The program, part of the Fidelity Practice Management Program, is also designed to help brokers looking to establish their own RIA firms develop effective talent management policies and procedures as they transition to independence, Fidelity said in a press release.
Fidelity Advisor HR Solutions, built in conjunction with human resources and talent management consulting firm Veritude, offers customized consulting services, as well as training programs for management development, team-building, and organizational effectiveness, the release said. The program includes a new Web site that features planning resources, tools, and white papers.
“With their assets and revenues under significant pressure, now more than ever RIAs need to make sure they are getting the most out of their employees,” said Ronald Fiske executive vice president at Fidelity Institutional Wealth Services. “Our new program can help advisers more effectively manage HR by providing access to the high-quality resources they may need to help motivate employees and maximize their productivity.”
Fidelity noted the increased competition for advisers right now, citing research from Cerulli Associates that only 3% of advisers are under the age of 30 (see “Recruiting Young Advisers Requires Less Traditional Approach“). Fidelity and others have noted the increased completion for advisers right now, and that the current market turmoil could prompt more advisers to go the independent route (see “Competition for Advisers Heats Up“).