[pullquote]…firms are acknowledging that they need to bring in new FA’s[/pullquote]
It’s no secret that the advisory workforce throughout the industry is aging, and now that the economy is recovering, firms are acknowledging that they need to bring in new FA’s to counter-balance that. So what are some of them doing?
OnWallStreet reporter, Frances A. McMorris, ran a comprehensive piece on February, 1, 2011, regarding current trends in training new advisors. As an overview of the article, “From Book Smart To Street Smart” here’s the lineup:
Wells Fargo-A 19 week training program, with a core program of two and a half years including an extensive interview process. Wells Fargo placed 27th in Training magazine’s annual ranking of top corporate training departments. The firm has the capability to train 100 advisors a month and is focusing on bringing in more women and minorities. Puts a high priority on training as witnessed by the Wells Fargo “University” in St Louis with 250,000 square feel and 41 classrooms.
Merrill Lynch– Noted for decades of devoted training, the financial crisis caused them and other firms to cut back on training, but last year Merrill (now part of Bank of America) reportedly began ramping up its program.
Morgan Stanley– Expects to hire 2,000 trainees, consistent with what they did in 2010. Emphasis will be on placing trainees on teams.
Edward Jones– Based in St. Louis, they opened a new facility two years ago to train recruits with little experience as well as mid-career changers. Currently has a one-week, interactive session, followed by five weeks in the field and another two weeks focusing on prospecting.
Raymond James– Expanding its old four week program. For the past two and a half years, the firm has run a residency program in St. Petersburg, Florida that allows the recruits to focus on how they want their practice to be built as well as on their technical skills. Rookies already have their Series 7, so focus is on practical skills. It’s pretty much a year long program with enables the firm to watch and adjust the training process before moving it to the branches.