Training and Succession Planning Needs an Overhaul

Financial Advisor IQ - Well-established concerns over the aging of the financial advisor community have led to much soul-searching by the industry, especially among those responsible for recruiting and training the next generation. But smart firms are not looking to replace today’s rainmakers on a like-for-like basis.

"The industry has told us that graduates must be able to communicate and synthesize in order to hit the ground running," says Deena Katz, associate professor in the department of personal financial planning at Texas Tech University.

Internships, graduate and early-career training programs are also increasingly focused on honing the relationship and technical skills that will let juniors contribute to meeting long-term goals rather than winning business and growing assets under management from the get-go.

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