Financial advisors are seeing noticeable changes in clients’ financial and retirement planning priorities when it comes to their careers
Since early 2021, millions of workers worldwide have quit their jobs in pursuit of something better.
While Canada’s job-changing-rate is in line with the average from 2016 to 2019, the pandemic accelerated the wealth management industry’s war for talent.
And financial advisors are seeing noticeable changes in clients’ priorities when it comes to their careers.
David Boyd, senior investment advisor with BMO Private Wealth, said more of his clients are strongly considering changing jobs to achieve greater work-life balance.
“What we’re seeing is [some people saying], ‘I used to have a Monday to Friday 9 p.m. to 5 p.m. job — now, through Covid, I’ve managed to create more of a balance. [Is] this something I can maintain and [is that] realistic with my employer?’” Boyd said.
Patrick Briscoe, financial planner with Bayswater Wealth Management and Investment Planning Counsel Corp. in London, Ont., agrees. He said “the overriding theme” of why some of his clients are leaving their jobs is the pursuit of a less stressful situation.
“Covid has kind of woken people up to the fact that life is short and they want to be able to enjoy [it],” Briscoe said. “Maybe, in the past five to 10 years [they’ve] focused a lot on work and less on the life side of that balance. Now, I think, the pendulum is just swinging a little bit more [to] the life side of things.”