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Focusing on training is an effective way to reduce industry attrition rates, develop better financial advisors and help more Americans grow their wealth over time, says Phil Sieg.
The hold in trainees' client prospecting activity can have a meaningful impact on trainees' morale. If advisors-in-training are not able to build their networks and books of business, their progress can be stunted. The person familiar with the matter, who requested anonymity to speak freely, said some trainees are frustrated and "in limbo." The program trains some 3,000 to 3,500 at any one time. The Financial Advisor Development Program (FADP) and ones like it across Wall Street generally have low graduation rates, as many drop out of the intensive, multi-year program or shift to other ar...