The aging of the financial advisor space is an old story (pardon the bad pun) that’s worth retelling because the need for fresh faces across all channels is vital to the industry’s future. The commission-based model associated with wirehouses has lost its appeal to many potential new hires, while many RIAs face challenges with talent development and business continuity. According to a recent collaborative report from Pershing and FA Insight, there were a total of 329,000 U.S. advisors last year. To meet industry demand over the next decade, FA Insight projects the number will need to increase at an annual average net rate of 2.6%. But achieving that modest goal could be difficult after you factor in advisor retirement. FA Insight forecasts that retiring advisors could number between 12,000 and 16,000 annually. Factoring that into the equation means that the actual replacement rate needed to keep pace with anticipated demand is 6.4% annually.