Kitces and Carl - Real Talk for Real Financial Advisors

Do Experienced Financial Planners Have a Professional Obligation To Create Job Opportunities For The Next Generation?: Kitces & Carl Ep 135

Apr 4, 2024

Michael Kitces and Carl Richards discuss the professional obligation of financial planners to create job opportunities for the next generation. They explore mentorship, succession planning, and the challenges faced by new entrants in securing jobs. The conversation advocates for residency programs and efficient task delegation to enhance job opportunities within the financial planning sector.

30:35

Creator website

Episode guests

Carl Richards

Michael Kitces

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Experienced advisors face pressure to create job opportunities for new advisors due to industry demand.

Establishing financial advisor residency programs can foster talent diversity and sustainable pipelines for the future.

Deep dives

The Challenge for New Advisors

New people entering the financial advisory industry face challenges as firms primarily seek advisors with 7 to 15 years of experience. Some firms may consider those with 3 to 5 years if exceptionally skilled, but generally avoid hiring and developing new advisors in their first three years. This shortage stems from the industry's high demand for experienced advisors, leaving entry-level positions scarce.

Introduction

4min

Professional Obligation in Financial Planning Industry

6min

Navigating the Ethical Responsibility of Creating Job Opportunities for the Next Generation in Financial Planning Profession

2min

Navigating Job Challenges in Financial Planning Industry

16min

Exploring Residency Programs and Efficient Delegation in Financial Planning Industry

2min

In our 135th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss whether or not professional advisors should be expected to create career opportunities for up-and-coming advisors.

For full show notes, see kitces.com and thesocietyofadvice.com.

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