The wealth management industry is experiencing a human capital crisis. On the one hand you have a graying population of financial advisors; the average age of today's advisor is in the low-to-mid fifties. On the other hand, a majority of them do not have a succession plan.
That's created a sense of urgency at their employers to put these plans in place. Yet despite the push, many advisors, sometimes passively and in some cases quite actively, resist drawing up a formal transition plan for their practice.
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