While recruiters are getting gray hair just thinking about where to find the next crop of financial advisors, a new Fidelity Investments study says they may be going about the task all wrong.
Recruiters have it tough these days. The advisory profession isn't getting any younger, with Cerulli estimating that 8,600 will potentially depart the field each year for the next 13 years. Efforts to bring in millennials to succeed retiring advisors don't seem to be working very well. The general wisdom is that millennials just aren't interested, when the truth, according to Fidelity's Recruiting Redefined study, is something quite different.
To start with, many young professionals and college students just don't know the profession is even there. Only two out of 10 Gen Ys are clued in to the advisory field, but when they learned more about it, almost half said they'd consider it as a career.
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