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Is Your Financial Advisor Going To Be With You For The Long Term? McKinsey Anticipates A 100,000 Advisor Shortage By 2034. Are You Prepared? We Are.

Anthony Sandomierski |

A recent McKinsey & Company study has revealed a startling reality facing the wealth management industry—one that could directly impact your financial future and the continuity of your advisory relationship if you have one.

The McKinsey Report: A Looming Crisis

McKinsey's comprehensive analysis projects that by 2034, the wealth management industry will face a shortage of roughly 100,000 advisors. This represents a staggering 30% of the current advisor workforce. The driving forces behind this crisis are clear:

  • Mass Retirements: 110,000 advisors are expected to retire in the next decade, representing 42% of total industry assets
  • Aging Workforce: The average advisor is ten years older than professionals in similar fields
  • Declining Growth: The advisor workforce has grown at only 0.3% per year over the last decade, while demand for advisory services continues to surge

The implications for clients are significant. Currently, 32% of investors switch firms when their existing advisor leaves for retirement, often disrupting long-term financial strategies and relationships built over years or decades.

What This Means for You

As wealth continues to grow among American families and financial needs become increasingly complex, the competition for experienced advisors will intensify. This shortage could lead to:

  • Service Disruptions: Remaining advisors may become overextended, potentially compromising the quality and frequency of client interactions
  • Increased Costs: As firms compete for scarce talent, the costs of advisory services may rise
  • Relationship Instability: The risk of losing your trusted advisor increases significantly during this transition period
  • Limited Options: Finding a replacement advisor who understands your unique situation may become increasingly challenging

Our Solution: Hear From Our Firm Leaders

From Anthony Sandomierski, CPA/PFS, CFP, MS (Taxation)

“I’ve noticed this issue first hand in our industry.  I can see an aging financial advisor base at many professional conferences I go to and saw an ENORMOUS opportunity to help people and fill a gap.  I spent YEARS developing my skills, knowledge, and getting the experience I needed to overserve our clients.  I’m currently 35 years old.  We are currently in the middle of an internal transfer of our firm which is VERY unusual.  Most advisors sell their practices to outside firms who bring in total strangers to work with clients whom they have no relationship with.  I’ve spent years cultivating relationships with our client base to make them feel warm and welcome when our transition took place. The opportunity I see is that as the advisor base ages and less people are coming into the industry, there are going to be people flocking from their current advisors or advisor that inherited them from previous relationship.  And those relationships may not be great fits.  If you are in your 60s and retiring you might be looking for an advisor who is in your peer group BUT it’s super important to realize that you have over a 30 year time horizon for your retirement and your advisor will likely be LONG retired before any of their advice actually comes to fruition.  I have young kids and live in NJ.  It’s obscenely expensive to raise a family here. I’ll be doing this for QUITE some time. I also spend a good amount of my time developing the next generation of advisors within our firm.  That’s a BIG priority of mine.”

From Jason Gordon, CPA/PFS, CFP, MS (Taxation

The Time to Act is Now

The advisor shortage isn't a future problem—it's happening now. Many of our competitors are already struggling to maintain service levels as their advisor ranks thin. Don't wait until it's too late to secure your financial future with a firm that's prepared for the challenges ahead.

We invite you to experience the difference that forward-thinking planning makes. Our team is ready to show you how we're not just weathering the industry's changes—we're leading them.

Would you like to schedule a consultation to discuss how our next-generation approach can benefit your financial future