Summary: The financial advisory business faces a classic good news/bad news situation ‐ one that presents both opportunities and challenges. On the good news side, the number of investors using a financial advisor is expected to increase 27 percent by 2022. Counter‐balancing that outlook is a looming shortage of experienced financial advisory professionals. Market research firm Cerulli projects that approximately 25 percent of advisors plan to retire or leave the industry within the next 10 years, and for every eight advisors who retire, only three are trained to replace them.
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I don’t think Millennials care what your group is—your brand name, the size of the organization—I think they care about how you can help them be what they want to be.”
Justin Hayward, a Millennial advisor and partner at Commonwealth Financial Group. |
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