UBS Wealth Management has put a freeze on hiring rookies for the remainder of 2008, as reported by Annie Gasparro in the Wall Street Letter on April 28, 2008.

Their intent appears to be to continue hiring experienced financial advisors from other firms in order to grow their sales force. Of course the cost saving of about $15 million in training expenses is significant, but are they being shortsighted?

We find this an interesting contrast to the recently expanded financial advisor training program at Merrill Lynch. As financial services recruiters, Willis-Consulting, Inc. will watch the upcoming recruiting months with interest, as these two different points of view play out. Where will the industry’s growth come from?

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs

We’ve found that college graduates seeking to enter the financial services industry tend to be woefully ignorant about entry level compensation and benefits packages offered by Wall Street firms.

There is a tendency among candidates to overestimate their own abilities and focus strictly on the size of the salary they are offered.

We advise our clients to present the whole package. Along with a comprehensive training program for their entry level financial advisors, financial institutions need to detail all the benefits they offer: health benefits, pension and profit sharing, bonuses and total comp for the position. Then formally point out the total cost of that employee to the firm, including taxes and FICA.

Once the young “rookie” understands exactly what the firm offers, they will be more inclined to accept the job and be more satisfied with the job in years to come.

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs