A financial-adviser retirement wave that could put trillions of assets in play is kicking into high gear thanks to the pandemic. Here's how firms are tackling the handover crisis.
The big business of managing money has a retirement problem: there are more financial advisers leaving than there is new blood going in. The coronavirus pandemic isn't helping balance out the equation.
As the wealth management industry grapples with its own retirement crisis, the pandemic is pushing advisers to think in a more urgent way about who will one day take over their clients. While that isn't helping to get rookie advisers in the door, it may result in more advisers figuring out their succession plans sooner.