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Rise of the NextGen Adviser: Developing the next generation of talent solves demographic issues and is a strategy for growth
Over the last several years there has been a significant and well-chronicled movement in the financial advice industry to develop a “next generation” of talent and leaders.
With just 21 percent of the current population of financial advisers under the age of 40, the need for new entrants — and the long-term implications on the business of providing advice — has become a priority item.
However, only a small group of the current generation of advisers has actually invested in the NextGen. Those who have made these investments are seeing a real economic impact associated with having a younger (NextGen) group of professionals as part of their businesses. In particular, looking specifically at firms that have adopted and embraced a NextGen strategy, they are growing faster than firms that have not yet invested in a next generation of employees.
THE BUSINESS RATIONALE
A close look at research fielded byInve