Deciding ‘Should You Stay, or Should You Go?’ for Wealth Professionals

Deciding ‘Should You Stay, or Should You Go?’ for Wealth Professionals

The attrition rate in the wealth management sector has been at a steady 4% in 2022 according to Andy Sieg, president of Merill Lynch Wealth Management.

However, at a certain point in their lives, wealth management professionals, such as private client advisors, may find themselves at a crossroads in their careers.

Here are the factors that may leave advisors torn between deciding to stay in their current firm or switching to a different one.

  1. Too many clients to handle

As a private client advisor, acquiring new clients is crucial to your success. However, how many clients should you be handling? And how many are too many?

The number of clients depends largely on the portfolio size of your clients. Typically, the higher the portfolio bracket (e.g. $10-$20 Million), the lesser the number of clients you should manage. Advisors focused on this demographic will usually maintain between 40-50 clients.

Remember that the more clients you have, the less time you will be spending on each individual investor’s needs. By maintaining a small roster, it’s easier to offer the best possible service to clients and effectively address their complex financial needs.

  1. The culture isn’t the right fit

Advisors often find themselves staying in a culture they don’t fit in. With consistent growth, mergers, and compliance processes, firm culture can change and pivot drastically. It is not uncommon for advisors to experience a sense of “not belonging” in their firms over time.

  1. Feeling too old to find a new job

When it comes to age, the fear of rejection is real. Private client advisors may stay put in their jobs for longer than they like out of fear that their age is a hiring liability.

Over the years, you may not see your current firm as the right legacy you want to leave for your clients. Age may seem like an impediment in your willingness to move on, but it should certainly not stop you from pursuing other options.

Finding a firm that aligns with your values and goals may seem like a daunting process. Fortunately, you don’t have to go at it alone. Recruiters can match you with the wealth management firms that suits your unique situation.

Are you starting off in the wealth management industry or are you planning to switch roles? The Anderson Search Group can help you find the right match.

Deciding 'Should You Stay, or Should You Go_' for Wealth Professionals