Are you hiring or firing? Advisors and the end of the Great Resignation

investmentnews.com:

Based on the recent job numbers, the so-called Great Resignation appears to be over, or at least in its final stages.

Time to take a look at the back office and see if the proverbial horses that left the barn will turn into prodigal ones and return.

Total nonfarm payroll employment increased by 209,000 in June, missing Wall Street’s lofty expectations of 240,000, and the unemployment rate changed little at 3.6%, the U.S. Bureau of Labor Statistics reported last Friday. Meanwhile, the change in nonfarm payrolls for April was revised down by 77,000, from a net gain of 294,000 to 217,000, and the change for May was revised down by 33,000, from a spike of 339,000 to 306,000.

With these revisions, employment gains in April and May combined turned out to be 110,000 lower than previously reported. So much for employees saying “so long” to their bosses in the overall workforce. But what about within the wealth management industry?

Ryan George, chief marketing officer for wealthtech platform provider Docupace, says what happens to financial advisors remains separate from the overall economy.

“When economic times are good, people seek out professional advice to maximize the economic opportunities they are given,” he said. “When times are tough, these same professionals help them budget, plan and protect what they have. In both cases, the industry earns its stripes.”

George added that the Great Resignation also “never really applied to the top wealth management firms, especially in terms of back-office employees,” because firms with centralized technology and processes were already able to provide “the flexibility and opportunity disgruntled employees were seeking.”

Anecdotally, he said he’s actually seen an increase in the