Registered investment advisor firms looking to grow and boost profits would be well advised to hire young advisors.
That's according to a study from TD Ameritrade Institutional, "The Rise of the NextGen Advisor." The study found that not only are older advisors poised to retire from the industry faster than they can be replaced, but firms hiring millennials as advisors grew their assets faster than firms that did not.
With only 21 percent of financial advisors aged 40 and under, the industry faces a coming retirement wave as the 45 percent who are over the age of 50 will soon be leaving the workplace. That high a concentration of older advisors will be tough to replace at the same pace they'll be departing, so RIAs would be well advised to look to the future by hiring younger professionals.
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