Cetera Financial Institutions plans to announce on Thursday the launch of a new recruiting database designed to help banks and credit unions hire more financial advisors.

The broker-dealer created the database, called Talent Network, in conjunction with job search website CareerBuilder, said Catherine Bonneau, CEO of Cetera Financial Institutuions. It will be offered exclusively to Cetera's financial institutions.

Interested candidates can apply for a position at no cost or simply leave their contact information, Bonneau said. They also can receive alerts for new job opportunities and updates and share job postings with friends through social media or email. The service will offer more than just job openings, however, Bonneau said.

Based on surveys conducted by CareerBuilder, the new service also will be able to show the landscape of the advisory industry in certain regions, such as how many financial advisors work in, say, a 50-mile radius of a specific place. So advisors and new applicants will be able to better hone their job searches to ve specific areas they desire, Bonneau said.

Cetera will maintain an active role in discussing staffing needs with banks and helping them use the new database, Bonneau said.

Bonneau said that Cetera hired 100 new advisors last year (and still has 300 current openings to be optimally staffed) but the overall bank channel has not seen a net increase. And that's a major problem, she says.

Banks and credit unions are significantly understaffed. And when they do hire advisors, they too often hire them from competitors instead of bringing new people into the industry. That's why a major part of Talent Network is built to appeal to young people who are just beginning their careers, she says. Part of that will come from helping banks build a better career path for young advisors.

Cetera Financial Institutions is the broker-dealer for more than 400 financial institutions nationwide. It's part of Cetera Financial Group, the retail investment advice arm of RCS Capital Corp.


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