My long experience as a financial advisor recruiter has shown me how economic cycles affect retention and attrition.

Advisors seek stability in times of uncertainty and will work with firms that have the financial resources to weather any storm. If the economy is strong, advisors might prefer higher pay and greater flexibility.

The current environment is not as simple. While there is a lot of volatility, which can be fueled by geopolitical tensions that are troubling, unemployment stands at 3.6%. The stock market has provided huge returns for investors in recent years. However, inflation is making it harder to make those gains. The next Covid-19 wave is being warned by some experts in health.

I witnessed advisors taking stock of themselves and how they would like to run their practice in the future, despite the turbulent backdrop of “Great Resignation” talk. As I’ve been traveling across the country, talking with advisors, there have been three main themes.

Advisors are pressing to join their practice with companies that have the same values and provide seamless support. They also want firms to invest in technology to improve their client’s lives.

Advisors know that their reputation is tied to the firm they’re affiliated with — and they take that seriously, particularly in today’s world where clients are more likely than ever to sever ties with companies whose values do not align with their own.

Advisors moving to new firms may want to feel proud and enthusiastic about sharing their brand with clients.

The value alignment goes beyond the practice level. My conversations with advisors have shown that they are open to not only changing firms but also joining other advisors in order to better serve their clients. While the team model is a well-known approach, technology has made it even more popular. Advisors can now combine their different areas to provide clients with powerful and comprehensive advice.

For advisors thinking about a move, support and resources should be their number one priority. Due to other demands, advisors need a firm who can provide them with solid research, financial planning skills, and support throughout the entire process.

You may be one of many advisors who are facing a shortage of talent. You should look for companies that offer turnkey services in marketing, recruiting, and retention to help you attract, keep, and train qualified employees.

An advisor’s decision to leave or stay at their company is also influenced by technology. Clients grew accustomed to greater flexibility and accessibility as the internet became more prevalent during the epidemic. Even though people continue to meet in person, they expect clients to be able work with their advisors anywhere, anytime and from any device.

Advisors can expect to see their company provide secure, mobile-friendly and integrated systems that increase client satisfaction as well as practice efficiency.

At this moment, advisors have begun to take a step back and evaluate what is most important.

For many, career satisfaction — and the ability to thrive and grow — plays a significant role in their overall wellbeing and happiness. You can now evaluate the offerings of your company and see if the environment you are in is motivating you to make a change in your career.

And take it from your peers — shared values, support and resources for growth and technology — can be a game changer when it comes to achieving the goals you have for yourself and your career.  

— By Manish Dave, senior vice president of business development and experienced advisor recruiting at Ameriprise Financial