Declining Ranks of Financial Advisors Creates Opportunities for Those New to the Profession

February 12th, 2015, Comments Off.

There are 39,000 fewer financial advisors today than there were in 2008, according to research by Cerulli Associates. The primary cause? An aging advisor force has led to a wave of retirements. The Cerulli data indicate that more than half of current advisors are older than 55, and an additional 100,000 of them will retire in the next 10 years.

But these jobs are not falling into a black hole. The demand for advisory services remains strong. In fact, the federal Bureau of Labor Statistics estimates that that the number of jobs for financial advisors will increase by 27 percent over the 10-year period from 2012-2022, a growth rate “much faster than average” in the U.S. economy.

Advisor 2020 points to some of the factors driving the increased need for advisors.

  • Baby Boomers entering or approaching retirement will need strategies for “decumulating” their retirement assets while ensuring that their financial, health care and other needs are met for upwards of 20 or 30 years after they stop working.
  • The middle market, which makes up a large segment of U.S. households yet is significantly underserved in the area of financial services, presents a potentially lucrative market for advisors.
  • Generation X, people born from the early 1960s to about 1980, “should account for more than 40 percent of household income” by 2020. Many of them were severely affected by the 2007-2008 financial crisis and are in need of assistance as they work to get back on pace for their own approaching retirement years.

The convergence of these trends points to growing opportunities for young professionals and those making mid-career changes to fill the ranks left open by retiring advisors.

NAIFA is in tune with the needs of these early-career advisors. The NAIFA Young Advisors Team provides networking, mentoring, and coaching opportunities. Additional resources help those new to the industry manage their practices or devise business plans. Young advisors also benefit from NAIFA’s political advocacy, which protects their businesses and profession from overly burdensome laws and regulations and provides opportunities for them to increase their political awareness and involvement.

NAIFA Member Inducted into International Management Hall of Fame

January 23rd, 2015, Comments Off.

davidDavid B. Schulman, CLU, ChFC, a general agent with Massachusetts Mutual Life Insurance Company (MassMutual), has been named the 2015 inductee into the GAMA International Management Hall of Fame. Schulman will be honored during the Celebration of Excellence Banquet at GAMA’s annual LAMP conference, which takes place in March in Orlando, Florida.

Induction into the GAMA International Management Hall of Fame is the highest honor given by the financial-services industry to recognize an individual field leader whose professional career has been spent building a field organization and serving the industry. The prestigious award is presented to one individual annually.

Schulman, a NAIFA member, is a 35-year veteran of MassMutual and principal of DBS Financial Group in Fort Lauderdale, Florida. A top-five MassMutual agency with nearly 149 advisors, Schulman and his team have served nearly 36,000 individuals and small businesses and provide more than $11 billion in life insurance protection for families and businesses, according to MassMutual’s 2013 Measures of Community Value Report.

“David’s appointment to GAMA International’s Hall of Fame is not only well-earned, but speaks to his dedication to excellence and growth within our industry,” said Daralee S Barbera, president of the board of directors. “He is a true leader and mentor, and has undoubtedly earned his seat at the ‘honors table’ of our LAMP’15 Celebration of Excellence Banquet many times over.”

Schulman has received numerous company and industry awards for his accomplishments. He is an eight-time recipient of GAMA International’s Master Agency Award and a ten-time recipient of the International Management Award. He has been recognized by MassMutual 14 times with the Chairman’s Trophy, and in 2007, his agency ranked number three among all MassMutual agencies throughout the country. Schulman also sits on the GAMA Foundation for Education and Research’s Board of Trustees and is a member of the Research Agency Group and the MDRT.

“David Schulman represents the very best of MassMutual and we could not be prouder of this significant achievement,” said John Vaccaro, senior vice president, USIG Sales and Distribution at MassMutual. “David is one of our longest-serving and most respected general agents and is driven by a genuine desire to serve others. We are extremely pleased that he is receiving our industry’s highest honor.” A graduate of Wharton School of Business at the University of Pennsylvania, David and his wife, Carrie, live in Plantation, Florida.


By Ayo Mseka

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