Staffing & Culture | 01.03.24
Looking Back: Reflections on Recruitment and Retention
by: BISA Staff
In 2023, BISA collaborated with Cerulli Associates to undertake a groundbreaking research study aimed at gaining insights into a crucial subject. This white paper presents essential data, insights and testimonials regarding the present and future-oriented status of financial advisors in banks and credit unions. It also offers practical guidance and best practices for banks to enhance the attraction, development and retention of financial advisors throughout their career trajectories.
As a comprehensive introduction for the new year, we have compiled all articles from 2023 that explore the results and implications revealed in this joint BISA and Cerulli research whitepaper.
Wealth and investment programs at banks and credit unions are at a critical juncture relative to growth and expansion. These financial institution channels face increasing challenges to redefine missions and pathways while simultaneously retaining their stature of strength, stability and availability.
Read more.
Employee retention has never been more of a pivotal issue. The heads of bank wealth management programs are confronting it day in, day out, with hits, misses and more than their fair share of turnover.
In terms of the past five years, a period which included a global pandemic and related, seismic, industry paradigm shifts, well, let's just say the headcount picture could be worse.
Going forward, and looking ahead five years, things need to get much better.
Read more.
The path for a junior bank advisor typically is spelled out in a straightforward fashion. Come for the guaranteed salary, stay for the continuing education and business leads that come from assisting a senior advisor. But hurdles do pop up on the road to seamless transition. Luckily, they are often glaringly obvious and can be tackled head on. According to BISA/Cerulli researchers, compensation continues to be a sticking point. However, it also seems some young advisors feel that they aren't climbing the ladder fast enough.
Read more.
Banks and credit unions offer unique value to diverse industry professionals, but sometimes translating this value into strong recruitment and retention practices is tough. BISA’s 2023 DE&I Rising Star Awardees have all fallen in love with the industry — but their journeys toward the profession are widely different. In this article, we hear six awardees’ perspectives on recruitment and retention, and their advice for future rising stars of the industry.
Read more.
It’s hard to find good people, and equally challenging to keep them.
Just ask banks and credit unions, where shifting dynamics, including demographic changes, as well as competing business models, have been undermining their ability to attract and retain senior advisors.
Read more.
To learn about more strategies for recruiting and retaining senior talent, download the 2023 Cerulli/BISA white paper, "Improving Recruitment and Retention Throughout Advisors’ Lifecycles: Uncovering Opportunities and Best Practices Within Banks."