RJ and Makay

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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.

About 75% of U.S. broker-dealer and independent RIA firms are planning to hire up to 30% more employees over the next 12 months, according to a new Fidelity Investments survey.

Firm executives plan to recruit new brokers and advisors who have existing books of business.  19% of executive respondents plan to help existing staff transition into broker and advisory positions.

A recent survey of more than 500 registered investment advisors found that 73% of them had won more clients in the last six months, a 7% increase from a year earlier. Only 5% of RIAs reported fewer clients, compared to 8% last year. Clients opting out of traditional full-commission brokerages are providing most of their new business, continuing the trend of the past few years.

Maritz Inc. conducted the survey between March 21 and April 1, 2011 on behalf of TD Ameritrade Institutional, and included both TD Ameritrade custodial RIA’s and others.