Sunday, January 26, 2014
Retirees may be in trouble as the financial adviser profession dwindles.
43% of financial advisers are over the age of 55 and close to retirement themselves. Add this to the recent rate increases that pose a threat to the prices of bonds and mutual funds, and boomer clients approaching retirement may have trouble finding new advisers. While many big advisory firms and brokerages are trying to pair newbies with veterans, the industry is still struggling to recruit new young advisers.
See Matthew Heimer, Adviser ‘Brain Drain’ Could Hurt Retirees, Market Watch, Jan. 21, 2014.