2 CEOs Warn of ‘Retirement Tsunami’ in Advisory Industry
October 23, 2019 by Bernice Napach
The wealth management industry today is enjoying a sweet spot, but like all good things, that will end in time, according to recent panel discussion.
“Fast forward five to 10 years from now and there will be inflection point, a retirement tsunami of advisors,” said Tash Elwyn, president and CEO of Raymond James & Associates, noting that the average financial advisor today is 54 or 55 years old.
“Suddenly there will be more sellers than buyers” of firms, reversing the current pattern, he said. Valuations of firms that have been supported by late-stage economic expansion will be impacted.