The wealth management profession is built on relationships, and relationships require people. But a growing concern is emerging: a shortage of advisors just as client demand reaches new heights.
In a recent Net Positive Consortium conversation, Kevin Corbett of Mariner spoke with Johnny Sandquist of Three Crowns Marketing to outline why talent and human capital are the industry’s most pressing issues.
“Talent and human capital is the biggest component of wealth management.”
According to some research, the industry could face a shortage of 100,000 advisors within the next decade. At the same time, clients’ need for financial advice is increasing. This creates a significant challenge, but it also creates an opportunity.
Kevin emphasized several keys:
- Recruiting and training: Firms must invest in attracting new talent through internships and professional development.
- Creating career paths: Advisors want to know their work matters and that growth opportunities exist within RIA firms.
- Industry collaboration: Sharing best practices across firms can accelerate solutions.
At Mariner, initiatives like a nationwide internship program and the Mariner Foundation’s community impact work show how investing in people strengthens both culture and client service.
For today’s RIA firms, addressing the talent gap is essential for ensuring wealth management remains prepared to meet client needs today as well as far into the future.