US report finds adviser retirement risk
Assets under management are at risk from an ageing population of financial advice professionals, according to a report by US-based analytics firm Cerulli Associates.
The average age of an American financial adviser was found to be 50.0, with 43 per cent over the age of 55 and nearly one-third in the 55 to 64 age bracket.
Cerulli Associates spokesperson Kenton Shirk said the financial advice industry is suffering from a shortfall between younger and older advice professionals.
“Broker/dealers continue to struggle to recruit new young advisers into the industry to offset those advisers who are nearing retirement,” Mr Shirk said, according to the US-based publication Credit Union Times.
Product providers and other stakeholders need to provide support and training on succession planning issues to financial advice firms, Mr Shirk suggested.