Investing & Economy

Small Firm, Big on Talent

It’s secret: recruiting acumen

The impact of the labor shortage on the financial and business services sector in the U.S. could amount to $436 billion by 2030, according to a recent report from Korn Ferry, the global organizational consulting firm.

“Financial and business services is one of the world’s most important sectors in terms of contribution to GDP and it’s the sector most threatened by severe talent shortages,” the study noted, pointing to a global deficit of 10.7 million workers by 2030.

By all accounts, financial advisory practices are in for a bumpy ride should they need to hire qualified people or find the contract services to complement their own specialties.

Nestegg Wealth Advisors, LLC of Rowlett, Texas, however, appears to be in great shape. That’s because Rick Lucas, president and founder/RIA, has previous experience as an executive recruiter. As such, he’s already found sharp talent and built a formidable team.

“As an executive recruiter, I was paid by companies to go out and find talent for them that they couldn’t find on their own,” Lucas told Advisors Magazine in a recent interview. But then 9/11 happened, and the recruiting business became more difficult. Companies were not as willing to pay Lucas a fee amounting to 25-30 percent of a person’s salary because there were suddenly so many people out looking for work.

Nest egg
“Financial services was always something that I had wanted to do, but just didn’t know how to get into the business,” Lucas said. “So, I pretty much did what any good recruiter would do; I found the hiring manager at G.E. Financial, cold-called him and convinced him to give me an interview.”

Flash forward 20 years or so, and Nestegg Wealth Advisors, LLC is the independent firm founded by Lucas. It provides planning and investment services mostly to retirees, or individuals nearing retirement, in Rowlett (a suburb of Dallas) and surrounding areas.

Lucas maintains that it’s important for prospective clients to find an independent advisor that’s in business for themselves, but not operating by themselves.

“Some people feel more comfortable going with a big firm,” he said. “But there are many people who find it’s better to be with an independent practice because we can we have more flexibility and can have more access to a broader range of tools to help them,” Lucas added.

A large firm may have extensive resources, but its client service people are locked into using only their own company’s resources.

“I have a great team that supports me here in the office,” Lucas beamed. “I have other professionals that I work with – attorneys, CPAs and an investment committee.”

In short, the ex-recruiter has assembled a team of professionals consisting of internal and external talent. “Without all of them,” Lucas said, “I could not do what I do, and I would not be successful.”

And in doing what Nestegg does, the firm requires no minimum investment.

“I made a decision a long time ago that if I wasn’t going to have a firm maximum, then I’m not going to have a firm minimum,” Lucas said. “We do have preferred types of clients that when we do advertising or workshops and things like that, we look for certain qualifications,” he added. “But that’s not to say if somebody comes in under that mark, that we wouldn’t try and help them.”

What’s more, Lucas says that many times he will bring in a client that has had a bad experience with another advisor. “Often, that other advisor treated them like a name or account number in a database and not a person,” he said. “Or they sold them some product or put them in a mutual fund, never to be heard from again — except for a pre-printed Christmas card or something like that.”

Running counter to such behavior, Lucas has implemented what he calls the ‘Nestegg family,’ and it includes two events each year.

“These are just get-togethers with clients,” Lucas said. “We do not talk business or anything like that, it’s just for fun.”

Fun, with a healthy dose of appreciation. “Our clients have worked their whole lives for the money, and we are blessed that they have given us the privilege of managing that for them,” he added.

“We all get freaked out a little bit at times with events going on in the world, with the market and other things that happen out of nowhere for what seems like no reason,” Lucas noted. “Sometimes we just have to talk, and I can be that calming voice,” he said.

In fact, ask Lucas what needs to change in the profession, and he will say there needs to be more personal communication.

“I have clients that went through the Dot-com bubble burst, the 2008-2009 Great Recession, and when they reached out to their advisors, they never got calls back,” Lucas recalled. “These people were terrified to open their statements because they didn’t understand them.

Lucas quotePersonal communication, in this time of online and mobile trading platforms, is more critical than ever, Lucas contends. “There needs to be more handholding with your clients.”

That was especially the case while operating during a pandemic. And Lucas says these past two years have also opened his eyes, allowing him to evolve further as a business owner and entrepreneur.

“We’ve had to branch out and find new methods for getting clients, and we’ve also learned how to provide a high level of service in a virtual world,” he said.

Lucas admits he has had to adjust and he has grown in the process. “I mean, I’m a face-to-face guy,” he smiled. “I like sitting down face-to-face, belly-to-belly, talking to people and getting to know them on a personal level.”
And that’s an important soft skill well-suited for both an executive recruiter and a financial advisor.

For more information, visit:

Fee-based financial planning and investment advisory services are offered by Nestegg Wealth Advisors, LLC, a Registered Investment Advisor in the State of Texas.


Related Articles

© 2017-2021 Advisors Magazine. All Rights Reserved.Design & Development by The Web Empire