“A material number of advisors are retiring each year, creating an ongoing point of disruption for wealth management firms,” a recent Cerulli AssociatesAlthough the report focused on the U.S. market, noting about 37 per cent of advisors in that country are set to retire in the next decade, similar demographic trends are playing out across Canada.
Tom Williams, senior vice president and head of growth and development at Raymond James Ltd. in Toronto, says the brokerage firm is recruiting actively in the current environment. And while it’s more difficult for some advisors to switch shops when markets are down, he says the conversations still need to continue.
Kevin Vandermeer, managing director, investment and advisory solutions at Canaccord Genuity Wealth Management in Toronto, says his firm’s recruitment strategy hasn’t changed amid the market downturn.Mr. Vandermeer says Canaccord is targeting more experienced and “sophisticated” advisors looking to provide investors with more customized portfolios. He says advisors tend to go to the firm because of the flexibility to build their business and the collaborative environment.
He adds the move aligns with the wealth management industry’s growing focus on holistic planning, including investing and retirement strategies. It’s also a more effective succession planning strategy, with the aim of mentoring younger advisors and providing them with more experience so they can eventually replace older peers when they retire.
Of course it does, every downturn does. It reduces revenue prospects significantly.
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