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Summary: It take a village to bring together the best people to staff an advisory firm, said Sabrina Lowell, financial adviser and chief operating officer of Mosaic Financial Partners. Building her firm's roster from seven when she arrived in 2002 to today's 19 has required everyone at the firm to be on the lookout for the industry's best talent.
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Summary: Talented young advisors are hard to find. As the labor market tightens and the demand for advisory services grows, the war for talent will likely prove even more competitive in years to come.
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Summary: The financial advisory profession is facing a looming talent shortage. According to Cerulli, 71% of the advisor population is over the age of 45, and the average advisor is 51½ years old. As these advisors reach retirement age, some 8,600 are expected to leave the profession every year for the next 13 years, thinning the ranks of advisors at a 2.7 percent annual clip. Unfortunately, for every eight advisors that retire, only three are trained to replace them.
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Summary: Even if your retirement isn't near, it's important to have a plan. It's like writing a will; you don't really need it today, but when you do need it and you don't have one, things are not going to end up the way you want them to.
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Summary: New book, “Success and Succession” provides guidance on not only the key operational and financial issues faced in executing an internal succession plan and how to manage them, but the emotional challenges that will inevitably arise – for both the successor and the founder – which must be navigated to successfully complete a succession transition!
