Recruiting and developing young talent is a must for an industry whose workforce is rapidly aging out, with the average age of an advisor said to be in the mid- to late 50s. The stakes are high, as many firms admit to having problems with successfully retaining their early-career advisors. Yet without junior talent on a team, advisors risk losing the business of rich multigenerational families seeking continuity in services, as well as younger prospective clients who might relate better to an advisor who is close to them in age.
Ideally, not only colleges but also more high schools should be part of helping young students consider financial planning careers, according to Carina Diamond, a CFP who is the founder and CEO of industry consulting firm Stella Secunda Partners.
“There have been a lot of misconceptions about financial planning and wealth management at large over the years,” Diamond said of high school students. “There’s a misperception that it’s all about numbers. It’s all about hard sales. You have to be really good at math.”
