The majority of financial advisors aren't happy at their current firms, according to a new study released today by Fidelity Clearing & Custody Solutions.
Of the 464 advisors that Fidelity surveyed across Boston, Chicago and San Francisco, only 40% said they were satisfied at their workplace. Sixty percent of the panel said they were happy with their career as a whole, suggesting that workplace unhappiness did not necessarily correlate with overall career satisfaction.
The study's results come at a time when advisor mobility is high and the number of new graduates entering the financial services industry is falling.
“In this increasingly competitive talent market, it’s important that advisors have a strong sense of community and purpose at their firms,” said Charlie Phelan, vice president, Practice Management & Consulting for Fidelity Clearing & Custody Solutions. “The firms successfully retaining advisors are building engaged, connected teams and also offering things like digital tools that help advisors work more efficiently.”
While advisor retention is a priority across the industry, many firms have been focusing on strategies to recruit new talent as hiring competition heats up.
LPL Financial, an independent broker/dealer based in Boston, announced plans last week to introduce more support for new advisor recruits coming from wirehouse and regional firms. LPL will assist advisors with sourcing office space, setting up a network, and finding and hiring staff, lowering the barrier for advisors to make a transition.
You can read the full results of Fidelity's study here.