Wealth Management Firms Need Advisors as Brand Evangelists to Attract New Talent

Long before the Great Resignation became a national phenomenon, wealth management firms were struggling to manage attrition among their financial advisors and attract new talent to the profession. According to the J.D. Power 2022 U.S. Financial Advisor Satisfaction Study,^SM released today, a combination of technological- and pandemic-driven disruption has exacerbated that challenge, with 15% of advisors at wirehouse firms and 7% of independent advisors now categorized as “at risk” of leaving their firms in the next two years.

“With the average age of a financial advisor climbing to 57 this year, wealth management firms that want to continue to grow must do more than just manage advisor attrition rates; they also need to actively create advisor brand evangelists who will attract the next generation of talent,” said Mike Foy, senior director of wealth and lending intelligence at J.D. Power. “Right now, many firms are missing the mark on developing that level of advisor engagement, but there are some clear drivers that need to be in place for it to happen. Notably, firms that are making the right investments in technology, effective marketing support, competitive products and services and have a strong top-down corporate culture are significantly outperforming the competition when it comes to advisor satisfaction and advocacy.”

Read the full press release for key findings and brand rankings >