RBC Wealth Management Spreads Net In Advisor Hunt

Tom Burroughes

16 May 2018

Don’t have a background in financial services? It does not necessarily matter: RBC Wealth Management in the US says it wants such persons to join its ranks as a financial advisor, suggesting the hunt for talent is forcing firms to rip up old preconceptions.

The firm’s business in the US is revamping its Associate Financial Advisor training program to allow more “diverse” candidates – from inside and outside of the financial services industry – to join the firm and follow a career in the sector.

Maggie Russett will serve as the dedicated recruiter for the program, identifying and vetting AFA prospects – whether they be recent college graduates or people who have worked in other industries and are seeking second careers. Russett joins RBC Wealth Management from Patterson Companies, where she supported the corporate office in developing recruiting processes and identifying and evaluating new employees.

“In an industry where a large percentage of the current workforce is expected to retire within the next 10 years, attracting new talent to the business is critical to future growth,” Tom Sagissor, president of RBC Wealth Management-US, said. “With that in mind, we revamped our AFA program to allow entry level candidates or those who have had successful careers elsewhere and are looking for a change to find a home at RBC Wealth Management.”

The development is a US-only move, RBC told Family Wealth Report when asked about the scope of the change.

The move may also suggest that wealth managers are having to look wider for talent, an issue that takes on an added edge at a time that the average age of wealth advisors is rising, while a new cohort of Millennial wealth holders looms over the horizon. Figures from Cerulli Associates, the analytics and research firm, find that the average age of wealth advisors is 50 while only 11.7 per cent of them are under 35, raising concerns that as millennials age and move into prime positions in business and other walks of life, there could be an advisory skill shortage. With an expected $30 trillion of wealth expected to change hands in the next few years, the stakes are high.

Explaining how the program course works, RBC said it includes more than 20 online courses on products, processes, and tools; a wealth planning and client experience specific curriculum to build deep relationships with clients; 50-plus micro-learning videos on relationship-building skills that are easily accessible; a one-on-one training coach; video role-play scenarios to help AFA participants develop confidence and expertise; a formal one-on-one mentorship program, an ongoing call series enabling AFAs to learn from industry experts and peers and a week-long workshop focused on enhancing relationships, building resources and applying concepts learned.

The search for talent outside conventional channels is not new. As reported last year , in the UK, for example, professional services firms are among the biggest recruiters of graduates but they are changing. PwC, Deloitte, EY and KPMG, have been forced to revamp their student selection process to improve diversity, increase social mobility and appeal to a generation of tech-savvy millennials. The report noted the change is happening just as the number of young people these firms are hiring is returning to pre-financial crisis levels.