HR Corner Systematic approach to developing talent by Charles Mak Structured recruitment and training will benefit new recruits To keep up with demand for financial planning and wealth management services, companies which specialise in the field are taking a more aggressive approach to recruiting high-potential financial planning advisors and ensuring they have the training needed to succeed. For Zurich Insurance Group (Hong Kong), this has meant having a policy of continuous recruitment and setting up a New Advisor Development Centre (NADC) two years ago. The aim is to provide an effective training programme to support career progression in the financial planning industry, while enhancing the company's ability to retain the best talent. "The main issue concerning the industry is staff turnover, so recruitment is ongoing," says Steve Pang, senior manager, NADC. "But what's more important is to equip new recruits with the right skills and knowledge so that they can make a good start in the business." The NADC was conceived as a complete system for talent management covering everything from arranging initial job interviews to offering a diverse range of training and development programmes. "We also want to identify each individual's strengths and areas for improvement before they are actually on the job a few months later," Mr Pang adds. The training begins with a 10-week course that combines classroom teaching, workshops and on-the-job experience. There are also one-to-one coaching sessions which focus on customer services, financial products, understanding different market situations, and dealing with clients. "It is one thing to gain the product knowledge, but they also need the skills to ascertain and analyse the financial needs of individual clients," says Mr Pang. "Our specialist coaches take recruits through the various steps and this helps to boost their self-confidence." Some of the initial trainees are already managers Development goals Subsequently, a mentor is assigned to provide practical advice about day-to-day problems and keep an eye on personal development goals. This is done in regular sessions with milestones and performance evaluations. "We closely monitor progress towards both development and business targets," says Mr Pang. "When necessary, we also work on strengths and weaknesses to help achieve those goals." Apart from coaching, the NADC offers extensive learning materials in a library and on a tailor-made website. Advisors and managers have access to these resources to study and can also sign up for external management training courses, including an EMBA programme jointly organised with Lingnan University. "We are also working on a programme with Tsinghua University," Mr Pang adds. "This will be launched later in October and will give participants a chance to have an overview of the China market." Different development paths are possible within the NADC system. These allow advisors to focus on certain strengths or areas of particular interest, while also picking up all the fundamental skills. The approach has worked well and been recognised as a key factor in Zurich's achievement of business objectives. "We have helped the company to meet its recruitment and training targets and to achieve consistent growth," says Mr Pang. "Some of the initial trainees are already managers, which is a source of satisfaction and proves the effectiveness of the centre." Special model Mr Pang points out that the traditional business model tends to put everyone on the same track. As a result, niche markets are ignored and financial planners may not be able to achieve their true potential and optimal results. "Our model allows advisors to climb the career ladder under the traditional agency operation, while also introducing the 'functional' operation in which they can pick the role which suits them best." This model is still taking shape, but it allows clearer market segmentation and may well lead to more specialised services in future. "There is huge potential in diverse market sectors which will create career opportunities for people of various educational and professional backgrounds," Mr Pang notes. "Obviously, we will enhance and extend our training programmes to take account of this and to ensure our talent management becomes even more comprehensive." Salient points - In-house centre established to oversee recruitment, training and further development of advisors - The process identifies individual strengths and weaknesses before recruits take up their full-time responsibilities - One-to-one coaching and advice from mentors helps with career development issues - External courses including an EMBA keep advisors up to the mark as they climb the career ladder Taken from Career Times 6 October 2006, p. A16 Your comments are welcome at [email protected]