PAIN POINT: RETENTION
The annual staff turnover rate of financial advisors industry-wide is about 89 percent. That means only 11 percent of the people who become advisors for investment companies keep their jobs for more than a year. During four years at Baystate Financial, average turnover was 27 percent. That means 73 percent of the new advisors stayed on the job. Despite their better-than-average turnover rates, the question Baystate’s leaders grapple with during meetings is this: What happened to that 27 percent?
What’s the difference between Baystate and competitors that lose advisors faster than they can replace them? At Baystate, ...