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New Insights on Attracting and Retaining Financial Planning Talent

The financial planning industry faces significant challenges due to a wave of retirements among seasoned advisors and a pressing need for new talent. A recent publication by Amplified Planning, in collaboration with Schwab Advisor Services, offers essential insights on how firms can attract, retain, and motivate the next generation of financial planners. The report titled Building the Future of Advice: Data-Driven Talent Strategies serves as a crucial guide for wealth management firms looking to strengthen their workforce in this evolving landscape.

Understanding the Talent Landscape

Based on research conducted during The 2025 Externship, which engaged over 2,000 budding and recent financial planners, the study analyzed nearly 1,800 survey responses. The findings reveal what motivates this new wave of professionals and the obstacles they encounter on their journey into the financial planning field.

Three Pathways into the Profession

The research identifies three primary entry points for aspiring financial planners:

1. College Students: Many discover the profession through their studies or peer connections. They seek mentorship and structured career advancement opportunities.
2. Career Changers: Individuals transitioning from different careers often enter financial planning motivated by personal financial experiences or significant life changes.
3. Financial Service Professionals: Those already in related roles look for more meaningful work and a better alignment between their responsibilities and job titles.

Notably, career changers have surged in numbers since 2022, indicating a strong talent pipeline for the future.

Motivations that Drive New Entrants

Across demographics, there is a common theme: new entrants are significantly motivated by purpose and the desire to make a positive impact. The incoming talent predominantly views financial planning as a means to help individuals and communities improve their financial well-being. Many participants aspire to break familial financial cycles and extend support to underserved populations.

One Externship participant shared, "It's not just about managing assets—it's about forming connections with clients and assisting them in shaping their lives."

The Rise of Holistic Financial Planning

An interesting trend that emerged is the desire for holistic financial planning, as 94% of Externship participants expressed interest in roles that encompass comprehensive financial advice beyond mere investment management. Aspirants now perceive financial planning as a comprehensive guide through all personal financial aspects—retirement, debt management, taxation, and estate planning—rather than simply focusing on asset growth.

As Suzanne Siracuse, a consultant and research collaborator noted, this ambition represents a significant opportunity for firms to redefine their service delivery and enhance their recruiting strategies.

Challenges Ahead

Despite their enthusiasm, the research highlights numerous hurdles that aspiring planners encounter:

• - Difficulty in finding job opportunities that align with their values and experience.
• - Low starting salaries that do not reflect their worth.
• - Ambiguity regarding career progression and growth paths within firms.
• - Lack of sufficient training—both technical and client-facing.

Additionally, career changers often feel undervalued, while students face difficulties in landing genuine entry-level positions that allow them to thrive.

Strategic Recommendations for Firms

The 2025 Schwab RIA Benchmarking Study indicates that most Registered Investment Advisors (RIAs) source talent through personal networks and schools. However, with nearly 70% of new talent emerging from alternative backgrounds, firms must reassess their recruiting strategies to include diverse candidates, particularly career changers.

Following Moore's insight, understanding how candidates enter the profession will yield greater insight than simply focusing on their age or experiences. Each pathway profoundly influences how potential employees discover financial planning, define success, and choose to remain within the profession.

The Importance of Retention

Maintaining talent requires attention beyond mere compensation. The report emphasizes factors such as mentorship, a supportive firm culture, structured training, and well-defined career paths as critical in attracting and retaining new planners. Many participants highlighted a need for clarity in their career trajectories and genuine investment in their success from their firms.

In conclusion, if financial planning firms wish to thrive and evolve with the new talent landscape, they must cultivate values and culture that resonate with aspiring planners. By investing in their growth and development, firms can build a lasting and engaged workforce ready to tackle the financial needs of future generations.

About Amplified Planning

Amplified Planning is dedicated to equipping aspiring and new financial planners with essential skills, experience, and mentorship they need to succeed, while also aiding firms in establishing robust and sustainable talent pipelines through initiatives like The Externship. Learn more about their programs at Amplified Planning. Access the complete executive brief at their research page.