Winning the War for Talent: The Need for a Next Gen Advisor Strategy

Next Gen Advisor Strategies

There are some very compelling statistics that confirm the critical importance of equipping new, “next generation” advisors to fill the talent gap the wealth management industry will be facing over the coming years.

For example, look at some of the following statistics:


The average age of
financial advisors


Number of financial advisors who are 65 years and older


Financial advisors who are
under the age of 40

"Tomorrow's leading firms will be those that effectively attract, develop, and retain new advisor talent."

2019 J.D. Power


Number of financial advisors who are expected to retire in the
next 10 years


Percentage of industry assets that will need to transition to new financial advisors


Number of financial advisors who fail within their first three years in the business

"Poor industry perception and a lack of necessary structure to engage and mentor promising young advisors is one reason why the industry is experiencing a talent shortage."


While there are several challenges to developing, retaining, and maximizing the productivity of new advisors—including compensation strategies that support and motivate them as they develop their book of business, the time it takes to gain the extensive knowledge and experience they need, and the difficulty to attract clients early in their careers—there are two important issues that must be addressed.

ISSUE 1:Prolonged Timeline to Full Productivity

While most of the firms we work with ARE proactively recruiting these younger, “next generation advisors,” what we DON’T see is an effective plan and process to position them for an accelerated impact on their prospects and clients and their resulting productivity. Too many advisors are taking too long to make the impact they could and should be making!

ISSUE 2:Developing the Skills to be a GREAT Advisor

Developing the wide range of skills required to be a great advisor requires a structured approach to building this talent over time. Most new hire training is focused primarily on how to navigate systems, administrative and HR issues, and a general introduction to the organization’s culture. Often, the skill development is left to veteran advisors on their team or a manager with limited time available to provide the coaching these young advisors need … which has resulted in limited success.

The importance of these two issues is confirmed by the fact that over the last 30 days we have spoken to several advisors new or relatively new to the business. Every one of them expressed a desire for more targeted, proactive training and coaching that will help accelerate their productivity and equip them to confidently set out on their own to engage prospects and clients to make the meaningful impact they anticipated they would make coming into the business.

These new advisors—and/or firms who are building bench strength in preparation for the wave of retiring advisors in the coming years—need a formalized, proven approach to build the range of sales skills, planning knowledge, emotional intelligence, and relationship management skills vital to their success.  Those firms who effectively address these two issues WILL position themselves as one of “tomorrow’s leading firms.” And those advisors who do so WILL find in short order the ability to differentiate themselves in the market and achieve maximum productivity.


With these specific issues and challenges in mind, we at Greene Consulting have developed a program designed to answer two important key questions:

How can we equip our “next gen” advisors with the core skills and practices that will accelerate their time-to-full productivity?

How can we help “next gen” advisors build an effective, intentional approach to all aspects of their role and leverage skills and practices that are proving to be of greatest value in this new era of wealth management?

"The growth I have seen in my business is directly attributable to the time I spent with you …. I want to thank you from the bottom of my heart for having helped me change my life and accelerate my career."

Major Wirehouse Financial Advisor
Past Advisor2.0 Forum Participant


We have developed the advisor2.0 Next Gen Forum to equip advisors with the strategies, skills and practices that will position Next Gen advisors to accelerate the time it takes to achieve full productivity and in so doing, deliver a differentiated client experience in today’s world of wealth management.

If you recognize the importance of clearly answering these two questions, schedule a 30-minute call to learn more by clicking, "Let's Start a Conversation" below.

About Rick Swygman and David Greene