As labor market shortages occur across the U.S. workforce, shortages are beginning to show up in the brokerage industry. The labor market shortages in the brokerage industry have caused many support staff to prompt firms to redesign standards for hiring client associates.
Because of the shortages, wirehouses and other major brokerage firms have begun turning to outside recruiters and offering them tens of thousands of dollars for successful placements, according to AdvisorHub.
Last year, more than 47 million people quit their jobs. Client associates were not immune to the Great Resignation that swept the nation. Many support staff members were unhappy with being called back to the office and have found other employment or another branch closer to home.
A few firms are incorporating creative programs to address the shortage. For example, Raymond James is currently testing a remote service center model. According to industry recruiters, other firms will assign more advisors to each client associate they manage to retain or add to their client rosters.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
