Advisor payrolls balloon

Advisor payrolls balloon

Advisor payrolls balloon New report suggests advisors are adding staff in a push to provide a better customer experience and those not doing so might be left behind.

The Financial Times’ annual FT 400 list profiles some of the biggest financial advisors in the U.S. According to FT, “The ‘median’ FT 400 adviser manages more than $850m in assets and has 26 years in the business. The average FT 400 adviser saw his/her assets under management grow by at least 30 per cent in one year, to $1.7bn”

If anyone knows wealth management it’s this group of men and women.

The biggest thing advisors can take from this year’s list?

“In keeping with the current trend towards specialisation in wealth management,” says the Financial Times, “some 84 per cent of the FT 400 advisers work in teams. Of those, the average team has 14 client-facing professionals, including partners and relationship managers, up from an average team size of 10 in 2014’s FT 400.”

Gone are the days when advisors could be generalists handling all of the responsibilities required to maintain a successful practice. Today, whether it’s building a team vertically with a single advisor leading the charge or horizontally, where several advisors partner to combine their individual strengths into a cohesive package for the betterment of clients.

Either way, the days of the lone wolf are coming to an end.

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