Rookie Advisors Wash Out

More than 72% of new advisors left their jobs in 2022, according to research released this month by Cerulli Associates .

The number of newbie advisors is barely making up for industrywide retirements and advisor attrition, according to Cerulli, and firms hoping to attract and keep new talent may need to rethink their strategies.

“Most advisor training programs are still sales-based and, much like other sales-oriented positions, they experience very high turnover rates,” said Cerulli analyst Stephen Caruso , noting that 69% of rookie advisors are building books of business from scratch.??

“While that is to be expected as they begin their career, the driving source of new clients is personal relationships and referrals from personal relationships,” he said. “If a rookie advisor does not have a network to sustain them early on, they may struggle with the business development aspect of the role.”

Continue Reading: Most Rookie Advisors Washed Out in 2022

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