Advisors are pinning their optimism for growth on demographic change and a continuing bull market, according to a recent survey – but nearly half of the respondents don’t expect to grow at all.
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This article recaps some interesting results from the fourth wave of the Bloomberg Media Financial Advisor Study. While half of advisors expect their practice to remain the same over the next five years, some expect the bull market in equities, changing demographics and a resolution of trade disputes to lead to growth in the industry. Interestingly, about half of advisors think that growth will be fueled by clients who are brand new to the advisory industry. And, as many of the existing clients transition into retirement, almost 70% of advisors said they plan to address decumulation and potential wealth transfer by introducing themselves to their clients’ children and beneficiaries.