Investment firms redefine rookie programs

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.”

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