We thought we would have a little good-humored fun with the wirehouses new Financial Advisor recruiting strategy that values the potential of inexperience more than experience and the proven.
Spoof statements made by wirehouse executives discussing their new recruiting strategy:
- “Let’s step over mentors to pick up millennials.”
- “Top Financial Advisors make way too much money. I bet their kids will do it for a fraction of the price.”
- “Let’s replace all of our top producer attrition with only trainees, junior advisors, call center advisors, digital advisors, and robo advisors. Brilliant!”
- “We just need to hire advisors under 30 years old that have 30 years experience.”
- “The recruiting race for top advisors is too expensive, but a race to the bottom lowers costs and improves profit margins.”
- “We don’t want to recruit Financial Advisors who care about the money when considering firms. Why should financial considerations be important to a Financial Advisor anyway?”
- “Experience is overrated. Our affluent clients won’t mind working with advisors who have never experienced a recession.”
- “Now we just have to convince our older advisors to hand over their HNW clients to our juniors instead of making twice as much money selling their practice to another top advisor at a different firm that their clients will feel more comfortable with.”
- “We can do this, it’s just an issue of mind over matter. If our shareholders don’t mind then it doesn’t really matter.”
- “We have billions in outstanding forgivable loan balances, what else are we supposed to do?”
Not actual quotes from wirehouse executives. These are spoof quotes we came up with over lunch yesterday.
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