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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.
Added on September 2015 in Join an RIA
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Summary: A survey by the CFP Board a few months ago found that less than 4% of planners are younger than 30 and more than 20% are older than 60. It’s obvious there will need to be a bigger influx of young advisors for our profession to thrive.
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Summary: More advisers are using social media and winning business because of it. An annual survey from Putnam Investments found that 81% of financial advisers use social media for business, up from 75% last year. The share of advisers acquiring clients through social media jumped to 79% from 66% in 2014, the survey says.
Added on September 2015 in Form an RIA
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Summary: Investment advisory contracts (and most contracts, in general) are typically long, laborious and full of legalese. Paid-by-the-word attorneys have to pay for their silk ties somehow, right? If drafted properly, however, such contracts can also be immensely helpful in clarifying roles and responsibilities between the advisor and the client, and will hopefully decrease the likelihood of future disputes due to misinterpretations.
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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.
