The conventional wisdom is that most of the good plan advisors are old and getting older, and that there are not enough young advisors to step up.
According to a recent report from Reuters, 40% of all advisors are going to retire in the next decade, with 35% 55 years or older. It’s also believed that most younger people are no longer enamored with the financial services industry, either alienated by the skullduggery of Wall Street leading up to the Great Depression, more interested in chasing a tech dream with companies like Google or Facebook, or driven by a desire to do good works. With a retirement crisis looming, who is going to step up and help people grapple with the real issues of saving enough money to retire and then managing it so that it does not run out as people live longer?
But conventional wisdom is often wrong. There are reasons to believe that there is hope that a new generation of young advisors, many attracted to the DC market, is ready, willing and able to step up and take on what seems like a monumental challenge. To that end, NAPA has just compiled its second annual list of the top 50 plan advisors under 40 — the “Young Guns.” Encouragingly, less than 20% of the 2014 list repeated in 2015, showing that there are many new young advisors making waves in the DC market.
This year’s list was drawn from nominations submitted by NAPA Firm Partners, and then voted on by NAPA members and subscribers to NAPA Net, overseen by a Blue Ribbon Panel. (For more information on what makes the Young Guns list unique, click here.) The 2015 Young Guns are listed here and in the summer edition of NAPA Net the Magazine, which is currently in the mail. Congratulations to all this year’s winners!
