According to a report published by Boston-based research group Cerulli Associates, the number of financial advisors in the United States has fallen for five straight years. The report points to large numbers of experienced advisors entering retirement as the cause of the decline in numbers of these professionals.
In 2014 there were about 285,000 financial advisors at work, a decline of 1.9 percent since the previous year. Since the industry reached its peak number of advisors in 2008 with 325,000, the profession has lost over 39,000 members, a loss of roughly 12 percent.
Researchers say that although the number of retirees has leveled off since 2013, retirement will continue to plague the industry. The percentage of financial advisors age 55 or over is roughly half, and over the next ten years the number of retirees could reach as much as 100,000.
Cerulli has been keeping tabs on advisor population since 1992. They glean their data from surveys done by 7,000 advisors associated with banks, brokerages, insurers and other kinds of investment companies.
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