Earlier this spring, we hosted a recruiters roundtable at our offices in Boston for a discussion on the evolution of adviser recruiting. Throughout the event, I thought back to Arthurian legend, which introduced the idea of the roundtable: a table where Camelot's leaders could gather as equals to share ideas and tackle problems facing the kingdom.
Each knight brought a unique skill or perspective to the table. Under this approach, feudal skirmishes based on hierarchy lessened, welcoming a period of peace and prosperity.
I have long described financial advice as a noble profession that helps people plan for their most important life events. Our version of the "village in trouble" may be the middle-aged couple who haven't yet saved for retirement or the parent whose teenage daughter now has her heart set on an Ivy League university. Advisers help their clients reach these milestones, all while being held to their own rigorous code of conduct, akin to chivalry: the fiduciary standard.
With this in mind, I propose that we begin to see ourselves as the new knights of the roundtable. Everyone in this industry has something to contribute for the betterment of the "kingdom" as a whole.
You may be asking yourself: What dragon are we slaying? Truthfully, we've got several fire-breathing monsters to combat:
succession planning,
revenue compression,
regulatory pressures — to name just a few.
So, who are the knights, and what gets them a seat? I've started with this list, but please let me know if there are others we should pull up a chair for:
•
Financial advisers: This group is doing the village-saving work itself.
•
Firm owners: Providing advisers the resources (technology, office space, compensation, regulatory resources, marketing, etc.) they need to do their best work.
•
Strategic acquirers: Provide scale and resources to firms so they can better serve their end customers.
•
Technology providers: Whether they're established platforms or tech start-ups, technology providers help maximize the efficiency of advisers' work.
•
Custodians: Ensure advisers have a safe harbor for their assets and often act as management consultants.
•
Recruiters: Place advisers in the firm best-suited to their needs and act as sounding boards for breakaway teams or adviser groups looking to better serve themselves and their end-clients.
Together, we're better-equipped to tackle the issues facing our profession as a whole.
So with that I ask you — will you sharpen your sword and join me at the table?
(More: Fidelity's David Canter makes financial advice his Boston Marathon cause)
David Canter is the head of the RIA segment at Fidelity Clearing & Custody Solutions.
