We frequently get asked by recruiting managers, OSJs, and practice principals seeking to recruit quality advisors what we are hearing from advisors in the “recruiting trenches.”
In most all cases, multiple causes effect an advisor’s decision to first explore their options and ultimately make a change. It’s the law of cause and effect.
While virtually every advisor’s internal recruiting compass is altered because of a blend of causes, these causes will be weighted differently by each advisor.
Actively looking advisors are typically more open to share what is causing them to have a recruiting based conversation with you. Passive advisors typically play their cards closer to the vest.
The root causes for an advisor to start considering moving to a different firm consistently consisted of usually multiple causes revolving around culture, control, compensation, life changes, clients, conflicts and compatibility.
Of course current events always come up and the biggest topics now have been around DOL, changes in recruiting deals and recruiting monetization strategies to maximize income to the advisor with a 10 to 15 year retirement goal.
With the aging advisor demographic and the fact that the vast majority of retiring advisors doesn’t have a successor lined up, we are helping retiring advisors now more than ever. We’re helping independent advisors merge then retire, sell out right, start exiting through partial book acquisitions, and help them compare their selling options and buyers.
There has also been a strong spike with interest in larger advisor teams looking to join, consolidate and scale a mega-practice, or ensemble practice to counter rising compliance costs and to capitalize on the pending acquisition wave our industry is entering.
Identifying root causes and current event causes, will help you better tailor your responses to emphasize your firm’s strengths in those specific areas.
It also gives you a strong initial indication if there is synergy with your firm’s solutions to the needs and goals of the advisor. If the advisor’s internal recruiting compass is starting to spin, you want to get it pointed in your direction.
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