The Growing Wealth Manager Shortage: A Golden Opportunity for the Next Generation
By Lee Korn, CPWA® | April 10, 2025A critical gap is emerging in the financial services industry. While more people than ever need professional financial guidance, wealth management is experiencing a significant talent shortage representing an unprecedented opportunity for young professionals and career changers looking for a rewarding path.
The Growing Need for Wealth Managers
The wealth management industry is facing a monumental challenge that’s only expected to intensify in the coming years. According to recent McKinsey research1, there could be a shortage of more than 100,000 advisors over the next decade as a rapidly diminishing workforce meets an increased demand for wealth management services.
What’s driving this double-sided challenge?
- Americans are getting wealthier: Despite market fluctuations, the overall wealth of Americans continues to grow. The United States alone is home to nearly 22 million millionaires2, representing 38% of the world’s millionaire population.
- Retiring advisors: A significant portion of practicing financial advisors3 (38%) are approaching retirement age, creating a succession gap that needs to be filled.
- More complex financial lives: As retirement planning shifts from defined benefit pensions to self-directed accounts, individuals face increasingly complicated decisions about investment, tax, and estate planning.
- Impending wealth transfer: Roughly $83.5 trillion2 is expected to be passed on globally within the next 20 to 25 years, with a substantial portion of this transfer happening in the Americas.
The result? An industry desperately seeking fresh talent to serve the growing ranks of clients who need financial expertise.
A Promising Career Path
For those just starting their careers or considering a change, wealth management offers a compelling combination of benefits that few other professions can match:
Strong earning potential: Financial advisors typically enjoy above-average compensation, with earnings that can grow substantially as they build their client base and expertise. The profession offers a clear path to financial security.
Meaningful impact: Unlike many careers, wealth management allows you to make a tangible difference in people’s lives. You help families achieve important milestones, from creating financial independence to sending children to college to retiring comfortably.
Long-term stability: Financial advice is resistant to automation and outsourcing. The human elements of trust, empathy, and personalized guidance can’t be replicated by technology (In fact, affluent households are willing to pay five times the amount to get human advice compared to using a customized digital service like generative AI, according to McKinsey).
Diverse skill utilization: Success in this field doesn’t just require financial knowledge. It demands relationship-building skills, emotional intelligence, problem-solving abilities, and communication talent—making it ideal for those with varied strengths.
Work-life flexibility: As you establish yourself, the profession often allows for increasing control over your schedule and work arrangements, creating potential for better work-life integration.
A common misconception is that you need to be a math prodigy or economics major to succeed in wealth management. In reality, while analytical skills are valuable, the most successful advisors often excel because of their people skills, emotional intelligence, and ability to build strong relationships.
Real Success Stories
The path to becoming a successful financial advisor is as diverse as the clients you’ll serve. At Opal Wealth Advisors, team members come from varied backgrounds but share a passion for making a meaningful impact through financial guidance.
“I love celebrating wins. Seeing clients buy a first home, have a first child, seeing kids graduate debt-free because of an education funding strategy I helped put in place, seeing clients retire confidently—that’s what really matters to me.” – Chelsea Barrows, CFP®, AIF®
This client-first perspective reflects the deep satisfaction that comes from helping others achieve their most important life goals.
“What’s most important to me is being a positive force for transforming people’s lives.” – Gino Carollo
The transformative power of financial guidance creates purpose-driven careers that extend far beyond numbers and spreadsheets.
“We listen with care. By combining our understanding of clients’ dreams with our deep knowledge of how to alter the financial future, we help make new realities possible.” – Joseph N. Filosa, CFP®, CLU®
These testimonials highlight the profound connection between advisors and their clients—a relationship built on trust, understanding, and shared goals.
There’s Never Been a Better Time to Pursue a Wealth Management Career
The convergence of increasing demand and decreasing supply creates a rare career opportunity. According to McKinsey, the industry needs to attract 30,000 to 80,000 net new advisors over the next decade, compared with just 8,000 in the previous decade.
For young professionals still exploring career options, wealth management offers a path with clear advancement potential. For career changers, your existing professional experience and life wisdom can be valuable assets in connecting with clients and understanding their needs.
The industry is also evolving to become more inclusive and diverse. Firms recognize that to serve an increasingly diverse client base effectively, they need advisors from all backgrounds and perspectives. This creates opportunities for individuals who may not have previously seen themselves in the financial services industry.
And technology is rapidly transforming how advisors work, making the profession more efficient and allowing advisors to focus on the human elements of the job—relationship building and strategic advice—rather than administrative tasks.
Take the Next Step
If you’re intrigued by the opportunity to build a rewarding career while helping others achieve financial confidence, now is the perfect time to explore wealth management further. The shortage of advisors means firms are investing heavily in training and developing new talent.
At Opal Wealth Advisors, we’re committed to nurturing the next generation of financial professionals. We believe in mentorship, ongoing education, and creating an environment where advisors can thrive while delivering exceptional service to clients.
Interested in exploring a career in wealth management? Let’s start the conversation. Click here to learn more about the path to becoming a financial advisor and how we support our team members in building successful, fulfilling careers.
1McKinsey & Company. (2023, October 18). The looming advisor shortage in US wealth management. https://www.mckinsey.com/industries/financial-services/our-insights/the-looming-advisor-shortage-in-us-wealth-management
2UBS. (n.d.). Global Wealth Report. UBS Wealth Management. https://www.ubs.com/us/en/wealth-management/insights/global-wealth-report.html
3Fortune. (n.d.). Americans’ wealth is growing so fast that the wealth management industry is facing a shortage of advisors. https://fortune.com/article/wealth-management-shortage/
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