A recent McKinsey study projects a shortfall of 100,000 financial advisors by 2034 as seasoned professionals retire and the demand for financial advice grows unabated. This shift opens the door for forward-thinking RIAs to differentiate themselves and attract the talent they need to keep growing.
How did we get here?
Over the past several years, the source of an advisor’s value has drifted from purely investment management to holistic and comprehensive planning, leading to the advice-driven profession we see today. This transformation has been a win for clients but has also raised the bar for firms looking to scale and establish a national presence. Today’s most successful advisors must master investments and financial planning or align with a larger RIA that provides the necessary infrastructure to support them.
The firms recognizing this moment as an opportunity will come out on top. From a tactical perspective, a strong, well-marketed talent strategy addresses the need for new hires. But if you zoom out to a bird’s eye view of the industry, you start to see the connection between addressing the talent gap and growth, reputation and long-term sustainability. RIAs that approach recruitment with the same strategic mindset as business development will position themselves to attract the next generation of advisors and establish their foothold in the industry.
Brand Visibility Matters More Than Ever
A firm’s public-facing image and brand reputation are key to attracting talent. Young professionals and career changers are drawn to organizations with a strong industry reputation and compelling mission. Earned media plays a notable role in your marketing stack by building credibility for the firm and individual advisors. An offensive public relations campaign focused on high-quality earned media would include the following:
Media placements that reinforce the firm’s culture, career trajectory and mentorship programs are influential credibility builders.
Podcasts and webinars featuring current advisors discussing their career journeys, demystifying the profession and showcasing success stories.
Thought leadership blogs that highlight financial advising as a rewarding career path with strong earning potential and work-life balance.
Industry awards and recognition that add credibility and highlight advisor success stories.
Additionally, advisors should be encouraged to build their personal brands. A well-crafted LinkedIn presence, guest speaking opportunities, and media exposure make the profession more relatable and appealing to prospective recruits.
Targeting the Right Candidates
Financial advising lends itself well to a lifetime career or a second act. However, the widening talent gap forces RIAs to find talent beyond the halls of business schools. Financial advising is a natural fit for professionals in high-burnout careers who possess transferable skills. Firms should tailor recruitment marketing efforts to two key audiences: early-stage talent and mid-career switchers.
RIAs should not wait for talent to come to them. Instead, organizations must start outreach at the high school level to educate students about financial advising as a career path. The industry has always had a space for internships and apprenticeships that offer hands-on experience and mentorship. Now is the time to reassess existing efforts and rethink what else could be done. Scholarships and other incentives with some up-front investment can pay significant dividends in the end with engaged candidates.
The next generation is mainly online, looking at their future or current employers across all channels. Creating engaging social media content highlighting career progression, earning potential and flexibility will directly address questions from potential recruits right where they are.
Beyond early-stage career professionals, many professions have high pressure, high burnout rates, and transferable skills to be a successful financial advisor. Targeted marketing campaigns should highlight the career transition potential from one role to the next. There are several examples, but I’ll highlight a few:
Healthcare professionals (nurses, pharmacists, doctors) are professional relationship managers and problem solvers with deep trust-building skills.
Educators and professors offer strong communication skills. They are also forever students who are likely to have a knack for understanding and relaying complex financial concepts.
Military veterans and first responders are another group with skills such as leadership, discipline and risk management expertise that would be highly transferable to the advisory role.
Leveraging SEO & SEM for Recruitment Marketing
Digital marketing is essential for reaching potential recruits where they are actively searching for new career opportunities. This is where search engine optimization (SEO) and search engine marketing (SEM) strategies come into play. Firms should optimize content and ad campaigns around keywords like “career change to financial advisor,” “best careers for veterans,” and “high-paying flexible careers.” Your RIA is full of success stories, and you need to harness those examples to continue the momentum and build the next generation of advisors. You can accomplish this in a few different ways:
Create targeted landing pages with success stories of professionals transitioning into financial advising. The pages should combine text, images and video to engage prospective recruits and appeal to their content preferences.
Write an e-book that shows the transferability of skills from one career to a financial advisor. Make these connections easy for recruits to see and they may be more likely to inquire.
Tell your team’s individual stories via video Q&As and/or articles posted on LinkedIn or on your company’s blog. The stories should underscore the key points of what makes financial advising a fulfilling career.
Consider running Google Ads and LinkedIn recruitment campaigns specifically targeted at professionals in high-burnout industries.
Activate Your Advisors
Your current advisors are your best recruiters. Arm them with the tools and resources to actively promote the profession and your firm. A well-executed ambassador program includes:
Encouraging advisors to share their career experiences on social media platforms like LinkedIn, X and Instagram. Provide them with suggested copy to help steer them, but encourage them to make it their own in their own voice.
Providing branded, easy-to-share content (brochures, infographics, videos, media clips) outlining the benefits of the career and credibility of the organization.
Engaging advisors in recruiting events at colleges, military bases and career fairs. Additionally, advocating for them to attend industry events, grow their networks and feel empowered to take on these responsibilities within the organization will naturally activate them on behalf of your RIA.
The financial advisory industry must treat recruiting like marketing — leveraging earned media, digital campaigns, SEO/SEM strategies, and ambassador programs to position financial advising as a sought-after career. RIAs that actively shape their brand narrative and highlight the profession’s rewards will be the ones to thrive amid the advisor shortage. The opportunity is there — the firms that market their way out of this challenge will secure their future success.
Kerry Davis is a senior vice president at Gregory FCA, one of the nation’s largest financial services PR firms. She has extensive experience working with RIAs — from breakaway advisors to multi-billion-dollar acquisitive firms — as well as asset managers, retirement plan administrators, fintech companies, and other key industry players. Davis specializes in fully integrated marketing campaigns that help clients build their brands, enhance visibility and achieve their objectives.
