The average advisor is in his or her 50s, and 25% of advisors say they will retire in the next decade.
The "readiness gap"—the difference in experience between the advisor and successor, if any—averages 11 years. Pershing's Advisor of the Future estimated that the industry will fall far short of replacing the 237,000 advisors needed to cover anticipated retirement departures over the next ten years.
Financial services firms are caught in a spiraling competition—trying to outbid each other over a shrinking number of established advisors. Pershing offers hope for transforming the current model by opening the industry to a new generation of talent. How Gen Y Could Revitalize the Industry—and Bring New Life to Your Firm outlines a portrait of an emerging new workforce, and shows why the industry must act to build a more sustainable recruiting model. It discusses:
• How the exclusive focus on established advisors may result in failure
• Why Gen Y may make ideal advisor candidates
• Publicizing advisor careers—the job everyone knows about, yet few understand
• The five steps to attracting more young recruits
• Modernizing your firm’s culture to retain a new breed of advisors
• Best practices, a self-assessment tool, sample job descriptions and more