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Prior to 2018 I was in a management role at an RIA. I’m not sure if it was more difficult, but it’s definitely different. And I’m technically a borderline millennial (30 years old).
It’s also not homogeneous. The median millennial is definitely different than the median Gen X or Baby Boomer, but that’s probably true of all generations. If you’re hiring in relatively small numbers though, you can still find the excellent candidates that aren’t near the median
Yes because millennials are smart and don’t want to struggle for years on a commission only structure. You’ll get better quality employees when you pay them decent salaries plus bonuses.
That might be true for some people but I think average student loan levels are driving it primarily
Yes it is harder!
My previous firm experienced this and significantly increased the starting base salary of new FAs. There were commensurate changes to expectations and commitment involved, but millennials generally tended to prefer committing to the company for 3-5 years in exchange for some initial income stability and the quality of candidates accepting offers improved