What financial advisors ask for in the “big quit”
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In my long career recruiting experienced financial advisors, I have seen the impact of different economic cycles on retention and attrition.
In times of uncertainty, advisors seek stability and want to work with a company that has the financial foundation to weather the storm. Alternatively, when the economy is booming, they might be attracted to larger payments and more flexibility.
Today’s environment is not so clear. There is heightened volatility fueled by troubling geopolitical tensions, but unemployment sits at just 3.6%. Investors have amassed huge gains in the stock market in recent years, but inflation is squeezing those returns in a way not seen in the past 40 years. At the same time, some health experts are warning that the next wave of Covid-19 could be beckoning.
Amid the ragtag backdrop and discussions of the “big quit,” I have watched advisers take stock of their careers and how they want to operate their practices in new ways. Three themes have emerged over the past few months as I traveled the country talking with advisors.
With more urgency than ever, advisors want to affiliate their practices with firms that share their values, offer consistent support and resources, and continually invest in cutting-edge technology to make their lives and those of their clients easier, more convenient and safer.
Advisors know their reputation is tied to the business they’re affiliated with – and they take that seriously, especially in today’s world where customers are more likely than ever to sever ties with businesses. whose values do not match theirs.
If you’re an advisor moving your practice to a new practice, you want to be proud to have your name associated with the brand and excited to tell your clients about it.
The alignment of values also extends to the level of individual practice. Many Advisors I speak with are interested not only in switching companies, but also in partnering with other Advisors who can help them serve their clients and grow. The team model approach has been around for a long time, but it’s even more appealing today because of the synergies created by technology that allow advisors to integrate their specialties and provide powerful, comprehensive advice to clients.
Support and resources are the second priority for advisors considering a move. Along with other heavy time constraints, advisors want a company that can provide them with solid research, in-depth financial planning capabilities, and end-to-end support when and how they need it.
If you’re like many advisors, you may also be facing a talent shortage. Look for companies that can provide you with turnkey marketing, hiring and retention resources that make it easier to attract, retain and train qualified personnel.
Technology also plays a huge role in influencing an advisor’s decision to stay or leave their company. As the world moved online during the pandemic, customers became accustomed to increased flexibility and availability. Even today, as people resume more in-person interactions, clients expect to be able to work with their advisors anytime, anywhere, and on any device.
Advisors should expect their business to deliver mobile, integrated, and secure systems that drive client satisfaction and practice efficiency.
We are at an inflection point where a significant number of advisors are taking a moment to assess what is most important in their lives.
For many, job satisfaction—and the ability to thrive and grow—plays an important role in their overall well-being and happiness. If the current environment has you thinking about the next step in your career, now is the time to dive in and assess what your business has to offer.
And taking it from your peers – shared values, support and resources for growth and technology – can be a game-changer when it comes to achieving the goals you’ve set for yourself and your career.
— By Manish Dave, Senior Vice President of Business Development and Senior Recruitment Consultant at Ameriprise Financial