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What Boomers’ Retirement Means for the Advisor Industry

16:51 21 July in Articles Written by Jon Henschen by rafferty

July 18, 2017 By Jon Henschen, published on WealthManagement.com   Our industry will be unable to keep up with the demand for new advisors to fill the vacancies left by boomers retiring. The number of financial advisors (RIAs) peaked in 2008 at 325,000. By 2014, that number dropped to 285,000 (Cerulli Associates). The number of FINRA registered representatives is currently at 633,822 (April 2017), which is down from 643,433 in 2015. This reflects only the beginning of boomer retirement trends. Public accounting firm Moss Adams has forecast a shortfall of 200,000 advisors by 2022, with boomer retirement continuing through 2030. This will only compound the shortfall of advisors. The average age of advisers today is over 50, and 41 percent of advisors are 55 or older according to Cerulli. The industry has responded with...

Boomers to Cause Markets to Go Bust

19:58 19 July in Articles Written by Jon Henschen by rafferty

July 17, 2017 By Jon Henschen, published on WealthManagement.com   As boomers retire and exit the economic-contribution side of society, we’ll likely see a stock sell-off. Living in Los Angeles from 1979 to 1995, I grew accustomed to my TV viewing being interrupted by breaking news of car chases. A slightly different TV breakaway event occurred on July 2, 1982, when San Pedro resident Larry Walters, out of sheer boredom, purchased 42 8-foot weather balloons and several tanks of helium. Larry filled and tied the balloons to his lawn chair and took flight, reaching altitudes of 15,000 feet. “Lawn Chair Larry” drifted into the controlled airspace of LAX airport, prompting pilots to report the safety hazard to the control tower. This stunt captivated the Los Angeles audience for weeks, and the constant car-chase breakaways took a back seat...

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Raymond James Financial Moving To Single Payout Grid

19:42 05 July in In the News by rafferty

July 5, 2017 By Dan Jamieson, Financial Advisor   In response to the DOL fiduciary rule, Raymond James Financial Services will be changing its compensation plan so that all production is paid off of one grid. The move comes at a time when many broker-dealers are wrestling with the issue of broker payouts in expectation that they will face more scrutiny in a post-DOL world. Some observers speculated that the switch to a single payout grid was designed to eliminate the perception of potential conflicts of interest. Next year, the independent contractor unit of Raymond James Financial will switch to a single payout grid that starts at 81 percent for trailing 12-month branch production up to $500,000, topping out at 90 percent at the $10 million-plus level. Depending on product mix and production, the changes could...