Wall Street faces a mass exodus of retiring financial advisers over the next decade, so small brokerages are beefing up their training and presence on campuses to woo future employees.
Some 25,000 brokers and brokerage firm advisers will retire over the next three years, a trend that is expected to continue for more than 10 years, according to research firm Cerulli Associates. Within 10 years, roughly one-third of U.S. financial advisers will retire, it estimated.
Not enough young financial advisers are available to take their place. Only 5 percent of the 308,000 brokers and advisers at U.S. firms are younger than 30 years old, according to Cerulli.