The conversation around change in the wealth management industry is one that often focuses on the evolution of the landscape—most notably shaped by events such as withdrawals from the Protocol, furloughs on recruiting and the reduction of recruiting packages. Yet widespread change is often precipitated by more than what we read about in the headlines—a response to evolving values and beliefs of the advisors. And this shift in advisor sentiment is serving as a significant driver behind the industry’s current wave of transformation.
Advisors at all levels are going through a wholesale transformation in terms of what they value most in a firm, what they believe, what they fear, and ultimately where they are moving to. But it’s within the younger advisor population that we are seeing the greatest change.