LISA SALVI: Congratulations to all RIA firms for your hard work and success over the last few years. It has led to some great results. Study participants saw tremendous growth in 2021.
This year, for the first time ever, recruiting new staff is a top strategic priority for firms, jumping ahead of acquiring new clients through referrals, which typically takes that number one spot.
Eighty percent of all firms plan to hire in 2022, and based on current growth, the median firm in the study will need to hire six new roles in the next five years to keep up with that growth.
Overall, more than two-thirds of firms reported offering clearly defined career paths and/or career progression opportunities.
Top performing firms also take a very proactive approach to hiring and retaining talent. Our study found that they’re more likely to have documented talent strategies and an employee value proposition to help them compete in a tight labor market.
That employee value proposition is especially critical because it explains what a firm offers its employees in return for their skills, capabilities, and experiences they bring. This is essentially your talent brand in the marketplace.
A huge thank you to each and every firm who participated in this study. And even if you didn’t participate, please take a look at our website because we will share a wealth of information about where our industry stands and how we’re evolving.