There will be a moment within the next few years where wealth transference between generations will reach its zenith. Opportunities for financial advisors will almost never be better, with more clients and available assets-under-management (AUM) than ever.
Will there be enough financial advisors?
The average age of financial advisors is about 59 years old, according to several studies and a report from Hartford Funds in late 2016. This means that a large numbers of advisors will be retiring within the next 10-15 years, leaving a potentially much smaller pool of advisors.
This could pose a significant problem dealing with the approximately $30 trillion that will be transferred from the Baby Boomer generation to their beneficiaries.
For more on this potentially major issue, check out our new article this Thursday.