10.21.24

Financial Institutions Added Advisors in 2023, but Did They Keep Pace With the Growth of the Banking Business?

by: Kehrer Group

The average financial institution deployed one financial advisor for every $638 million in core deposits last year, according to data from Kehrer Group, 10% less advisor deposit coverage than in 2022. Banks with at least 25 advisors started the year with the thinnest advisor coverage among the segments tracked but improved their coverage 6% during the year. Smaller bank firms experienced a 22% decline in advisor deposit coverage, and now have thinner coverage than the large bank firms. The banks with less than 25 advisors actually increased their advisor headcount 4.7%, but their core deposits grew faster.

Read the full article on Kehrer Group