From Financial Advisor IQ
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Summary: It’s well known that the U.S. financial-advisor population is graying, but one research firm’s take on how soon many of them may be calling it quits could come as a shock. According to Cerulli Associates, almost a third of them plan to be out of the game by 2024. On average, financial advisors in this country are around 50, according to other industry studies.
From wealthmanagement.com
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Summary: About 98,500 advisors, or 32 percent of the total advisor population, plan to retire or exit the business in the next 10 years, a new Cerulli Associates report found. The average advisor in this industry is in their mid-50s and ticking upwards, yet only 29 percent of advisors have a succession plan, according to Moss Adams.
From Financial Planning
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Summary: Millennials want to be mentored, Cam Marston, president of Generational Insights, told a packed session at TD Ameritrade Institutional’s national conference here on Friday. Indeed, considering that the advisory industry’s talent shortage and need to attract younger employees as well as clients were among the topics dominating discussions at the conference, it wasn’t surprising that a session promising advice on recruiting for an “age-diverse” workplace drew so much attention.
From InvestmentNews
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Summary: Advisers looking to grow their businesses should carefully plot the expansion of their practice. They should expect to suffer a little, too.Business leaders who have succeeded in scaling their companies — growing, say, from two people on staff to 200 — did so with a focus on spreading their convictions, not their geographic reach, two professors at the Stanford Graduate School of Business say in a book due out next month.
From Financial Advisor
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Summary: Across the industry, planning firms are scrambling to find new talent. Since experienced advisors are hard to attract and often command big pay packages, many firms are shifting their recruiting efforts to focus on younger advisors, with few (if any) existing clients.
