PLANADVISER - November/December 2021 - 34
practice management / culture
A Workforce in Flux
Adviser and client retention strategies in light of The Great Resignation
A
s the so-called Great Resignation accelerates, a new
survey from Willis Towers Watson (WTW) shows that
over three-quarters of employers (77%) in the U.S. say
they are having trouble finding and keeping employees. It
is just the latest piece of research to indicate that the labor
market will be tight next year, with a third of U.S. workers
considering a job change or retirement.
All over the world, people are re-evaluating what they
want from their working life in the context of the COVID-19
pandemic, according to a survey performed by Principal
Financial Group.
Erik Daley, managing principal at Multnomah Group in
Portland, Oregon, says, on the client side, the impact has
been significant. For one of his advisers-aka consultants-
over half of the regular contacts at one plan sponsor client
are currently making a job transition. " There's a lot of movement
in finance and human resources [HR], areas where we
have touch points with clients, " Daley says.
Multnomah Group is not feeling the effects of the Great
Resignation, so far-something Daley says reflects the firm's
culture. He and the rest of leadership have created a flexible
work environment and a place where people want to come
and participate. " We have consultants from very different
backgrounds with very different goals in life, and we try to
create an environment where each of them can be uniquely
successful. This is by far the most important thing we can
do to retain consultants. " This helps them want to stay in
their role, he says.
" When the firm is successful at helping clients position
their retirement plans, " Daley says, " the client-facing consultants
need to be able to share in that success, whether it's
through compensation or equity. This is the crucial longerterm
retention component. It allows those consultants who
are so critical to the firm and those client relationships to
participate in the long-term health, growth and success of
the organization. "
34 | planadviser.com November-December 2021 Art by Pete Ryan
http://www.planadviser.com
PLANADVISER - November/December 2021
Table of Contents for the Digital Edition of PLANADVISER - November/December 2021
A Shift in the Tech Landscape
Strength in Diversity
Future Faces
A Workforce in Flux
Fee Models Are Shifting
Nonenforcement Policies
‘Window’ of Opportunity
PLANADVISER - November/December 2021 - Cover1
PLANADVISER - November/December 2021 - Cover2
PLANADVISER - November/December 2021 - 1
PLANADVISER - November/December 2021 - 2
PLANADVISER - November/December 2021 - 3
PLANADVISER - November/December 2021 - 4
PLANADVISER - November/December 2021 - 5
PLANADVISER - November/December 2021 - 6
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PLANADVISER - November/December 2021 - 8
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PLANADVISER - November/December 2021 - 12
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PLANADVISER - November/December 2021 - 14
PLANADVISER - November/December 2021 - 15
PLANADVISER - November/December 2021 - 16
PLANADVISER - November/December 2021 - 17
PLANADVISER - November/December 2021 - A Shift in the Tech Landscape
PLANADVISER - November/December 2021 - 19
PLANADVISER - November/December 2021 - 20
PLANADVISER - November/December 2021 - 21
PLANADVISER - November/December 2021 - 22
PLANADVISER - November/December 2021 - 23
PLANADVISER - November/December 2021 - Strength in Diversity
PLANADVISER - November/December 2021 - 25
PLANADVISER - November/December 2021 - 26
PLANADVISER - November/December 2021 - 27
PLANADVISER - November/December 2021 - 28
PLANADVISER - November/December 2021 - 29
PLANADVISER - November/December 2021 - Future Faces
PLANADVISER - November/December 2021 - 31
PLANADVISER - November/December 2021 - 32
PLANADVISER - November/December 2021 - 33
PLANADVISER - November/December 2021 - A Workforce in Flux
PLANADVISER - November/December 2021 - 35
PLANADVISER - November/December 2021 - Fee Models Are Shifting
PLANADVISER - November/December 2021 - 37
PLANADVISER - November/December 2021 - Nonenforcement Policies
PLANADVISER - November/December 2021 - ‘Window’ of Opportunity
PLANADVISER - November/December 2021 - 40
PLANADVISER - November/December 2021 - Cover3
PLANADVISER - November/December 2021 - Cover4
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