Tough times like these can also be the best time for well-positioned advisory firms to grow. With the fate of many wirehouses uncertain, and the markets falling, if the past is any indication, new clients will be turning to independent advisors to get a better handle on their personal finances.
To deal with these new clients, or just to better position their practices for growth, some advisors will be looking to hire a young financial planner or two to help them. The good news is that their timing couldn’t be better: with many advisory firms wrestling with declining revenues and consequently curtailing their own hiring plans, the market for young professional talent is very good right now. But be careful–there are just as many pitfalls today as there are during the boom times.