The aging U.S. workforce, which has 10,000 Americans reaching retirement age daily, and less than half of financial advisers have succession plans in place.
Financial advisers should share their continuity and succession plans to give clients peace of mind, said Cambridge Investment Research's Jeff Vivacqua.
"The more that they can share and say, ‘If anything were to happen to me, death or disability, here’s who you call.’ They could be on their team today, it could be another adviser that they have a plan with," he explained. "It gives the client that peace of mind, and then they can talk through what happens today.
The aging of the U.S. workforce means there are not only more soon-to-be retirees in need of financial advice, but there is also an increasing number of roles becoming available to provide that advice."The financial solutions industry is not immune to fewer new entrants coming into the workforce," Vivacqua said, noting the decline in the total number of activeover the last decade.
"So as an industry, we have to develop new talent. We’re seeing the average age of financial advisers, depending on which survey you look at, it could be anywhere from 52 to 59 years old. Cambridge is on the low side of that band, we’re at 53 to 54… We still have to develop new financial advisers, attract them to the business, because there are other advisers on the other end of the age spectrum that are looking towards retirement," Vivacqua said.
Cambridge Investment Research is an independent broker-dealer with around 4,000 independent financial advisers located across the country who process their business through Cambridge’s platform and are supervised by the firm.
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