Updated Saturday, October 25, 2014 as of 3:09 AM ET

Pershing Chief: Advising 'Isn't a Boomer Business for Long'

WASHINGTON -- If the graying financial services industry is to replenish the ranks of retiring advisors and brokers, firms and trade groups must take a more active role in promoting the field to millennials and countering the tendency of young people to associate all professions in the sector with the worst excesses of Wall Street.

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Comments (2)
What I found perhaps more telling in his comments were the shrinkage in the broker dealer industry (loss of 500 BD firms), combined with the significant growth of larger RIA-model firms (67 RIA's exceed $10 billion in assets)

Beyond that, the more critical message related to his comments related to the sales model shift between "Relationship-first" versus "Value based' engagement. Advisors and firms have a gap to bridge today, and awareness is the first step to succeed.
Posted by William H | Wednesday, January 29 2014 at 2:29AM ET
I agree. Those in the profession would do well to bring young blood in, else there will be few advisors and fewer clients. It is high-time, financial advisors embarked on a confidence-building exercise vis-a-vis their profession.
Posted by KIMMY B | Wednesday, January 29 2014 at 1:04PM ET
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