Home Education What financial advisers demand during the “Great Resignation”

What financial advisers demand during the “Great Resignation”

What financial advisers demand during the

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Over my long career hiring experienced financial advisors, I have seen how different economic cycles have affected retention and destruction.

In times of uncertainty, consultants crave stability and want to work with a firm with a financial foundation to withstand the storm. Alternatively, if the economy is booming, they can attract more payouts and more flexibility.

Today’s environment is not so clear. There is increased volatility caused by alarming geopolitical tensions, but unemployment is only 3.6%. In recent years, investors have made huge profits in the stock market, but inflation is reducing these returns as it has not been in the last 40 years. At the same time, some health experts warn that the next wave of Covid-19 could be enticing.

Amid ambiguous talk and talk of a “big resignation,” I watched counselors sum up their careers and how they want to act in new ways. In recent months, as I have traveled the country talking to advisers, three topics have emerged.

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With more urgency than ever, consultants want to link their practices with firms that share their values, provide ongoing support and resources, and constantly invest in the latest 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 firm with which they are affiliated, and take it seriously, especially in today’s world, where clients are more likely than ever to sever ties with companies whose values ​​don’t match their own.

If you are an advisor to transfer your practice to a new firm, you want to be proud that your name is associated with the brand, and are happy to tell your customers about it.

The alignment of values ​​extends to the level of individual practice. Many of the consultants I talk to are interested not only in changing firms, but also 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 today it is even more appealing because of the synergy created by technology that allows consultants to integrate their specialties and give powerful, comprehensive advice to clients.

Support and resources are a second priority for counselors considering relocation. With other serious demands on their time, consultants want a firm that can provide them with sound research, deep financial planning capabilities and end-to-end support when and how they need it.

If you are like many advisors, you may also face a lack of your own talents. Look for firms that can provide you with turnkey marketing, hiring and retention resources that facilitate the recruitment, retention and training of qualified personnel.

Technology also plays a big role in influencing a consultant’s decision to stay or leave their firm. As the world moved to the Internet during the pandemic, customers became accustomed to increasing flexibility and accessibility. Even today, as people resume more personal communication, clients expect to be able to work with their consultants anytime, anywhere and on any device.

Advisors should expect their firm to provide integrated and secure mobile transmission systems that ensure customer satisfaction and practice efficiency.

We are at a turning point when a significant number of counselors choose the moment to assess what is most important in their lives.

For many, career satisfaction – and the ability to prosper and grow – play a significant role in their overall well-being and happiness. When the current environment inspires you to think about the next step in your career, it’s time to dig deeper and appreciate what your company has to offer.

And take that from your colleagues – shared values, support and resources for growth and technology – can change the game when it comes to achieving the goals you set for yourself and your career.

– Menish Dave, Senior Vice President of Business Development and Experienced Hiring Consultant at Ameriprise Financial

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