Re-hires make up nearly a third of all financial advisers who have this year joined deVere Group, one of the world’s largest independent financial advisory organisations, it has today been revealed.
New figures published by the firm show that 31 per cent of all its advisers taken on in 2018 across its global network of 70 offices have previously worked for the company.
Speaking on this unusual trend, James Green, deVere Group’s Divisional Manager for Western Europe, comments: “This year we’ve experienced a particularly high number of advisers re-joining our different teams across the world.
“Clearly, people originally decide to leave for a variety of reasons. However, it is usually the case that advisors leave with the perception that the ‘grass is greener’, only to find things aren’t as good as they were promised.
“They often find that the fees being charged to clients are much higher, that licenses are not as robust, and that back office systems are weak, in comparison to deVere.”
He continues: “It is always extremely disappointing when talented advisers who have been trained, mentored, given world-class support, resources, incentives and cutting edge technology, plus access for clients to the best suite of products and services from the world’s biggest financial institutions, decide to move on to other firms.
“But, that said, we are usually ready to welcome back the best financial advisers as the experience and expertise they bring benefits our clients as long as they left on good terms.
“This is especially true now more than ever as we seek to increase adviser numbers and further expand our global network of offices this year in order to meet ongoing and increasing client demand for our specialist financial advice.”
In a video on his YouTube channel earlier this week, Nigel Green, the founder and CEO of deVere Group, set out five key reasons why he believes people want to join his company.
These are training, mentoring, the opportunities, the firm’s well-established global presence and the security of working for a financial advisory giant.
He states in the short video: “A career with deVere can take you anywhere you want to go!”
For his part, James Green concludes: “It is always said by those who know that working in financial advice is incredibly tough. This is absolutely true. But as those who leave typically find out, it is a considerably tougher industry when not working with deVere.”