With all the “big buck” recruitment packages being offered top producers, the question crops up – why are we seeing such a fierce focus on training positions suddenly being opened up?
Merrill is looking to hire 2,000 financial advisors and is revamping their 42 month trainee program, which was practically non-existent the past two years, and Wells Fargo is looking for 1400 financial advisors with its focus on its training program.
Well, as financial industry recruiters we see a lot of the experienced advisors not ready to jump ship; competition is fierce, the deals remain large but a lot of them are locked into retention packages as a result of the mergers and acquisitions in the industry.
As our CEO and President Bill Willis, told Lauren Barack, reporter for OnWallStreet:
“The number of people who want to look around has dropped because of the turmoil.”
Consequently, these wirehouses have got to train talent in-house to increase revenue they bring in. To echo Bill, all of our recruiters at Willis-Consulting, Inc. see the opening for younger people looking to break in as a plus—and a good sign of optimism!
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What is good bad news for some is good news for others. At least the younger people are getting hired. Hopefully the top producers had already planned their estates.
.-= Lucy from Estate Planning Hub´s last blog ..Mar 3, Retirement and Estate Planning =-.