[pullquote] a larger broker-dealer needs to add 2,000 to 3,000 financial advisors just to keep pace.[/pullquote] Baby boomer financial advisors are looking for younger advisors to mold and eventually have them take over their book of business. They are finding that younger advisors are scarce compared to how many baby boomers there are these days. The industry is having a difficult time trying to recruit younger advisors to make up for the retirement of older professionals.
According to a new report from Cerulli Associates, Inc,
“…the average age of an advisor is 49, although it may be even older since the firm analyzed predominantly fee-based advisors – a group that tends to be younger.”
Many big firms are trying to set up more training programs to entice younger finance professionals to join the business. This will help keep accounts from leaving the firm when older advisors decide to retire. According to the Cerulli report, “a number of financial firms have launched training programs, but the report showed that a larger broker-dealer needs to add 2,000 to 3,000 financial advisors ‘just to keep pace’.”
Financial firms have a lot of work to do and quickly to even attempt to replace its older advisors. There is plenty of room for younger advisors to acquire a baby boomer’s book of business.