Today we’re excited to share the first installment of our two-part series on the legal issues to be aware of when recruiting candidates. Before we begin our discussion, though, please note that we are not attorneys and that this information is not to be taken as legal advice.
With that said, let’s get on to today’s topic: age discrimination.
The Age Discrimination in Employment Act that passed in 1967 prohibits employers from discriminating against candidates aged 40 and up by virtue of their age. As a result of this law, there are certain questions employers must not ask during an interview process.
Questions like “When were you born?” and “How old are you?” are obviously off limits, and more subtle questions like “When did you graduate college?” or “How soon do you plan to retire?” are also considered a breach of legality.
It’s also important to remember that, without a mandatory retirement age, we see many financial advisors, especially owners of independent RIA’s, work well into their 60s and 70s. A person’s age doesn’t necessarily indicate how much longer they plan on working. Age has become a non-factor, as other attributes are more important.
We’re often brought in to implement succession planning solutions and we’ve found that age has become a non-factor, as other attributes are more important such as maturity, leadership and being seen as a trusted advisor to the client base.
In fact, someone with a high degree of maturity and many years of experience under their belt may be a perfect candidate for certain roles, as well as C-level leadership opportunities within the high net worth and ultra high net worth wealth and investment management space.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.