The number of financial advisors practicing in the United States may have fallen to 298,000 in 2007, from 301,000 in 2004.
Consultants at Cerulli Associates Inc., Boston, have presented those estimates in a new review of U.S. financial services intermediaries.
While the number of advisors is falling, financial services companies are trying to expand wholesaler teams to serve those advisors more intensively, the consultants report.
One challenge is that more than 60% of the advisors have at least 10 years of industry experience, while only 23% of the wholesalers have been selling externally for that long, according to Bing Waldert, a Cerulli associate director.