The Future of Financial Advice Must be More Diverse

Cerulli Associates, a leading financial services market research firm, projects that more than one-third (35 percent) of financial advisors will retire in the next 10 years. In its wake, the next generation of advisors will inherit roughly $6 trillion of advisor-managed assets. This begets a crucial question: where will the industry find this next generation of advisors? As it stands, only a quarter of today’s advisor population is under the age of 40, according to the CFP Board, and of this, a mere 10 percent are under 35, Cerulli reports.

Why is the industry experiencing this new talent shortage? Of the myriad obstacles, poor industry perception and a lack of necessary structure to engage and mentor promising young leaders are two worth noting. However, they can be overcome with a commitment to understanding millennial preferences in the workplace and investing in the necessary resources to inspire today’s brightest talent to choose financial advising. It’s an investmentthat will deliver significant returns for both advisory firms and their clients.

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“We all must work together for the client, connecting and collaborating to help solve their problems.” – Jeff Motske

Robert Reiss: Let's roll back to 1999. Talk about your vision for Trilogy.

Jeff Motske: I created the model that we use at Trilogy Financial, which is the combination of tax, financial and estate planning. In my previous life I was in the retirement planning space, but I knew there was more out there. I was working with my clients, and I recognized they had needs that we didn't service. So, I built a little network to better serve those needs, specifically tax and estate planning. Then I realized that a more comprehensive solution needed to be created, and the only way to realize this vision was to start my own firm…and that was the very beginning of Trilogy Financial. The way I look at it, tax, estate and financial planning may be in different lanes, but they're all on the same highway heading toward our clients' final destination. We all must work together for the client, connecting and collaborating to help solve their problems.

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