FinancialPlanning: Creating Industry On-ramps As 100K Advisors Head Toward The Exit

The wealth management industry is facing a significant challenge: succession planning. With a large portion of advisors set to retire in the next decade, firms are scrambling to find the next generation of talent. However, despite efforts to attract young professionals and career changers, the industry still struggles to fill the talent gap.

Companies like Concurrent are pioneering new approaches to talent development, offering training programs and entry points across various specializations. CEO Nate Lenz emphasizes the importance of patience in talent development. By identifying individuals’ strengths and providing tailored development opportunities, we aim to cultivate a skilled and empathetic workforce capable of meeting the evolving needs of clients.

“Our industry’s talent shortage can be traced back to one root cause, a lack of patience,” said Nate. “Horizontal team structures, where compensation is predicated on each advisor’s individual book of business, places the emphasis on asset gathering prematurely. Developing both the competency and empathy needed to succeed takes nurturing and is learned best through a combination of formal training and apprenticeship.” 

The industry’s efforts to address succession challenges are crucial for its future viability. As firms continue to adapt and innovate in talent development, they play a vital role in shaping the future of wealth management and ensuring that clients receive high-quality service for years to come.

Read the full story from FinancialPlanning here.


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