Good Article from the WSJ
Thought that some could benefit from the article, or at least find it interesting.
It is interesting. However, I think the fears are overblown. I don’t ever see a shortage of advisors. It’s sort of like the “Baby Boomers are going to bankrupt the entire world” argument. Yeah, all the Baby Boomers are going to retire, withdraw all their money, and move to Florida - at the same time.But I will say, a time will come when there aer very few "newbies" coming in anymore. Even at Jones, a large percentage of people are taking over offices, getting Goodknights, etc. And as I look around my region, there are a lot of guys in their 50's that will all end up retiring around the same time. They will set newer advisors up nicely to take over their books.
I am glad that I am close to that under 30 bracket they mentioned, all the local brokers in my area are 55 and older, so they will be exiting in the next few years as i ramp up my business.Being young is actually one of my selling points. Someone who retires today, I will be here throughout their retirement, can someone who is 50 say that?
I too don’t forsee a shortage. Training will ramp up when when the climate improves.I'm 56, and so far, not one client or prospect has asked me when i'm going to retire. It just doesn't come up. It's not an issue.