Breaking Into Wealth Management: The Right Path for Long Term Success
How can we attract and develop more young professionals in wealth management?
Breaking Into Wealth Management: The Right Path for Long Term Success
Last week, I had a conversation with an industry professional about talent acquisition, advisor development, and retention in wealth management. It was a fascinating discussion that gave me insight into how the largest and most successful firms attract top talent and, more importantly, develop them into elite advisors and field leaders*.
This week, I’m sharing my biggest takeaways and how they apply to The GenZ Advisor community.
*Field Leader: someone who leads and manages operations or teams in a specific region or office.
Misconceptions About Entering Wealth Management
Many people think wealth management is all about cold calling and selling investment products. They hear that you have to build your own book of business in an industry where the failure rate for new advisors is as high as 72%.
For years, new advisors were thrown into high-risk programs that required them to call friends and family to build a book. Not many of us have wealthy connections, so this model was uncomfortable and unsustainable. While some veterans succeeded this way, there’s a better way to enter and develop in this industry.
Young professionals today don’t have to take on massive risk with little support. The right structured training program will develop your skills, help you transition into an advisory role, and provide the foundation needed to succeed.
Attracting Young Talent to Wealth Management
As someone entering wealth management, I’m surrounded by ambitious students pursuing investment banking, asset management, and consulting careers that are perceived as more prestigious and lucrative.
The truth is, young people want high salaries upfront and I get it. After years of living on ramen noodles and accumulating student loans, making over six figures immediately feels like winning the lottery. The appeal of IB, AM, and consulting is obvious:
Immediate six figure salaries
Prestige & brand recognition
Clear career paths
But what many don’t consider is the long-term impact of their career choices. Before deciding, ask yourself:
How many hours am I comfortable working each week?
How much of a social life do I want?
What does salary progression look like over time?
How does this career set me up for my long-term goals?
In IB & AM, you’ll likely work 60 to 80+ hours per week for years. If that aligns with your goals and you’re passionate about it, go for it. But if you’re looking for a career that combines strong earnings, work life balance, and long-term ownership, wealth management is a serious option to consider.
Long Term Value of Wealth Management
Wealth management is unique because advisors aren’t just employees they’re building their own business. Your earnings are directly tied to the revenue you generate, meaning your income trajectory is uncapped.
Yes, it requires effort and patience early on, but the rewards come over time. Don’t focus on short term results. An exceptional career takes work, time, and consistency.
The Developmental Path: A Better Way to Start
Today, wealth management firms are investing heavily in training programs to ensure young advisors succeed. Advisor Development Programs (ADPs) are becoming the norm, offering:
One to two years of structured training before client acquisition
Classroom learning before moving into production
Experience in back-office support, client service, and banking before transitioning into wealth planning
A base salary plus uncapped performance bonuses
Another strong entry path? Working as a Client Service Associate (CSA) or a support role on a strong advisory team. Here, you’ll:
Support senior advisors
Gain hands on exposure to client work
Build financial planning, investment, and relationship management skills
Both paths are far superior to being thrown into a commission only role with no guidance. They teach you everything you need to know and let you gradually develop into an advisor.
What’s the Best Way to Start?
There’s no universal "best" way, but the most successful young advisors follow a developmental path that builds their skills over time.
If I were starting over, this is what I’d do (thinking back to high school and college):
Choose a college with a CFP Board-approved program
Get my Securities Industry Essentials (SIE) & Series 66 exams done early
Secure internships at any wealth management firm to gain client exposure
Start in a structured training program or on a top-performing team
Ensure my first firm/team supports my long-term career goals
If you follow this roadmap, you’ll be ahead of 90% of your competition. Any firm would scoop you up in a heartbeat if you came in with:
✔️ CFP coursework completed
✔️ Licensing already in progress
✔️ Internship experience
Career Growth & Industry Trends
With so many senior advisors retiring, going through a quality development program will set you up to transition into an advisory role within three to five years.
Firms know they need to fill these gaps. The best firms invest in talent; others just throw people in and hope for the best. Be selective in choosing the right firm look for one that is actively developing advisors instead of hiring in bulk with a high turnover rate.
Final Takeaway for The GenZ Advisor
Think strategically about your career.
Avoid getting blinded by short term earnings focus on both earnings and experience. If you’re willing to work hard and commit long term, you will succeed regardless of where you start.
Wealth management is evolving, and the next generation of advisors will shape its future. If you’re considering this path, the time to start preparing is now.
Become a Member: Membership
Share Your Story: Advisor Journeys