“We’re executing our first pillar exceptionally well, and the one thing that we cannot control is the impact of the market. But, given that we’re so fee-based, 86% of our revenues are fee-based, we’ve been able to endure the volatility of the markets and our advisors are actually not doing too poorly in this market,” said Kapoor.
RF’s strategic plan also called for 20% of its growth to come from recruiting, and it’s now invested in a full-time corporate redevelopment team to do that. It’s attracted 14 teams, so RF now has 165 advisor teams. It has 89 other teams in its pipeline, despite people’s reluctance to move in a down market. Some teams are also waiting until next year, when the Fidelity transition is completed.
“If we can get 10% or 15% of our pipeline each year, we’ll achieve our goals,” said Kapoor.
Finally, RF planned to achieve 60% of its growth to $100 billion through acquisition, but he said RF won’t do that until late 2023 or early to mid-2024, so it can first queue everything up for its advisors.
“I’m very pleased with the progress,” said Kapoor. “The markets are the markets, although I try to encourage our people that when money is in motion, we should become even more aggressive in talking to our acquisition targets and certainly our prospecting targets.”
