Your Next Generation Advisors Is Leaving — Here's Why
In Episode 362 of the Magellan Network Show, Coach Joe Lukacs tackles one of the most pressing and costly challenges facing financial advisory firms today: the development and retention of G2 (next generation) advisors.
With a 72% failure rate over five years and $600K-$1M in losses for every advisor who washes out, this isn't just an HR problem. It's a strategic crisis. Add in the $124 trillion great wealth transfer, and the fact that 90% of heirs don't work with their parents' advisor, and the stakes couldn't be higher.
In this episode, Coach Joe covers:
- Why G2 development is a firm survival issue, not just a talent issue
- The 5 pillars of advisor development every firm leader needs to know
- What G2 advisors should look for when evaluating a firm (hint: it's not just comp)
- How to build a self-managed, stakeholder-minded culture
- The 6 key metrics every firm leader should be tracking for their G2S
- Why relationships and referrals must be taught early and how to do it
Whether you're a firm owner building your bench or a newer advisor figuring out your path, this episode gives you a clear, actionable framework.
Related: Thinking About Becoming a Financial Advisor? Watch This Before You Decide
