As we move into the second quarter of 2023, skilled and insightful Advisors will continue to be even more in demand.
Exciting opportunities in this industry are on the rise, according to the US Bureau of Labor Statistics, with a projected growth rate of over 15% — much faster than the average for all other occupations.
And according to Charles Schwab, the growth rate for RIAs since 2021 is an astounding 47%. More Advisors want to be in control of their own destiny and they’re happily jumping ship from behemoths like Merrill Lynch and Morgan Stanley and striking out on their own or as part of an elite team.
Rapidly advancing technological trends, an aging client population that seeks income rather than risk and accumulation, and regulatory changes toward fiduciary duty are all among the considerations for the future that savvy Advisors need to keep in mind.
Independent RIAs are gaining in popularity and outpacing other models in wealth management. The main reason is that it gives Advisors the ability to select their own tech stack and tools that align with their desired workflow.
Adaptability, engagement, and leaving fear behind are your keys to success. Partnering with a highly specialized and experienced team like TERRANA GROUP is the perfect way to ensure you remain on the cutting edge.
Let’s explore the exciting developments on the horizon for 2023 and beyond, and what moves you can make to position yourself for success.
Forging Your Future
One of the biggest seismic shifts in the industry is more Advisors than ever are pursuing their own path, whether as an RIA, broker-dealer, or adopting a hybrid model.
Samantha Sferas, TERRANA GROUP Chief Operating Officer, with over 25 years of business development consulting and recruiting, serves as our resident expert in strategic team development, startups, and revenue growth. She believes the biggest challenge for Advisors evaluating their options is overcoming the fear gap.
Changing the paradigm is scary. Going from an employee to being a business owner can be terrifying. But escaping a captive wirehouse environment can make all the difference. That’s why we strive to introduce Advisors to a culture that bestows flexibility, creativity, and a drive to help others.
“It’s all about the freedom and the passion — the ability to spread your wings in a way you never thought you could,” Samantha points out. “Embracing a more entrepreneurial mindset as an independent or as part of a team, becoming a leader, is not just about your business. You’re also investing in your community.”
The demand for Advisors who aren’t beholden to a wirehouse is higher than ever before. But it’s critical to stay abreast of shifting regulations and understand the web of available licenses and credentials, and the specialists at TERRANA GROUP are here to guide you to the most prosperous path.
Riding the Wave with Resilience
In the past three years, we’ve seen unimaginable upheaval and a sea change in how people work, invest, and think about money. The pandemic taught us all crucial lessons about the importance of adaptability and contingency planning.
Advisors specifically, now can (and frequently do) pivot to an independent firm or pursue a more entrepreneurial path with an exit strategy in mind.
With this freedom comes even more need to work with TERRANA GROUP, your expert Financial Advisor Recruiter, who keenly understands the ever-shifting landscape for Wealth Management firms and stands ready to provide Advisors an active advantage in an uncertain market.
This presents a unique opportunity for advisors considering an independent path — and leveraging the latest tech platforms can give your practice all the advantages of the wirehouse with none of the red tape.
Now is an excellent time to review your practice and evaluate the operational resources you’re currently utilizing to ensure your capabilities are fully optimized for maximum productivity and efficiency.
Advisors who embrace the newest tools, adapt quickly, and avoid the trap of becoming enshrined in the constraints of the wirehouse, will gain a dynamic dominance over their competition.
Expanding Your Ecosystem
Many professionals who are considering making the transition to an independent practice this year want to focus on building a brand that better aligns with their values and also delivers a more streamlined and high-touch experience.
TERRANA GROUP takes a custom approach — our highly unique, relationship-driven model evolved from decades of in-depth conversations with the financial world’s top Advisors.
Keep the Conversation Going
2022 is firmly in the rearview mirror, and the future holds promising opportunities for financial professionals who are ready to take their careers to the next level.
For over 30 years, TERRANA GROUP has been the premier recruiting and consulting company for Advisors and financial services organizations. We’re the oldest and most specialized firm in the industry, and we have extensive relationships with major players, regionals, boutiques, and RIA firms nationwide as well as independent broker-dealers and financial institutions throughout the United States and beyond.
Our President and CEO, Michael Terrana, is a nationally recognized business development consultant and recruiter, as well as a thought leader in the financial sector.
See why we’re masters of the art of relationship recruiting in the Wealth Management space — reach out to us today to explore every opportunity for achieving your objectives.
