Here’s how the financial advisory business is likely to change in the next 10 to 15 years, according to a new survey from consulting firm Practical Perspectives.
More than half of the financial advisors working today won’t be working full time 10 years from now, and more full-service broker-dealers will have retreated than independent BDs or RIAs. But after 15 years RIAs will be leading the departures, followed by IBDs.
Practical Perspectives surveyed more than 350 advisors across the country online, almost half managing $50 million to just under $250 million in assets. Most work as solo practitioners or as members of a small team. The purpose of the survey was to learn how advisors themselves view their future and the challenges ahead.