In response to demand from an increasing number of advisors looking to grow their businesses, Fidelity Investments announced Thursday that it had expanded its advisor practice management program through a new human resources and recruitment deal with Manpower Inc.
Under the new relationship, Fidelity's 3,000-plus independent registered 
investment advisors (RIAs) can receive HR and recruiting help from Manpower Business Solutions (MBS), which is part of the Manpower Inc. group of companies. MBS' services include talent management, employee retention, organizational effectiveness and compensation.
Strikingly, the program is a response to the rising number of RIAs who are growing their businesses and creating new jobs—a positive sign that the economy will indeed follow a recovery path in 2011, according to David Canter, executive vice president and head of practice management at Fidelity Institutional Wealth Services.
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"It seems like advisors are in hiring mode again, Canter (left) said in a phone interview with AdvisorOne. "In 2008 and 2009 they were cautious about stabilizing their businesses during the financial crisis, but now advisors are looking to strategically grow their businesses."
Along with the growth comes RIAs' growing demand for HR assistance. A recent Fidelity survey shows 60% of RIAs are actively looking to acquire new advisors and 73% say adding new advisors includes recruiting breakaway brokers.
The demand explains why Fidelity sought a relationship with Manpower Business Solutions, Canter said, adding that the program is available to RIAs who do business with Fidelity and that fees are negotiated depending on what HR services are used.
"I was up and down on the West Coast in the early part of December meeting with clients, and virtually to a firm, folks were hiring again in 2011," he said. "I think that was a really positive sign.
