It's a good time to be a financial advisor. The market has been great, your services are in demand and club trips are back. Sure, there are some drawbacks—demanding clients, increasingly intrusive regulators and compliance departments and parent companies politely asking you to sell their wares—but so far, the positives outweigh the hassles. Keep your production high, clients happy and your nose clean with compliance and human resources, and you have job security. If you want to move, you've got recruiters beating down your door.

Demographic Downbeats But a storm is brewing in your happy world and if you don't take steps to address it now, you'll find yourself approaching retirement with a serious problem on your hands. The problem? Demographics. The number of financial advisors in the wirehouses and the industry at large is shrinking with no turnaround in sight. Industry leadership is very close to panic stage and it's because of the trend lines.

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