The advisors and staff of a firm that does not have a succession plan do not feel secure, Clark added. Not all mergers are succession plans—some rejuvenate a stagnant firm or bring more scale—but staff members need to know there is a plan for their future, he said.
When firms merge, the cultures of the two have to be similar in how they serve clients and how they treat employees, but they do not have to be identical, Clark said.
“We’re telling TD Ameritrade not to lose its strengths,” Clark said.
Diversity, or the lack of it in the industry, will continue to be a problem that must be addressed, he added. “People want to see someone who looks them in the room," he said.."Diversity is going to be critical to the success of a firm. The industry has to be more aggressive in addressing the issue.”