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Summary: Advisers are seeking to expand their employee base’s skill set and meet capacity needs. Of nearly 1,000 respondents surveyed by Schwab in the third quarter, recruiting among RIAs rose to the No. 1 strategic priority for the first time since the study was started in 2006. The demand is being driven by strong growth for financial advice and wealth management, according to Lisa Salvi, managing director of adviser services at Charles Schwab
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Summary: [Podcast] In this episode of the RIA Edge Podcast, Mark Bruno, managing director at Informa Wealth Management, speaks with Carolyn Armitage, head of Thrivent Advisor Network, about the importance of creating a succession plan—and ultimately, the best and worst practices for putting a formal succession plan in place.
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Summary: When it comes to advisor movement, the disruption and hassle of changing firms or models are real. So, the upside in a new opportunity must be significant; the move must solve for frustrations and limitations an advisor may be experiencing.
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Summary: Many financial advisors put off their succession planning until it’s too late because they aren’t ready to face the end of their career, can’t decide on a plan or simply haven’t gotten around to doing it.Building a succession plan involves four steps, according to Bev Flaxington, co-founder of consulting firm The Collaborative.
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Summary: Nearly 40 percent of financial advisors plan to retire in the next 10 years, and overall advisor headcount growth is starting to decline. As a result, an opportunity could be at hand for younger advisors.
