How to Attract, Mentor, and Support Young Financial Advisors

We sat down with John Panago and Shawn Todd (CEO & Founder of ECIVDA) to talk about the biggest crisis facing advisory firms today: you can't find good advisors, and you definitely can't keep them. But here's what we learned: it's not about throwing more money at the problem.

The industry has changed more in the last 5 years than the previous 25. The old playbook is dead. The advisors you want are coming in with higher expectations, and completely different motivations than the generation before them.

In this webinar, you'll discover exactly what's broken, why the traditional recruiting model doesn't work anymore, and the specific framework that's actually working for firms building thriving teams right now.

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Where to Find Young Talent

Quality referrals still work best, but LinkedIn is becoming your secret weapon. Post clear, specific job descriptions that show what the role actually involves and what success looks like.

Here's the thing: when you get your culture and mission right, the right people naturally find you. ECIVDA got over 600 applications for a single operations role. They didn't have to chase anyone. The culture did the recruiting.

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Who to Invest In

Not everyone is worth investing in. John Panago's approach: think of hiring like the company is invoicing you $64,000 for four years of training and mentoring. Would you spend your own money on this person?

Look for attitude over skills. Someone who's on time, respectful, and coachable. Then ask: Would I buy from them? Would I have them for dinner? Would I be proud of them? If yes to all three, you've found someone worth investing in.

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How to Mentor Effectively

Weekly structured meetings are non-negotiable. No exceptions, no rescheduling.

In these meetings, review their activity metrics. How many calls did they make? How many meetings did they book? What's working, what isn't? Then role-play calls and client meetings. Practice objection handling. Do joint work where you sit in on their client interactions while they lead. This isn't about taking over. It's about them seeing how it's done while building confidence.

Build real relationships beyond the business. Know about their family, their challenges, their goals. Show up when things get tough, not just when they're hitting numbers.

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What Keeps Them Around

Clear Mission and Vision

Advisors need to understand why your firm exists, where it's headed, and what sets it apart. If your staff doesn't know your mission statement, you haven't made it clear enough. If you asked them where the firm will be in 10 years, would they have an answer? They should.

Strong Leadership and Mentorship

Be available. Be honest about your own failures and what you learned. Invest time in their growth. Don't just tell them what to do. Show them. Support them when things get hard. This builds loyalty in ways that bonus structures never will.

Meaningful Compensation

It's not just about salary. Use salary and bonus combinations that reward hard work while giving them stability. Remove the pressure of survival. Show them that the harder they work, the more they earn.

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The 5-Part Framework

When bringing on new advisors, Shawn Todd breaks it down into five critical steps.

1. Find the right people aligned with firm values.
2. Make onboarding feel real, not just procedural.
3. Create a clear development process with set milestones and expectations.
4. Explain compensation so there's zero ambiguity.
5. Design career paths showing progression and options.

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Compensation Strategy

For New Advisors

Base salary around 50% of expected earnings removes survival pressure so they can focus on learning. Performance bonus tied to activity rewards hard work. A clear 60 to 90 day development plan shows them exactly what's coming.

For Experienced Advisors

Base salary on their existing revenue covers the cost of their established business. Growth component for new business they bring in. Bonus on shared cases and firm collaboration. Transition path to ownership or alternative roles down the road.

Remove ambiguity. Advisors should know what they'll earn in year 1, year 5, year 10, and year 20.

Do's and Don'ts

DO

Align hiring with firm values. Invest in mentoring and development. Track activity and provide feedback. Maintain an open-door policy. Build collaborative culture. Create clear career paths and compensation structures.

DON'T

Leave ambiguity around expectations or career progression. Operate in silos without collaboration. Expect new advisors to survive on commission alone. Neglect mentoring relationships. Ignore culture and mission alignment.

The Bottom Line

The old recruiting model is dead. Firms that will thrive invest in culture, build ensemble practices with shared vision, and create real career paths.

Success is contagious. When you build the right culture with the right people, everything else follows.