The firms’ joint report,“ Building the Future of Advice,” presented at the Schwab IMPACT conference in Denver in early November, comes at a time when the profession’ s aging advisors are looking ahead to retirement. According to a report by Cerulli Associates earlier this year, the average financial advisor is 49.2 years old, and 37 % of these professionals are expected to retire in the next decade.

Schwab and Amplified said firms continue to cite“ talent shortages” in their quests for recruits, and that advisories must look beyond traditional financial planning programs and personal and professional networks to attract career changers and professionals with transferable skills.

“ Firms are realizing that their ability to grow is directly tied to their ability to attract and develop talent,” said Hannah Moore, founder of Amplified Planning and creator of the Externship, an eight-week program that provides aspiring financial planners with real-world experience and mentorship. She made the comments in a prepared statement on the research.

Moore pointed out that while many firms are thinking about generational differences such as age and experience when they are recruiting, the research shows that how someone got into planning is just as important.“ The real story is in how people enter the profession,” she said in the statement.“ Students, career-changers, and current financial service professionals each bring unique motivations, skills, and expectations— and firms that recognize this can build stronger, more sustainable teams.”

For example, the report pointed out that college students“ often discover the profession through coursework or peers and are eager for mentorship, structure, and clear career paths.”

Career-changers represent a large pipeline of talent, and“ enter through personal financial experiences or life transitions,” Schwab and Amplified said in a statement on the research. And financial service professionals“ seek more meaning, holistic advice opportunities, and alignment between job titles and responsibilities.”

The research suggests that the motivations of aspiring advisors( and the barriers holding them back) differ in many ways, according to Leslie Tabor, director of business consulting and education at Schwab Advisor Services. That means a“ one-size-fits-all” approach to recruiting and retention no longer works.

“ Some aspiring advisor candidates are more planning-focused, driven by mission and client relationships,” said Tabor in a statement,“ while others are investment-focused, energized by analysis, markets, and AUM growth.”

“ Firms that clearly define which kind of advisor they’ re hiring— and design roles accordingly— will see stronger retention and alignment,” Tabor said, adding that“ the firms that will lead the next decade of growth are the ones investing in people as much as in performance.”

One of the big drivers that motivates new talent to enter the financial planning space is the desire to“ help people and to educate, empower, and improve clients’ lives,” said Amplified Planning and Schwab about their findings.“ Many see the profession as an opportunity to break generational financial cycles and support underserved communities.”

“ This new generation of talent wants to help clients holistically, not just manage money,” said Suzanne Siracuse, industry consultant and collaborator on the research, in a statement.“ That shift represents a powerful opportunity for firms to redefine how they deliver advice and how they attract the right people to deliver it.”

The research is based on data from 1,800 respondents and surveys completed during this year’ s Externship of 2,000 participants from June to August.

— Jacqueline Sergeant

DECEMBER 2025 | FINANCIAL ADVISOR MAGAZINE | 11