Plague of failed hires at strapped RIA firms 'come back to bite them,' making the process of closing bandwidth deficits falter, two new studies show

The problem is hardly a talentless pool but RIAs offering 2008 entry level pay and wondering why they can’t attract competent people. The solution is to revisit expenditures on expensive third party solutions and refocus that money on developing internal talent and processes.

I would say the problem also has a lot to do with wire house advisors rolling out to start an RIA because of the increase in earning potential, only to realize they now need to reinvest their extra "earnings" to support their own firm. Most of these advisors are salespeople. They've never run a business or likely ever trained someone before. These are difficult skills for a mid 50's year old advisor to suddenly have to learn on the fly.