<p><img src="https://static5.businessinsider.com/image/5de7f36ffd9db23def540d73-1200/wealth management and tech 1 2x1.png" border="0" alt="wealth management and tech 1 2x1" data-mce-source="Samantha Lee/Business Insider"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>One of the biggest focuses for <a href="https://www.businessinsider.com/category/wealth-management">wealth management</a> firms in the last few years is how to best bring in fresh financial advisor talent.</p><p>Around one-third of the industry, or some 111,500 advisors, will retire within the next decade, the industry research firm Cerulli Associates said in a February report. Meanwhile, traditional wealth managers are grappling with how to better attract and keep younger people through their rigorous advisor <a href="https://www.businessinsider.com/morgan-stanley-ubs-merrill-lynch-financial-adviser-training-overview-2020-1">training programs</a>.</p><p>The coronavirus pandemic has also accelerated the issue for firms as it has not only triggered<a href="https://www.businessinsider.com/coronavirus-pandemic-wealth-management-industry-crisis-financial-adviser-retirement-succession-2020-5"> more advisors to consider their mortality and think about who will take on their clients</a>, but has also caused firms to review their <a href="https://www.businessinsider.com/morgan-stanley-wealth-management-financial-advisor-recruiting-trainees-numbers-2020-10">training programs amid remote work challenges</a>. </p><p>Maintaining a strong pipeline of talent is a matter of <a href="https://www.businessinsider.com/financial-advisers-occupation-decline-robo-technology-2020-1">survival for the profession</a> that's aging and already under pressure from purely <a href="https://www.businessinsider.com/meet-recruiters-financial-advisers-amid-wave-wealth-management-activity-2020-7">digital startups</a>. And it's key to holding onto client assets that would otherwise fly out the door with exiting advisors.</p><p>Adding to the industry's urgency are big growth plans. Wall Street firms and beyond are expanding or adding financial planning and money-management services as stock-picking and investing advice alone is largely being automated out. </p><p>Here's the latest on how the industry is adapting to its many pressures, from hiring plans to tech revamps. </p><p><em>Have an idea for another story, or a tip' Contact this reporter at <a href="mailto:rungarino@businessinsider.com">rungarino@businessinsider.com</a>.</em></p><h2>Recruitment plans</h2><ul><li><a href="https://www.businessinsider.com/in-house-recruiters-overseeing-wall-street-financial-advisor-hiring-frenzy-2020-12">7 top execs and recruiters behind Wall Street's turf war over wealth talent at firms like Morgan Stanley, JPMorgan, and UBS</a></li><li><a href="https://www.businessinsider.com/jpmorgan-wealth-management-financial-advisor-recruitment-plans-kristin-lemkau-hires-2020-10">JPMorgan could double its advisor force, hiring as many as 4,000, as it eyes ambitions plans to catch up to rivals, says wealth boss Kristin Lemkau</a></li><li><a href="https://www.businessinsider.com/meet-recruiters-financial-advisers-amid-wave-wealth-management-activity-2020-7">9 top financial adviser recruiters to know right now who have moved wealth teams managing billions</a></li><li><a href="https://www.businessinsider.com/rockefeller-capital-greg-fleming-recruiting-expansion-strategy-2020-7">Greg Fleming's $43 billion Rockefeller Capital has hired 19 adviser teams from top wealth firms in 7 months. Execs lay out where it's focused next.</a></li><li><a href="https://www.businessinsider.com/coronavirus-pandemic-wealth-management-industry-crisis-financial-adviser-retirement-succession-2020-5">A financial-adviser retirement wave that could put trillions of assets in play is kicking into high gear thanks to the pandemic. Here's how firms are tackling the handover crisis.</a></li><li><a href="https://www.businessinsider.com/how-tech-during-the-pandemic-is-changing-financial-adviser-recruiting-2020-6">Wealth managers could save millions in costs from a snappier recruitment process. An analyst lays out the 3 firms that could benefit most.</a></li><li><a href="https://www.businessinsider.com/greg-fleming-rockefeller-capital-management-hires-dc-wirehouse-adviser-talent-2020-2'r=next-gen-advisers">Greg Fleming's Rockefeller Capital is building up its Washington presence by luring junior talent and veteran advisers from the biggest wealth managers</a></li></ul><h2>Advisor training programs</h2><ul><li><a href="https://www.businessinsider.com/jpmorgan-kristin-lemkau-shaping-wealth-management-ambitions-recruitment-diversity-tech-2020-10">How JPMorgan's Kristin Lemkau is planning to turbocharge the firm's $500 billion wealth business, from a rebrand and ramping up advisor training to new tech</a></li><li><a href="https://www.businessinsider.com/morgan-stanley-wealth-management-financial-advisor-recruiting-trainees-numbers-2020-10">Morgan Stanley is putting the brakes on hiring junior financial advisors. Here's how the massive wealth manager plans to close out the year.</a></li><li><a href="https://www.businessinsider.com/merrill-lynch-wealth-financial-adviser-training-program-head-exits-changes-2020-8">The head of Merrill Lynch's training program, the firm's main talent pipeline, is leaving as the business grapples with remote work. Here are the challenges that await her successor.