Shrinking Talent Pool Puts Strain on Advisory Firms
Below is an excerpt from an InvestmentNews article. The article points out the challenge firms are currently facing with a shortage of advisors. Pointing to powerful statistics, such as the expectancy for the industry to face a shortfall of at least 200,000 advisors by 2022, the article cites several factors for the shortage, including a cutback in training programs for new advisors, too small of a pool of new graduates earning financial planning degrees, and demographics of the current advisor population.
“It takes an average of 48 working days, nearly 10 weeks, to fill an open financial services position, according to DHI. That average has climbed steadily each year since 2009, when it took about five weeks, the analysis found.”
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