RIA
Advisors need to refine recruitment methodsPosted by RJ and Makay on Apr 23, 2012 |
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Just over half of polled registered investment advisors (RIAs) do not have written job descriptions for the positions within their company, and two-thirds lack defined career paths for new hires, according to the first-quarter TD Ameritrade Advisor Index survey of 502 RIAs. The survey somewhat explains why 22% of surveyed advisors last month ranked hiring as their biggest challenge in managing people.
TD Ameritrade continued in its fiscal second quarter to bring “breakaway” brokers into the company at the double-digit pace set in 2011, the company said today. 104 breakaways formed registered investment advisories and signed up with TD during the second quarter, an increase of 10% from Q2 2011. Net new assets for the quarter reached $10.8 billion, an annualized growth rate of 11%. Fiscal year to date, 204 advisors have come on board.
The four wirehouses are losing market share to private client groups in the high net-worth (HNW) market, according to new data from Cerulli Associates. HNW wirehouse market share stood at 45%, or $2.1 trillion, in 2010 and is expected to fall to 42% by 2014. It marks the first time that wirehouses have lost the number one spot in HNW assets under management.
