Nearly one-third of financial advisors fall into the 55 to 64 age range, according to a 2014 Cerulli Associates report, suggesting that broker-dealers and custodians are at risk of losing assets as advisors exit the industry. At the same time, the data shows that these aging advisors have been dragging their feet when it comes to succession planning. Young financial advisors may soon experience a job-seeker’s market as a result with advisors rushing to bolster their practices.
