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Summary: If financial advisers want to build a strong and sustainable business, they need to develop a mentoring program for young employees. “I've seen a lot of great people wash out of the business in their first two or three years,” Christine Gaze, TD Ameritrade Institutional's director of practice management, said during InvestmentNews' NextGen Virtual Career Fair on Friday.
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Summary: Wealth management firms seeking to grow by recruiting new advisors need to first develop a clear business strategy. That was the message industry consultant John Furey, principal of Advisor Growth Strategies, pounded home to advisors at Schwab Advisor Services' annual Impact conference on Monday.
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Summary: Many financial advisors join forces at some point, either with peers or with clients’ accountants and attorneys, to decide what’s best for those clients. And in any convocation of experts, disagreements are bound to arise. Advice firms can take steps to make sure healthy debate doesn’t sour into discord that could wind up endangering client relationships.
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Summary: There is heavy competition for the relatively few unattached experienced advisors, mainly due to the fact that firms can assign client responsibilities to these hires immediately, without extra training, and expect them to start generating revenue immediately -- especially if they have an existing book of business. Yet with big demand and small supply, prices are high (and continue to escalate) for this type of advisor.
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Summary: Many service companies, including retailers, call centers, and security firms, can reduce costs and make better hires by using short, web-based psychometric tests as the first screening step. Such tests efficiently weed out the least-suitable applicants, leaving a smaller, better-qualified pool to undergo the more costly personalized aspects of the process.
