02.11.25

Wealth Management Industry Is Facing a Looming Retirement Crisis, Report Warns

by: InvestmentNews

McKinsey research warns that the recruitment of new people into the wealth management industry is not happening fast enough to offset retirements. At the same time, wealth management demand is increasing by a larger cohort of wealthy people, more complexity in their needs and a willingness to pay for financial advice delivered by humans. McKinsey’s report highlights that the advisor workforce has only grown by 0.3% annually over the past decade. Assuming current levels of advisor productivity are maintained, the report expects a shortage of around 100,000 advisors by 2034.

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