How Ameriprise and RBC Wealth are Attracting Next Gen FAs – Financial Advisor IQ

Broker-dealers are casting a wider net to recruit the next generation of advisors, and this includes looking outside the industry and using new engagement techniques that have become the norm since the pandemic.

Ameriprise Financial has changed the way it engages with emerging talent since the pandemic started as events like in-person career fairs were on hold, according to the Jennifer Johnson, the firm’s vice president of advisor business development programs.

“We moved to a completely virtual environment where people actually had to sign up to speak with us, and that’s very different versus trying to get somebody to engage with you at a booth,” Johnson said Thursday at the Securities Industry and Financial Markets Association’s Private Client Conference.

“That is still critically important as we think about emerging talent and diverse talent,” she added.

Career changers are among the next generation of talent that Ameriprise has been trying to attract, according to Johnson.

“We know that not every new advisor to a firm is going to come from that emerging talent space, but it’s actually people who’ve experienced extreme success in some career or another who have a great natural market to bring as they think about either joining a practice or building a book on their own,” she said.

Ameriprise also aims to attract people who are reentering the workforce, a demographic that “is critically important,” according to Johnson.

“Some people left the workplace many years ago, others more recently, and so we really have to appeal to that market as well,” she said.

“Talent selection is not just about the firm choosing the talent; it’s about the talent choosing the firm. They want to connect to the values and the culture of the firm and make sure that that is where they want to be long term,” she added.

RBC Wealth Management is training existing employees to mitigate the impact of advisors retiring, according to Heather Rosales, the firm’s senior manager of field training and development.

“[O]ur clients want to see we’re training that next generation; we’re bringing them along. We’re seeing more and more too building that career path for our associates, and that’s where diversity comes into play as well,” Rosales said.

“Building that career path within our staff is really important,” she added.

Mary Ann Heeren, a financial advisor at RBC Wealth Management and a founding member of what is now known as the Women’s Association of Financial Advisors at RBC, is someone who made the switch from an internal …….