September 2020
September brought a $9.0M improvement in terms of net transfers. Strategies around retention through this downturn appear to have been largely successful, although acquisition has suffered. A refocus on client acquisition may be wise.
Six Commitment scores for FAs were a bright spot as Q1 numbers, with increases across the board. SFAs were largely static, but both ICs and PBs showed significant movement in various categories; for ICs, this may be due to sample size. Behavioural coaching, feedback and documented financial plans are notable opportunities.
Digital firms rose into prominence again, likely driven in part due to turbulent markets driving an increased interest in equity trading and a client preference to retake control of their assets in trying times.