05.30.23
Graying of Financial Advisors Could Lead to Talent Gap, Ameriprise Says
by: Karen DeMasters
More than 25% of advisors are planning to leave the business over the next decade and there may not be enough qualified bodies to replace them, according to Ameriprise Financial. “There is a graying of financial advisors, which is a challenge but also an opportunity,” said Manish Dave, senior vice president of business development for experienced advisor recruiting at Ameriprise Financial, in an interview. “The next generation of advisors will play a crucial role in navigating the changing landscape of wealth management.” A recent survey of 385 financial advisors by Ameriprise showed that 26% of advisors from across the industry anticipate retiring within the next 10 years. “The impending wave of retirements offers wealth management firms the chance to address the talent gap and adapt to the evolving needs of younger clients, reshaping their approach in the process,” Ameriprise said. “By proactively preparing for this transition, firms can attract and onboard the next generation of advisors, fostering innovation, fresh perspectives and a deeper understanding of emerging clients.”
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