Stop the Revolving Door: Why Your Financial Services Training is Failing New Hires

Training in the financial services industry can be a minefield. Too often, well-intentioned leaders fall into two unproductive traps that lead to high turnover, low productivity, and a frustrating hiring cycle.

These two pitfalls make onboarding a new team member an unpleasant and costly experience. Are you guilty of either of these common mistakes?

1. The "Do What I Do" Fallacy:

This approach assumes that new hires can simply learn by mimicking your actions. While observation has its place, it's rarely enough. You've spent years honing your skills, building a mosaic of habits, knowledge, and processes that work for you. Expecting a new hire to instantly replicate this complex tapestry is unrealistic. They lack the foundational understanding and experience that underpin your methods.

Think about it: can you perfectly replicate the performance of your favorite musician or athlete just by watching them? Of course not. Your field is just as specialized, demanding focused coaching and mentorship, not just imitation. Seasoned salespeople, for example, often sell without scripts or processes. This works for them, but a new hire likely needs more structured guidance. Simply telling them to "do what I do" leaves them adrift and struggling.

2. The "Sink or Swim" Delusion:

This philosophy throws new hires into the deep end and expects them to figure things out on their own. While the desire for self-starters is understandable, this approach drastically limits your hiring pool. If you require new hires to thrive with minimal training, you'll need to find individuals who are already highly independent learners. These candidates are rare, command higher salaries, and might question why they need you at all if they can learn everything independently.

While ownership of the training process is crucial for new hires, it shouldn't equate to abandonment. "Sink or swim" isn't a strategy; it's a recipe for disaster. Think of it this way: you wouldn't throw someone into the ocean without swimming lessons. Your agency needs to provide those lessons – the structured support, mentorship, and resources necessary for success.

The Solution: Structured Onboarding and Ongoing Coaching

The key to effective training lies in striking a balance. New hires need clear guidance and a structured onboarding process, but they also need the space to develop their own style and approach. This means:

• Breaking down complex processes: Don't just show; explain the "why" behind your methods.
• Providing clear expectations and goals: New hires need to know what success looks like.
• Offering regular feedback and support: Consistent communication is essential for growth.
• Creating a culture of learning: Encourage questions, experimentation, and continuous improvement.

By moving away from these unproductive training models, you can create a more supportive environment where new hires thrive, stay longer, and contribute meaningfully to your agency's success. Investing in proper training isn't just good for your new hires; it's good for your bottom line.

If you are struggling with a training program, be sure to ask about the samples and templates in our Optimal Outcome Coaching program that makes this easier to accomplish.