Wall Street is getting a little long in the tooth.
The New York Post reports that with so many of its multimillion-dollar 'producers' on the last lap of their careers, brokerage firms run the risk of losing billions of dollars as these hotshot financial advisers head for retirement paradise.
That’s the startling conclusion of a new report from Cerulli Associates that shows 43% of financial advisers are over age 55.
'Broker dealers continue to struggle to recruit new young advisers into the industry to offset those advisers who are nearing retirement,' says Cerulli analyst Kenton Shirk.
The average age of an FA today is just shy of 51. Nearly one in three is in the 55-to-64 age group.
To access the complete New York Post article hit the link below:
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