What Drives High Turnover

Sidebar to "Evaluating Broker-Dealer Service"

• Unreasonable management
• Low pay or poor benefits (the highest retention firms pay in the upper 25% for their industry or region)
• Firms with numerous advisors who have difficult personalities (We like to call this type of rep a “staff eater” because they wear down and sometimes verbally abuse back office people. To weed out this type of rep, some firms apply criteria that they have to like the person they bring on.)
• Excessive hours (some firms take advantage of salaried employees by requiring excessive hours on a regular basis)

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