If you’ve ever thought about getting some professional help with your retirement plan, this would be a great time to get going. Financial advisers may be in short supply in the years ahead.
A brain drain is about to hit the world of financial planning, according to Cerulli Associates, a financial services consulting firm. Cerulli reports that 32 percent of all advisers will retire in the next 10 years. At the same time, the industry isn’t hiring nearly enough new blood to replace them, let alone expand the ranks to handle the anticipated surge in demand.
The U.S. Bureau of Labor Statistics projects that the number of job openings for financial advisers will jump 27 percent, or 60,300 additional jobs, by 2022. That’s much faster than the 10.8 percent average growth rate for all occupations.
The adviser shortage will pose challenges for baby boomers getting close to retirement age who may be just waking up to the need for a plan. But it also should worry anyone working with a planner closing in on retirement who lacks a succession plan. Learn more at Reuters Money.