New research shows a good portion of advisors are not satisfied with their current firms.
Fidelity Clearing & Custody Solutions released research examining advisor satisfaction and best practices for retaining advisor talent.
The research found that while six in 10 advisors are satisfied with their career, only four in 10 are satisfied with their current firms.
Fidelity’s research uncovered opportunities for firm leaders to increase engagement, particularly around helping advisors with their career development and growth.
“In this increasingly competitive talent market, it’s important that advisors have a strong sense of community and purpose at their firms, as well as clearly defined growth paths and meaningful roles that allow them to deliver real value to their clients,” said Charlie Phelan, vice president of practice management and consulting for Fidelity Clearing & Custody Solutions, in a statement.
Of the advisors surveyed in Fidelity’s research, only 55% indicated that someone at work had talked to them about their progress in the previous six months. Additionally, the survey found that only 51% said they understand what they need to do to get promoted to the next level.
According to Fidelity, these findings show there is an opportunity for leadership to better articulate advisor growth paths, support professional development and help individuals understand how their work contributes to the firm’s goals.
According to Phelan, the firms that are successfully retaining advisors are doing so by building engaged, connected teams, as well as offering things like digital tools that help advisors work more efficiently.