The wealth management industry is not immune to the nationwide "Great Resignation." And according to ThinkAdvisor, advisors increasingly are becoming receptive to the thought of leaving their firms. 

Many in the industry are leaving out of concern for their clients and their businesses. According to ThinkAdvisor, several advisors learned that their firms were unwilling or unable to help them and their clients effectively in the early days of the pandemic. They discovered that their firms had confused access to guidance and resources with layers of management and bureaucracy. 

Advisors experienced many setbacks, including moving money during lockdowns, servicing clients from home, and back-office complications. Those issues and other cracks in the foundational relationships with firms only increased as the pandemic continued. Wealth management's Great Resignation resulted from a "Great Mismatch." Many firms fell short when access to resources and reliability on senior leadership was critical to advisor-client relationships. 

The common theme moving forward is that this commitment to providing access to the right resources across an organization must be proactive. Firms must take initial steps to link advisors with the experts and platforms that can make a difference for that particular practice. Firm leadership must take the time to develop an in-depth understanding of each advisor's business rather than sticking to a holistic approach. Most importantly, those efforts must be consistent, which means ensuring access to experts and resources is a part of a firm's DNA. 

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.