RIAs Will Need Twice As Many New Staffers to Match Growth, Schwab Says

Growing up is hard. Wealth management firms brought on two new staff members on average over the past five years but will need four to six more over the next five years to keep up with demand, according Schwab’s latest compensation report. Based on current AUM and revenue trends, the industry as a whole will need to employ more than 70,000 new staff, including both advisors and administrative roles, over the next half-decade. The numbers reflect increasing pressure on advisory firms to bring on new talent ...