Closing the Back Door: Driving Growth by Stemming Advisor Attrition
Closing the Back Door: Driving Growth by Stemming Advisor Attrition (August 2016)
The scarcity of successful financial advisors has pushed advisor recruitment to the top of the “to-do” lists of investment services sales managers in banks and credit unions. But many firms report losing an advisor for every one they recruit.
This study examines the experience of 36 financial institutions to:
- Describe their attrition rate – how many advisors did they lose and where did they go?
- Calculate the cost of “regretted” attrition – advisors who leave for another firm.
- Identify best practices in advisor retention tactics.
The analysis provides a convincing case for the outsized cost of losing a good advisor, and why the firm should devote more resources to keeping the keepers.
List of Participating Institutions:
|Alliant Credit Union|
|Associated Investment Services|
|BB&T Investment Services|
|BMO Harris Financial Advisors|
|Capital One Investing|
|Centra Financial Services|
|CommunityAmerica Financial Solutions|
|Credit Union Financial Network|
|Denali Alaskan FCU|
|Desert Schools Financial Services|
|Elevations Credit Union|
|First Citizens Investor Services|
|First Tech Investment Services|
|Fulton Financial Advisors|
|Golden 1 Credit Union|
|Heartland Financial USA|
|Key Investment Services|
|Navy Federal Financial Group|
|Old National Investments|
|Patelco Credit Union|
|People’s Securties, Inc.|
|Premier America Credit Union|
|Space Coast CU|
|South State Bank|
|United Federal Credit Union|
|VyStar Investment Services|
|WSECU Investment Management|