Stand out as others step back

That’s the shortfall McKinsey predicts our industry will face. According to the Bureau of Labor Statistics, that’s over a third of the estimated 280,000 financial advisors currently practicing. It’s a challenge compounded by the fact that those seeking financial advice is expected to grow from 67 million to 71 million over that same period.

To secure practice prosperity, prepare to change

For existing advisors, these trends touch on virtually every aspect of their practice and call for new thinking on what the future will look like and how best to prepare for it. It calls for marketing skills and strategies designed to attract first-time clients as well as those whose advisors may be retiring or exiting the profession.

As the pool of advisors shrinks and the number of those seeking advice grows, it demands a service model that evolves to accommodate a growing roster of clients.

It recognizes the critical role technology plays in automating processes and creating efficiencies that enable advisors to focus on higher-value activities like client acquisition and enhanced client service.

It means redefining what it means to be a team and recognizing that if you define “team” as only full-time employees on your practice payroll, you may be limiting your ability to evolve in response to shifting market conditions. Consultants and partnerships can help you be nimble without permanently adding to your fixed costs.

And just as advisors seek continuity for clients, they should do likewise for their teams—mapping out fulfilling roles for their teams, cultivating leaders, and being intentional in ensuring smooth transitions and succession.

Above all, it means facing the reality that the advisors who will thrive in the decades to come will mix strategic vision, flexibility, technological know-how, and decisive execution, all with the goal of delivering an elevated client experience.

FLEX: The adaptability workout

Adaptability isn’t magic, it’s a muscle. Deliberate disruptions are the reps that help build it.

Try this: Once a week, break a routine on purpose. Take a client call while walking outside. Use a new tech tool for a small task. The goal isn’t efficiency, it’s comfort with discomfort. Because when the advisor role gets rewritten, the ones who thrive won’t be the most experienced, they’ll be the most flexible.

Fours ways to position your practice amid advisor attrition

With a few targeted shifts, you can stay nimble, expand capacity, and strengthen your position in a thinning field. Consider starting with these key approaches:

1. Make clear it’s a career. As a career, wealth management’s value proposition may be less clear than investment banking or consulting. To attract and retain the next generation of talent to help build that clarity, consider: 

• Developing clear career pathways
• Articulating a near-to-midterm career value proposition
• Providing a competitive level of guaranteed income for new hires

2. Make marketing matter. Allocating more time to prospecting and having above-average marketing, branding, and social media skills is associated with higher-growth practices and can help capture the next generation of clients.

3. Different jersey, same team. To scale or build specialized or technical capabilities, consider leveraging third parties. Employing model portfolios from trusted partners or bringing in experts in areas like social media or branding can increase efficiency and upskill quickly.

4. Yep, AI. No discussion about productivity would be complete without mentioning AI. But here it genuinely applies. According to McKinsey, AI-enabled tools and processes can deliver 6% to 12% time savings and thus increase capacity. Consider starting with the basics—scheduling, note-taking, and research— and go from there.

The coming advisor shortage isn't just an industry challenge—it's an opportunity for advisors who are prepared to adapt. The decisions you make today can help position your practice to attract more clients, create more capacity, and stand out as others step back.