Wealth managers are racing to lock down next-gen financial advisers before a big retirement wave. Here's everything we know how recruiting, handover plans, and pay are evolving to keep up.

0 0 Wednesday, February 26, 2020 Edit this post

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It's a critical moment for the wealth management industry's efforts around recruiting and training talent.
The industry is expected to lose thousands of advisers to retirements in the coming years. Firms are grappling with how to appeal to a younger generation hold onto assets.
Business Insider is tracking how the industry is trying to shape financial advisers of the future with competitive pay, fresh recruiting strategies, and an emphasis on technology.
We have compiled a selection of our recent coverage below. You can read Business Insider's coverage in full by subscribing to BI Prime.

Among the biggest stories in wealth management today is the industry's plans around its financial adviser talent.

Around one-third of the industry, or some 111,500 advisers, will retire within the next decade, the industry research firm Cerulli Associates said in a February report. Meanwhile, traditional wealth managers are dealing with how to better attract and keep younger people through their rigorous adviser training programs.

Maintaining a strong pipeline of talent is not only a matter of survival for the profession that's aging and already under pressure from purely digital startups, but is also key to holding onto client assets that would otherwise fly out the door with exiting advisers, analysts say. Further, wealth firms need to be in position to win business from younger, more digitally native customers as they inherit wealth from baby boomers that have benefited from the long-running bull market.

"You have more advisers leaving the industry than we've been able to attract, and at the same time, you have wealth being created at a rate faster then we can even pursue," Jeff Tucker, the head of FAA sourcing and development at Morgan Stanley, told us in a recent interview.

Addding to the industry's urgency are big growth plans. Wall Street firms and beyond are expanding or adding financial planning and money-management services as stock-picking and investing advice alone is largely being automated out.

Business Insider is tracking how the industry is trying to shape the financial advisers of the future with competitive pay, fresh recruiting strategies, and a focus on technology. We're also reporting on how new advisers are trying to succeed in a fiercely competitive space. Below is a selection of stories Business Insider has published around these themes.

Have an idea for another story, or a tip? Contact this reporter at rungarino@businessinsider.com.