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
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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.
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