The financial services industry has long struggled with high dropout rates, with over 72% of trainees failing to become full-fledged advisors last year, a rate consistent with previous years, according to a recent AdvisorHub article.
A report from Cerulli Associates, a consulting firm based in Boston, suggests that one solution may be teaming up and providing better educational support.
Additionally, Cerulli suggests that firms seek new sources of advisor talent and not just lean on word-of-mouth referrals for finding trainees. The high failure rate is partly driven by the fact that most trainees, 57%, start with no experience in financial services.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
