Recruiting, keeping advisers is top priority

Finding and keeping talented people is the biggest challenge facing advisory firms, as a shortage of good advisers is expected, said Rebecca Pomering, principal at Moss Adams LLP in Seattle, speaking at the TD Ameritrade Partnership Conference in Orlando. As demand for advisers increases, firms need to project recruitment strategies out to 2012. Firms also need to make sure that they define the number of advisers they need and then make sure they have a sufficient number administrative and support staffers to work with those advisers, she said. “You want to make sure your strategy drives your staffing,” she said, “and not the other way around.” Firms also need to spend time convincing good employees to stay. Additionally, firms need to a set career path for advisers and lay out what their specific responsibilities will be as their careers evolve. Firms also need to create a team-oriented environment, provide more opportunities for input in firm-wide meetings, learning opportunities and encourage a stronger balance between life and work, she said.