Next-Gen Advisors Want Clear Path to Promotion: DeVoe

Core Insights - The next generation of financial advisors is feeling lost and uncertain about their career paths, skill development, and succession plans, which poses a risk to firms as older advisors approach retirement [1][2] - There is a significant demand for clarity and structure among next-gen advisors, with requests for defined career paths, transparency in equity opportunities, and stronger coaching [2][3] Training and Development - Less than 40% of training programs are deemed adequate, with about half being lightly structured and the rest lacking organization [2] - Nearly two-thirds of firms believe their next-gen talent is not ready for leadership roles, indicating a gap in succession planning [2] Performance Reviews - Just under half of Registered Investment Advisors (RIAs) provide annual reviews, with only 22% offering semi-annual reviews and 17% quarterly reviews, which are lower than previous years [3] - The lack of structured performance reviews is seen as a missed opportunity for coaching and development [3] Industry Trends - The turnover rate among RIAs has increased, with 58% of firms reporting no undesired attrition in 2025, down from 68% in 2024, and 9% reporting much higher attrition, up from 2% the previous year [4] - The industry's focus on growth and mergers has detracted from advisor development, which is critical for sustaining these strategies [4]