Did you know that the average financial advisor in the United States is older than 50 years old? Or that only 5 percent of advisors are younger than 30? (Source: Accenture)
In fact, research group Cerulli Associates has found that the number of financial advisors in the U.S. has fallen every year since 2010. Advising firms have been plagued by a decreasing workforce, which will only get worse, as Cerulli claims that approximately 100,000 more advisors will retire over the next decade. Corroborating this claim is Richard Stein, a partner at Caldwell Partners, who has calculated that 50% of today’s advisors will retire within the next 15 years.
If not addressed head on, a talent shortage will have far-reaching consequences. As more advisors retire, there will be fewer people to take over leadership positions which endangers not only their practice, but the wellbeing of their clients as well.
Considering that 33% of Millennials prefer to get financial advice from their parents and 23% of them don’t trust anyone at all with their financial matters, recruiting people from this group to become financial advisors will be an uphill battle. That’s why ZoomInfo has put together this article on how to recruit new advisors, retain top talent and groom your successor. Read More