average financial advisor age
The pending retirement boom is due to the rising average age of advisors, Accenture says. The average U.S. advisor is about 50 years old, and advisors over 60 years of age control $2.3 trillion in assets, according to the firm. Firms will also have to deal with recruiting younger advisors because only 5 percent of advisors are under 30 years of age. In spite of the anticipated increase in retirements, only 29 percent of advisors have a succession plan, and therein lies the problem, Accenture says.