By Joe Innace
TALENT SMALL FIRM, BIG ON
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. 34 / ADVISORS MAGAZINE
MAR 2022
“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. “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
