Aging advisor workforce races to find replacements – but are younger generations interested?

Despite a booming economy and the past decade’s unprecedented stock market run, America’s aging financial advisors might find themselves unable to secure their own replacements when they retire.

“With one-third of financial advisors set to retire between now and the next 10 years, and not enough new financial advisors entering the business, the industry is facing a shortage of

Senators Gillibrand and McSally lead bipartisan effort

When horse fans make a $2 bet at the track, they might be sentencing their chosen thoroughbred to death.
A staggering 4,649 racehorses died on the track between 2009 and 2015, according to data published by The Jockey Club. A later 2018 analysis published by the same organization found an aggregate “fatal injury” rate of 1.68 for every 1,000 race starts. Age, surface, and other factors all play a role in “breakdowns,” the euphemism often used when a horse drops dead on the track, but performance enhancing drugs exacerbate matters, according to activists.

When it comes to financial planning, most Americans take a do-it-yourself approach.

In fact, various surveys and studies over the years have shown that anywhere from 60 to 70 percent or more don’t have a financial advisor.

But does that mean the remaining minority who do hire someone are more confident about what the future holds for them financially?

Maybe. But maybe not.

U.S. Government calls out colleges and universities. New report recommends mandatory financial literacy education

Student loan debt continues to smash records year over year. The total for 2019 so far amounts to the highest ever recorded, but is likely to be overshadowed by 2020’s figures.

Student loans now amount to a $1.5 trillion crisis borne by more than 44 million borrowers across the nation, and the trendlines have not shown any signs of changing anytime soon.

Many millennials spent the Great Recession in their proverbial – and often literal – parents’ basements, with income, savings, and the chance to build wealth all hard come to by. Even as the 2008 financial crisis ebbed and the economy entered a robust a period of stock market records and employment gains, millennials never quite caught up. Now, radical savings plans and overly aggressive financial goals have come into vogue, and some advisors caution that many millennials might be attempting too much, too fast.