Bull Bear Report Nov 02 2010

USAA to Hire Hundreds of Wealth Managers

By julie steinberg

Start doing those pushups. USAA, the Texas-based bank and insurer that provides financial services to military families, is hiring nationwide.

Its wealth management group, which has about 1,450 advisors, is looking to increase that number by 30% by the end of the year, the vice president of the group told Dow Jones. USAA's wealth management branch caters to military families who have from $250,000 in assets to more than $1 million with the bank.

So far this year, USAA has brought on 222 brokers and advisors, and plans to hire at least that many in 2011, if not more. A certain number is still in the works. The firm is looking to hire CFAs and CFPs, and wants advisors to have at least two years of experience and their Series 6 or Series 7.

USAA will scour the talent pool and draw from large broker-dealers to the smallest independents. A key concern is whether talent will fit in with the culture, which prides itself on hiring former military members. To ensure that new recruits blend well, the company will also hire internally.

The hiring comes as a result of USAA's desire to change how it interacts with clients. So far, its model has focused on phone and Internet contact. Now, it's opening wealth management offices across the country -- 12 so far -- in order for advisors to meet face-to-face with clients. Each office will be run by up to four wealth managers.

USAA has also increased compensation packages in the wealth management group.

Related: Call of Duty: Former Military Personnel Find Work in Finance | Wounded Warriors Continue to Fight at USAA | Financial Advisor Careers

Play the new finance career game from FINS!

Financial Dream Jobs - Sign Or Decline
You just got an offer for your dream job,
your clients are all in the Mafia.

  • Copyright ©2014 Dice Holdings, Inc. All rights reserved.
Log in 
FINS Login
*Indicates required field
User Name*
     Forgot Your Password?
Or log in using your Facebook account:
Connect with Facebook