check. If they want to grow and increase their enterprise value, spotlight your value. Value wins over price every time.
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