We’ve got a problem. The advisor industry needs next-gen talent, next-gen talent desperately needs a job. It’s boring and cliché to ask from whence the next generation of advisors will come. They’re all around us. If we can’t get it done with 9.1% unemployment, slap the “L” on our foreheads.
It was (again) a topic at this year’s FPA confab in San Diego, and new social media initiatives introduced by the organization to appeal to the younger set are certainly encouraging. Michael Di Girolamo, head of Raymond James’ investment advisors division, notes in this month’s issue that fewer advisor/owners are looking to sell.
“I’m not seeing the number of advisors looking to sell their firms and exit the business that I once did,” he says. “Part of that is due to the fact that revenues have rebounded and they’re making money again, so there’s more incentive to retain the business.”
This means they’ll be around longer, with more time to train, mentor and consider their exit and succession planning options.