What financial advisors are calling for during the ‘Big Retreat’

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In my long career recruiting experienced financial advisors, I have seen how different economic cycles have affected retention and turnover.

In uncertain times, consultants crave stability and want to work with a firm that has the financial base to weather the storm. Or when the economy is booming, they might be drawn to higher payouts and more flexibility.

Today’s environment is not so clear. There is heightened volatility fueled by worrying geopolitical tensions, but unemployment stands at just 3.6%. Investors have made huge gains in stock markets in recent years, but inflation is eroding those returns in ways not seen in the past 40 years. At the same time, some health experts are warning that the next Covid-19 wave could be coming.

Against the mixed background and the talk of “great resignation,” I have watched consultants take stock of their careers and how they plan to run their practices in new ways. Three themes have surfaced over the past few months as I’ve criss-crossed the country speaking to advisors.

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With more urgency than ever, Advisors want to connect their practices with companies that share their values, provide seamless support and resources, and continually invest in cutting-edge technology to make their lives, and the lives of their clients, easier, more convenient, and safer.

Advisors know that their reputation is tied to the company they are associated with – and they take that seriously, especially in today’s world where clients are more likely than ever to disconnect from companies whose values ​​don’t align with theirs own match.

As a consultant, when you move your practice to a new firm, you want to be proud that your name is associated with the brand and excited to tell your clients about it.

The value orientation also extends to the individual level of practice. Many Consultants I speak to are interested in not just switching companies, but in joining forces with other Consultants who can help them serve clients and grow. The team model approach has been around for a long time, but it’s even more attractive today because of the technology creating synergies that allow consultants to integrate their areas of expertise and provide clients with powerful, comprehensive advice.

Support and resources are the second priority for consultants considering relocation. Among other high demands on their time, consultants want a firm that can provide them with solid research, comprehensive financial planning capabilities, and end-to-end support whenever and however they need it.

If you’re like many consultants, you may be facing a talent shortage yourself. Look for companies that can offer you turnkey marketing, hiring, and retention resources that make it easier to attract, retain, and train qualified employees.

Technology also plays a large role in influencing a consultant’s decision to stay with or leave their firm. As the world went online during the pandemic, customers became accustomed to increased flexibility and availability. Even today, as people resume more face-to-face interactions, clients expect to be able to collaborate with their advisors anytime, anywhere, and on any device.

Consultants should expect their organization to provide mobile, integrated, and secure systems that promote client satisfaction and practice efficiency.

We are at a tipping point where a significant number of Consultants 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 a significant role in their overall well-being and happiness. If the current environment inspires you to think about the next step in your career, now is the time to dive in and evaluate what your company has to offer.

And take it from your peers — shared values, support, and resources for growth and technology — can change the game when it comes to achieving the goals you have for yourself and your career.

— By Manish Dave, senior vice president of business development and experienced consultant recruiting at Ameriprise Financial

https://www.cnbc.com/2022/05/03/what-financial-advisors-are-demanding-during-the-great-resignation.html What financial advisors are calling for during the ‘Big Retreat’

Gary B. Graves

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