The financial advisor industry is facing a critical shortage, with an estimated 100,000 advisor deficit by 2034 [1]. According to some studies, nearly 40% of current advisors plan to retire within the next decade [1], with another study predicting that 46% of financial advisors will retire by 2035 [5]. This massive retirement wave will leave approximately $10.4 trillion in assets without clear succession plans, creating unprecedented opportunity for new advisors. The Financial Advisor Training Institute (FATI) offers a streamlined 14-week* program that equips you with the essential skills and credentials to fill this growing demand and capitalize on this career opportunity.
The Financial Advisor Shortage Crisis
The wealth management industry is approaching a critical turning point as advisor retirements accelerate, while demand for financial services continues to grow. This imbalance presents both challenges for firms and opportunities for those entering the profession.
- Massive retirement exodus: An estimated 110,000 advisors (38% of the current workforce), representing 42% of total industry assets, are expected to retire in the next decade. [1] This retirement wave creates immediate career opportunities for new advisors.
- Declining advisor numbers: Despite growing demand, the advisor workforce has grown at an annual rate of only 0.3% over the past decade and is projected to decline by 0.2% annually in the future. [1] This trend makes qualified new advisors increasingly valuable.
- Client transitions at risk: Currently, 32% of investors switch firms when their existing advisor retires. [1] Firms lacking succession plans risk losing substantial assets under management.
- Young advisor shortage: The industry has seen a staggering 60% decline in advisors under age 25 since 2022. [2] This makes entry-level advisors with proper training highly marketable.
Financial Advisor Role: Essential Services in High Demand
Financial advisors offer personalized strategies to help clients achieve their financial objectives. They assess individual needs, recommend suitable investments, and foster lasting relationships built on trust and results.
- Planning: Advisors evaluate complete financial situations to craft short- and long-term strategies.
- Investment: They manage portfolios aligned with clients’ goals, risk tolerance, and timeframes.
- Retirement: Advisors develop income strategies to ensure assets last through retirement.
- Relationships: Ongoing communication and personalized service foster deep trust among clients.
- Compliance: They adhere to fiduciary standards and regulations to safeguard clients and their practice.
Effective advisors blend financial expertise with strong communication and ethical judgment to deliver guidance that clients understand and trust.
Essential Skills for Tomorrow’s Financial Advisors
Today’s financial advisor must master both traditional financial expertise and emerging skills to meet the changing expectations of clients. The financial advisor industry now demands professionals who can blend technical knowledge with relationship-building capabilities.
- Financial Analysis and Planning – The ability to analyze complex financial situations and create actionable plans is fundamental. FATI provides specialized training in these analytical methods, utilizing real-world case studies.
- Client Relationship Management – Building trust through effective communication is critical, as 28% of employee advisors have worked for three or more firms during their career[3]; FATI’s program includes practical client interaction training to develop these essential skills.
- Digital Technology Proficiency – Navigating financial planning software and digital platforms is non-negotiable in today’s environment; FATI’s curriculum integrates hands-on training with the latest industry technologies.
- Behavioral Finance Understanding – Recognizing how emotions impact financial decisions helps advisors guide clients through market volatility; FATI teaches proven strategies for addressing client psychology during uncertain times.
- Succession planning expertise – With 25% of retiring advisors uncertain about who will take over their practice [2], succession planning knowledge creates immediate value; FATI provides specific training on practice acquisition and transition management.
Fast-Track Your Financial Advisor Career with FATI
FATI offers a focused solution to the financial industry’s growing talent gap. Through an accelerated 14-week* program, we equip aspiring advisors with the essential skills, knowledge, and credentials to launch their careers quickly and confidently, without the years of commitment required by traditional education.
Developed in collaboration with industry leaders, FATI’s streamlined curriculum combines technical instruction with real-world applications, preparing graduates to make immediate contributions to advisory firms. The program emphasizes practical competencies that firms are actively seeking today.
Beyond training, FATI connects you with employers seeking to address succession challenges arising from the retirement of seasoned advisors. By the end of your 14 weeks*, you’ll be ready to fill openings in a profession offering long-term growth and impact.
Career Opportunities Created by the Financial Advisor Retirement Wave
The financial advisor retirement trend is creating diverse career pathways for new entrants with the right training and credentials. The Bureau of Labor Statistics projects 17% employment growth for personal financial advisors from 2023 to 2033—much faster than average—with approximately 27,000 openings annually. [4]
Wealth Management Associate: Kickstart your career by partnering with seasoned advisors to serve established clients while deepening your own expertise. FATI graduates step into these roles equipped with practical skills, enabling them to make an immediate impact while mastering the intricacies of client relationships.
Independent Financial Advisor: Build your own practice by taking over client relationships from retiring advisors. FATI’s targeted succession planning modules prepare you to identify and capitalize on these increasingly common transition opportunities, setting the stage for a successful solo career.
Financial Planning Specialist: Develop comprehensive financial plans tailored to specific goals, such as retirement or education funding. FATI’s specialized curriculum empowers you to deliver in-depth analysis and communicate complex concepts with clarity and confidence.
With targeted training from FATI, you’ll be prepared to step into essential roles in a rapidly evolving industry. As baby boomers retire in record numbers, the demand for skilled financial advisors is increasing, creating opportunities for stable, high-growth careers that offer long-term impact and significant benefits.
Start Your Financial Advisor Career Now
The financial advisor industry faces a critical shortage, creating a remarkable opportunity for those who prepare now with the right training. Take the first step toward a rewarding career by exploring FATI’s program and position yourself to benefit from the unprecedented financial advisor retirement wave.
[1] https://www.mckinsey.com/industries/financial-services/our-insights/the-looming-advisor-shortage-in-us-wealth-management
[2] https://integrated-financial-group.com/resources/the-decline-of-younger-financial-advisors/
[3] https://www.napa-net.org/news/2024/7/advisor-attrition-remains-ongoing-risk-firms/
[4] https://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm
[5] https://www.wealthmanagement.com/ibd-news/j-d-power-study-finds-46-of-financial-advisors-to-retire-by-2035
*Program length when completed in normal time.