To recruit or retrain?
That is the question.
Should firms recruit new advisors, train from within or look to acquire seasoned advisors?
Investment firms and financial advisors are grappling with the issue of whether they should recruit new talent, train from within or look to acquire experienced professionals from other firms.
Regardless of which approach is taken, every investment firm needs a carefully curated pool of employees with the right mix of skills and backgrounds.
Experienced financial advisors serve as examples and mentors for those who are new to the industry, whereas new advisors bring energy and ambition to the team. Since a large proportion of advisors will be reaching retirement age over the next decade, investment firms will need to seek both brand-new advisors and veteran advisors to fill their ranks.