A significant number of financial advisors will retire by 2030, but wealth management firms are struggling to source the next generation and bring them through the ranks. Moreover, the way advisors operate has changed since they came on board. One size doesn’t fit all when it comes to succession planning, but financial institutions need to broaden the lens of who they bring on.

This report reviews the implications of the current human capital crisis across distribution channels within the wealth management community due to aging advisors, succession, and associated recruitment challenges. It summarizes key takeaways from the Datos Insights Wealth Management Executive Council meeting, “Graying Advisors: The Coming Human Capital Crisis,” in Q1 2024. It is based on discussions with wealth management firms and vendors, desk-based secondary research, and two targeted quantitative and qualitative surveys.

Clients of Datos Insights’ Wealth Management service can download this report.