</a></li><li><a href="https://www.businessinsider.com/merrill-lynch-pauses-adviser-trainee-prospective-client-outreach-after-violations-2020-8">A leaked memo shows Bank of America's Merrill Lynch is dealing with 'many' violations by financial adviser trainees working from home, so it's paused their reach-outs to new clients</a></li><li><a href="https://www.businessinsider.com/morgan-stanley-ubs-merrill-lynch-financial-adviser-training-overview-2020-1'r=next-gen-advisers">The ultimate guide to getting hired as a financial adviser trainee at Morgan Stanley, UBS, and Merrill Lynch, and how to succeed in their ultra-competitive training programs</a></li><li><a href="https://www.businessinsider.com/bank-of-america-merrill-lynch-financial-adviser-trainee-trends-shift-2019-10'r=next-gen-advisers">Merrill Lynch is shifting how it handles staff who drop out of its financial-adviser trainee program, and it highlights the industry's evolving career paths</a></li><li><a href="https://www.businessinsider.com/andy-sieg-merrill-lynch-financial-adviser-trainee-hiring-salaries-2019-10'r=next-gen-advisers">Merrill Lynch hiked starting salaries for trainee advisers by $10,000 and has taken on 1,700 newbies so far this year. We have the details.</a></li><li><a href="https://www.businessinsider.com/bank-of-america-merrill-lynch-wealth-management-changing-training-program-2020-1'r=next-gen-advisers">Merrill Lynch is about to launch a new training program for 6,500 client associates and it shows how the role of full-fledged financial adviser is quickly evolving</a><section></section></li></ul><h2>Wealth-tech</h2><ul><li><a href="https://www.businessinsider.com/wealth-management-tech-fintech-startups-to-watch-venture-investors-2020-8">These 10 early-stage wealth startups are on the brink of breaking out, according to top VCs</a></li><li><a href="https://www.businessinsider.com/fintech-drivewealth-pitch-deck-series-c-point72-ventures-2020-10">See the 13-page pitch deck that DriveWealth, a fintech that powers trading and investing apps, used to nab $57 million from investors like Point72 Ventures</a></li><li><a href="https://www.businessinsider.com/financial-advisers-losing-business-talent-lacking-wealth-management-tech-broadridge-2020-8">Pain points around onboarding new clients and remote transactions are causing wealth firms to lose clients and talent. Here's how they can improve.</a></li><li><a href="https://www.businessinsider.com/deutsche-bank-morgan-stanley-execs-on-wealth-management-technology-2019-8'r=next-gen-advisers">Tech is now essential in the battle to recruit and keep wealth talent. Deutsche Bank and Morgan Stanley execs gave us their pitch.</a></li><li><a href="https://www.businessinsider.com/ubs-head-of-americas-wealth-management-on-adviser-headcount-robos-2019-8'r=next-gen-advisers">UBS's Americas private-wealth head says he thinks losing a 'few hundred' advisers would not be a bad thing, and is looking at how robos can help keep the bank's richest clients</a></li><li><a href="https://www.businessinsider.com/top-wealth-management-executives-predict-industry-future-in-survey-2019-11'r=next-gen-advisers">AI will transform wealth management in the coming decade. These are the skills human advisers will need to stay relevant, according to 8 top wealth execs.</a></li><li><a href="https://www.businessinsider.com/wells-fargo-advisors-president-jim-hays-on-wealth-management-future-2019-12'r=next-gen-advisers">The new head of Wells Fargo's massive wealth arm explains why human financial advisers should embrace roboadvisers, not fear them</a></li><li><a href="https://www.businessinsider.com/td-ameritrade-institutional-innovation-director-on-artificial-intelligence-voice-tech-2019-12'r=next-gen-advisers">The head of innovation for TD Ameritrade's 7,000 adviser clients thinks virtual assistants and holograms will be must-have wealth tech by 2030</a></li><li><a href="https://www.businessinsider.com/financial-advisers-on-robo-advice-wealth-management-technology-2019-11'r=next-gen-advisers">Here's what financial advisers say is the most overhyped wealth tech, and which tools they think will actually help them in the next 5 years</a></li></ul><h2> Transitioning assets to the new generation</h2><ul><li><a href="https://www.businessinsider.com/coronavirus-pandemic-wealth-management-industry-crisis-financial-adviser-retirement-succession-2020-5">A financial-adviser retirement wave that could put trillions of assets in play is kicking into high gear thanks to the pandemic. Here's how firms are tackling the handover crisis.</a></li><li><a href="https://www.businessinsider.com/bank-of-america-merrill-lynch-wealth-management-changes-2019-11'r=next-gen-advisers">Merrill Lynch just overhauled client-retention incentives for retiring advisers. An internal memo said it will hike payouts and subsidize handovers starting in 2021.</a></li><li><a href="https://www.businessinsider.com/wells-fargo-financial-adviser-headcount-falls-again-in-q3-2019-10'r=next-gen-advisers">Wells Fargo is seeing more adviser retirements after an 'enthusiastic' response to its next-gen handover payouts</a></li><li><a href="https://www.businessinsider.com/rising-star-financial-advisers-morgan-stanley-merrill-lynch-wells-fargo-2020-1'r=next-gen-advisers">Meet 6 up-and-coming financial advisers at Morgan Stanley, Wells Fargo, and Merrill Lynch who are managing big money and navigating a cutthroat industry</a></li></ul><p><a href="https://www.businessinsider.com/wealth-management-industry-news-next-generation-of-financial-advisers-2020-2#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/transgender-activist-former-white-house-intern-sarah-mcbride-isnt-discouraged-by-trump-2018-3">Sarah McBride made history becoming the first openly trans person elected to a state Senate seat. In 2018, she explained why the Trump administration wouldn't discourage her work.</a></p>
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