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Summary: About 98,500 advisors, or 32 percent of the total advisor population, plan to retire or exit the business in the next 10 years, a new Cerulli Associates report found. The average advisor in this industry is in their mid-50s and ticking upwards, yet only 29 percent of advisors have a succession plan, according to Moss Adams.
Added on February 2014 in Form an RIA
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Summary: When Clayton Hartman first sat down with executives at Focus Financial Partners to discuss a proposed "lift-out" of his team of advisers, then all working for UBS AG, he brought a spreadsheet of roughly 1,000 questions.That may have been overkill, but it reflected the size of the team--20 advisers and staff, including Mr. Hartman. It was an unusually large number to leave a brokerage in one swoop and form their own independent firm.
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Summary: Financial advisers who want to attract female clients must carefully craft a message designed for that particular woman's knowledge and interest level.
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Summary: Millennials want to be mentored, Cam Marston, president of Generational Insights, told a packed session at TD Ameritrade Institutional’s national conference here on Friday. Indeed, considering that the advisory industry’s talent shortage and need to attract younger employees as well as clients were among the topics dominating discussions at the conference, it wasn’t surprising that a session promising advice on recruiting for an “age-diverse” workplace drew so much attention.
Added on February 2014 in Join an RIA
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Summary: It shouldn't surprise anyone that if you put nine top recruiters in a room to discuss the state of the wealth advisor industry, they would come down on the side of now would be an excellent time for many of those advisors to make a move. But over the course of the day-long discussions that comprised On Wall Street's 2014 Recruiter's Roundtable, it became clear that their reasons were far from self-serving.
