Displaying items by tag: recruiting

Thursday, 18 May 2023 13:43

Tips for Onboarding New Clients

In an article for GoBankingRates, Andrew Lisa shared some thoughts on the best way to onboard new clients. The first thing is to understand that a financial advisor needs to be an independent and trusted professional for the client, similar to a doctor or lawyer. 

While each individual client has unique personalities and circumstances, there are still some universal principles and guidelines that you can introduce to your clients. This will help communicate your philosophy and value proposition, while creating momentum towards your clients’ goals from Day 1. 

One suggestion is to start with understanding their cash flow. This means understanding every dollar that is coming in and going out. For every financial goal, this is the starting point. Additionally, you can get your clients started on tracking income and expenses to get a better understanding of cash flow. 

Related to this, the next step would be to establish clear goals for the short-term and long-term. The nature of goals could differ based on a clients’ circumstances and age. Finally to increase the odds of success, the plan needs to be put into writing. This increases the chances that the plan is followed and daily decisions are aligned with long-term goals. 

Finsum: Every client is unique, but there are still some common onboarding steps that advisors can take to introduce them to your practice and philosophy. 


Published in Wealth Management
Monday, 08 May 2023 15:37

Tips on Growing a Pipeline of Prospects

In an article for LPL Financial, the firm discussed some methods for how financial advisors can build a pipeline of potential clients to ensure the growth and longevity of their practice. 

The first step is to identify your prospecting strategy. This entails identifying key goals and metrics for each step of the client journey to ensure that consistent effort and focus is being applied at all stages. There should also be some sort of system to monitor outreach to prospects, quickly follow up, assess whether the prospect is a good fit, and conversion into clients.

The next step is to identify your key values and differentiators. Then, share this with your target audience. This step is critical in helping prospects understand why you chose the profession, and what you stand for. 

An important element of this step is to figure out your ideal client and then focus your outreach efforts on this niche. Then, you can brainstorm ways to connect with that target audience whether it's through advocacy groups, social media, community events, etc.

Finally, you should ask for referrals from existing clients as they are likely to have the best understanding of who among their friends and colleagues would be receptive to learning about your approach to helping them reach their financial goals. 

Finsum: Financial advisors need to build and nurture their pipeline of prospects to ensure that their practice continues to grow and has longevity. 


Published in Wealth Management

In an article for InvestmentNews, Bruce Kelley discussed some of the collateral effects of First Republic’s troubles. Since these issues began in early March, around a third of the company’s advisors in its wealth management division have left the firm.

Following JPMorgan’s takeover of the bank, filing show that 150 advisors remain at the firm, while there were around 230 at the beginning of the year with about $271 billion in total assets. According to JPMorgan, many of the 150 advisors intend to stay on and transition to JPMorgan’s wealth management division. 

The bank also revealed that it plans to honor any recruiting deals that were struck by First Republic. Notably, First Republic had been quite aggressive in recruiting clients from banks and smaller firms. Ironically, it had recruited about 40 advisors from JPMorgan since 2010. 

JPMorgan’s acquisition should stem the tide of advisors leaving First Republic. In April, a team of First Republic advisors, managing $10.8 billion in assets, departed for Morgan Stanley. Prior to this, another team, which managed $2.3 billion in assets,  was picked off by Rockefeller Global Family Office.

Finsum: One of the consequences of the failure of First Republic bank is that many advisors are leaving for greener pastures. But, the JPMorgan acquisition may put a stop to this.

Published in Wealth Management
Saturday, 29 April 2023 03:34

In transition

Last year, transitions among financial advisors lost a little ground, according to Investnews.com, reported linkedin.com.

But, tada, independent broker-dealers picked up almost 1,000 advisors in 2023.

The morale of the story? The volume of transitions is secondary; in the world of recruitment, what reigns supreme is lassoing top producers capable of expanding the business.

Up to date technology’s one way snag advisors.

One word to capture technology’s role in drawing fresh talent: “significant,” according to Jim Frawley, CEO and founder of Bellwether.

“Good technology is a game changer and committing to the tech of the future will be very attractive to those being recruited,” said Frawley. “This includes adopting certain aspects of AI and automation and at least being open to investigating other opportunities to free up time and elevate them. Advisors today are looking at tech to make their offering more attractive and substantial. Tech is also becoming their biggest competitor.”

And you might say recruiting pays off.

For example, leveraging its organic recruiting initiatives, during this year’s first quarter, Cetera Financial Group layered on nearly $3 billion in assets under administration, according to thinkadvisor.com.

Published in Eq: Financials
Wednesday, 26 April 2023 04:37

Brisk Pace fo Recruitment for Advisors in 2022

In an article for Financial Planning, Victoria Zhuang discussed the brisk pace of recruitment for financial advisors in the second-half of 2022 despite a volatile and challenging market environment. 

According to Diamond Consultants, there was a 12% increase in the number of experienced brokers who switched firms. This is a contrast to the typical pattern of advisor movement and recruitment slowing down in volatile conditions. 

In the first half of 2022, 4,249 experienced brokers switched firms which increased to 4,757 advisors moving in the second-half of the year. In total, more than 9,000 experienced advisors moved which was slightly more than 3% of overall advisors in the US. 

In addition, transition deals were much more generous in the past, indicating that the wealth management industry remains competitive and ambitious in terms of recruitment and growth. This is also reflected in the generous deals offered to entice movement with many signing deals paying more than 300% of 12-month revenue. Another noticeable trend is gains made by independent broker dealers, while the big banks continue to see outflows of experienced brokers to these smaller firms. 

Finsum: 2022 was a banner year for the recruitment of experienced advisors. This is in contrast to the typical pattern of muted recruitment during shaky markets.


Published in Wealth Management
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