Robert A. Dougan, M.A.

Wealth management is running out of advisors, not eventually, now. Demand for human advice is rising, yet the advisor workforce is shrinking. McKinsey projects a 100,000 advisor shortfall in the U.S. by 2034, and Canadian regulators and LIMRA warn of similar talent pressures. This is not a staffing issue, it is a structural constraint on growth.

A recent benchmark study within a financial advisory sales team found a strong relationship between assessment results and real world performance. Advisors who scored higher in Enterprising Potential, Achievement Potential, and Independence Potential consistently outperformed those who scored lower. These insights are now helping firms make smarter hiring and development decisions to drive measurable sales growth.

Wealth management firms lose millions each year to first-year advisor attrition, yet most treat it as a coaching problem instead of a selection issue. With onboarding costs approaching $250,000 per hire, even a modest improvement in retention can generate seven-figure returns. The firms that win the next decade will not recruit more advisors. They will select the right ones with precision and evidence.