Young Financial Advistor Talent Shortage Waning Under 40-year-old investment advistors meeting growing demand
VENICE, Fla., Feb. 27, 2013 /PRNewswire-iReach/ -- The concern over the lack of young financial advisors dominating industry news is becoming less warranted according to two of the country's "top 40 under 40" registered investment advisors.
"Forbes, Cerulli Associates, InvestmentNews.com and many other observers have been saying there just aren't enough young advisors joining the investment industry," says Michael W. Hartley, an advisor and partner at DKE Inc.
"Even though we are seeing the greatest demand ever, thanks to the millions of baby boomers who are retiring or planning their retirement, and the growing number of boomer-aged advisors who are also retiring, I believe more and more young and talented advisors are stepping up to fill the gap."
Hartley's statement comes on the heels of nation-wide research conducted by WealthManagement.com, the digital resource of RegisteredRep.com and Trusts and Estates magazine. By searching the Meridian-IQ database of financial advisors, interviewing noted industry observers, and reviewing numerous press reports, researchers were able to identify 40 up-and-coming independent financial advisors under 40 years of age.
Hartley and James Moore, a fellow DKE Inc. advisor, were both recognized.
According to Moore, "At DKE, we have some 'old dogs' with 35+ years of experience, but in the financial services industry, there has always been a perception that anyone without gray hair should be discounted as a strong voice. This recognition counters that misperception and lends incremental authority and depth to the innovation and excellent service young advisors provide clients."
Hartley says the need for younger advisors was cast in sharp relief by a 2011 Cerulli Associates Inc. survey showing 22% of advisers were below 40 and only 5% were younger than 30. When combined with a 4.3% decrease in the total number of advisors from 2004 to 2010, he says, "It's no surprise alarms bells have been going off across the industry."
Things will only get better according to Hartley. Citing a Bureau of Labor Statistics projection that the number of investment advisory jobs will grow by 32% from 2010 – 2020 (much higher than the 14% average for all other sectors), Hartley says, "Younger advisors may lack some of the wisdom age eventually brings, but these days, we have access to an unprecedented range of information, knowledge, support, and collaborative expertise as well as superb mentorship from the leaders in our industry."
DKE is a national firm providing investment advice, services, systems and a broad range of related capabilities to investors, investment advisors and family offices. Our overriding goal is to provide the investment management, back office, practice management and consultative tools essential to taking an independent financial advisory practice to the next level. We offer a high-touch, customized outsourcing solution that enhances financial success, facilitates productivity and maximizes practice valuation.
For more information or to arrange an interview with Michael W. Hartley or James Moore, contact Byron Sanders.
Media Contact: Byron Sanders DKE Inc., 941-485-8220, Byron@dkeinc.com
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SOURCE DKE Inc.