Investment firms redefine rookie programs

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 62 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 92%

Business News News

Business Business Latest News,Business Business Headlines

Investment firms redefine rookie programs GlobeInvestor

As a large portion of experienced advisors inch closer to retirement, it’s becoming all the more essential that firms prepare for a shortage by training new talent to fill these gaps.Although entry level “rookie” programs provide an invaluable foot in the door for new financial advisors striving to break into the investment industry, the availability and size of these programs have been reduced sharply across Canada in recent years, leaving many hopeful advisors out in the cold.

, the drop in the number of rookie programs across Canada’s investment industry is due, in part, to the increasing trend of consolidation among financial services firms.“Over the past 10 years, the number of developing advisor programs has diminished ... [as a result of] consolidation in the business,” says Mr. Ferman.

“The average age of an advisor is about 57,” she says. “The aging demographics of our advisors make it imperative that we have some young advisors in the pipeline, ready, able and qualified to take over businesses, and be able to provide that exceptional service that clients have been previously receiving.”

Namely, the firm expanded the length of the program to three years from six months. In addition, TD Wealth began providing “more support and compensation certainty” for participating advisors. TD Wealth also altered the content of their advisor development program to focus on client relations, communication and other soft skills.“We prioritized finding talented people with practical experience in managing and maintaining successful client relationships,” Mr. Meeds says. “We know that having a direct, hands-on connection to clients is critical to an advisor’s success.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Amid worker shortage, business groups call on Ottawa to expand jobs programs in pre-election budgetOTTAWA — Business groups are calling on the government to expand jobs-related programs in the upcoming federal budget, as a persistent labour shortage in Canada has made it difficult for comp… Good grief 10000’s of unemployed citizens and you want to bring in more ppl? It’s businesses responsibility to attract and train employees, not govn’ts! Unions, organizations and interprovincial barriers are problem. Businesses should be doing career fairs, entry lvl positions Instead of expanding jobs programs why not train Canadians?
Source: nationalpost - 🏆 10. / 80 Read more »

Foreign investment and immigration are changing Canada’s farming communitiesForeign investment and immigration are changing Canada's farming communities. | cbcdocs
Source: CBC - 🏆 32. / 63 Read more »

RBC hunts for bigger deals with U.S. investment-banking pushFocus on investment banking is bearing fruit: Royal Bank was the sole adviser in the world’s largest bank merger in more than a decade
Source: nationalpost - 🏆 10. / 80 Read more »