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Improving Recruitment and Retention Throughout Advisors’ Lifecycles

May 19, 2023

Uncovering opportunities and best practices at banks and credit unions.

Competition across the wealth management industry continues to intensify with advisor attrition on the rise and total headcount growth stagnating. As the average advisor continues to age, banks and credit unions need to consider new approaches for recruiting and developing younger and more diverse advisors while increasing retention among their more senior advisors. This white paper, in collaboration with BISA, provides practical guidance and best practices on how banks and credit unions can better attract, develop, and retain financial advisors throughout their lifecycles.

Key Highlights

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Advisor Recruiting and Development

The bank wealth management space provides a uniquely attractive entry point into the financial services industry for both young professionals and for career-changers looking for an environment that can support their growth and development as a financial advisor in a meaningful way.

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Retention Drivers

Technology, succession planning, compensation, and culture are areas for potential improvement cited by bank- and credit-union-based advisors that could help to stave off attrition and recruiting shortfalls.

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Succession Planning

Offering advanced career path options, including second-story programs, buyout/sunset programs, and formalized succession planning, can promote greater satisfaction, and therefore retention, among banks’ most productive senior advisors.

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