Virtual recruiting is officially in.
From Raymond James to Royal Bank of Canada (RBC), financial services companies are utilizing new technology to recruit advisors. Over the past few weeks as companies have begun to settle into their new digital way of life, ‘virtual’ updates has been at the front and center when it comes to recruiting.
Raymond James has hosted over 50 virtual home office visits for prospective advisors. Chairman and CEO Paul Reilly reiterated the firm’s move to a digital approach in a statement last week: “Although the pace of financial advisor recruiting has slowed due to travel restrictions and shelter-in-place orders, our pipeline is strong and we have effectively transitioned to virtual recruiting and advisor onboarding.”
Royal Bank of Canada, meanwhile, has used their digital tools to nab a Morgan Stanley six-person team who has $650 million in assets under management. John Moran, director of RBC’s New York complex, stated, “We are fortunate that RBC’s digital tools and our strong culture have enabled us to continue attracting the industry’s top talent during this time, despite limited in-person interactions.”
Companies who have leaned into new digital models have prepared themselves to prosper, even as the coronavirus pandemic keeps businesses shuttered around the globe. It has been all about embracing technology.
Over at LPL, its affiliate Simmons Investment Services bought Landmark Bank’s Arkansas-based investment program, which has $400 million in assets. According to W. Cary Curzon, director of investment services at Simmons, “Their transition team used WebEx video conferencing to provide continuous support like they were right there with us.”
Raymond James has seen their web work payoff. The firm reports that they’ve seen investor clients use of its online account resources grow 50 percent from earlier in 2020. Clients and Advisors have both been using the firm’s mobile app a lot more, with client use skyrocketing 82 percent and Advisor use jumping 80 percent. Of course, website traffic has also seen an increase, and in Raymond James’ case it’s pretty staggering at roughly 62 percent.
