DeVoe continued, “Succession plans are still significantly low for an industry with so many owners approaching retirement age. And for firms with succession plans in place, many are ill-equipped to readily transition leadership and management to a new generation within the firm.”
The financial industry also has to contend with diversity issues in its post-pandemic hiring practices, the firm said, adding that firm leaders indicated they want to improve the diversity of their firms but only marginal progress is being made. According to studies, only 18% of advisors are women and 7% are Asian or African American.