Closing the Back Door: Driving Growth by Stemming Advisor Attrition
The scarcity of successful financial advisors has pushed advisor recruitment to the top of the “to-do” lists of investment services sales managers in banks and credit unions. But many firms report losing an advisor for every one they recruit.
Clsoing the Back Door: Driving Growth by Stemming Advisor Attrition (August 2016)
This study examines the experience of 36 financial institutions to:
- Describe their attrition rate – how many advisors did they lose and where did they go?
- Calculate the cost of “regretted” attrition – advisors who leave for another firm.
- Identify best practices in advisor retention tactics.
The analysis provides a convincing case for the outsized cost of losing a good advisor, and why the firm should devote more resources to keeping the keepers.
List of Participating Institutions:
| Alliant Credit Union |
| Associated Investment Services |
| BB&T Investment Services |
| BMO Harris Financial Advisors |
| BOK Financial |
| Capital One Investing |
| CEFCU |
| Centra Financial Services |
| CommunityAmerica Financial Solutions |
| Credit Union Financial Network |
| Denali Alaskan FCU |
| Desert Schools Financial Services |
| Elevations Credit Union |
| First Bank |
| First Citizens Investor Services |
| FirstMerit Bank |
| First Tech Investment Services |
| Fulton Financial Advisors |
| Golden 1 Credit Union |
| Heartland Financial USA |
| Key Investment Services |
| Navy Federal Financial Group |
| Old National Investments |
| Patelco Credit Union |
| People’s Securties, Inc. |
| Popular Investments |
| Premier America Credit Union |
| Prosperity Bank |
| Santander Investments |
| Space Coast CU |
| South State Bank |
| Synovus Securities |
| United Federal Credit Union |
| VyStar Investment Services |
| Webster Bank |
| WSECU Investment Management |
Closing the Back Door: Driving Growth by Stemming Advisor Attrition
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