An article in today’s New York Times concludes that the pool of young people entering the field of financial advising is shrinking.
Of the 315,000 financial advisers working in the United States, only 5 percent are younger than 30, with the average age 50 or older. Companies are scrambling to attract and retain young workers, launching new initiatives such as training and recruitment programs and enhanced outreach to women and minorities. Racquel Oden of Merrill Lynch Wealth Management said this: “The urgency is really the fact that there are more clients retiring than there are advisers who can cover them.”
Oden’s remarks reflect a key finding in “Advisor 2020,” research sponsored by NAIFA and published by GAMA that says demand for insurance and financial advisors will severely outpace the average growth of the U.S. workforce by 2020. The number of candidates for these jobs will shrink as the number of college graduates and early career changers decline.
While newspaper articles help raise awareness of the immediacy of such industry issues, “Advisor 2020” offers a framework that today’s advisors can use to capitalize on the changing market forces and meet the expanding needs of consumers today and tomorrow. Says NAIFA President John Nichols: “Every advisor needs to read and use the content and tools provided in “Advisor 2020” so they can build their practice and plan for a successful future.”
Tags: Advisor 2020