Data & Research July 17, 2025

Wealth Management Industry Faces ‘Talent Crisis’ Amid Growing Need for Financial Professionals

Early-career advisers said firms should invest in AI and branding to attract and retain talent, according to the annual J.D. Power Satisfaction Survey.

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The wealth management industry is facing a “talent crisis” as current advisers enter retirement age and an increasing number of self-directed investors are seeking the expertise of financial professionals, according to a new study from J.D. Power.

The J.D. Power 2025 U.S. Financial Advisor Satisfaction Survey measured fulfilment among both employee advisers (those employed by their broker/dealer) and independent advisers (those who may be affiliated with a broker/dealer, but who operate independently) based on six key dimensions: compensation; firm leadership and culture; operational support; products and marketing; professional development; and technology.

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The study of 3,698 employees and independent financial advisers found that nearly half (46%) of respondents said they are within 10 years of retirement, and more than 26% reported being 65 or older.

The survey was fielded from December 2024 through April 2025.

Going forward, strategic investments in technology and brand-building are needed for firms to attract and retain younger advisers and career switchers “who will carry the industry forward,” according to the study.

AI and Branding

More than one-third (35%) of respondents said artificial intelligence should be the top technology in which firms should be investing.

As they are prioritizing AI use cases, firms should strongly consider areas like lead generation and personalized client marketing and nurturing tools, according to the study. Early career advisers highlighted these as areas in which firms underinvest.

When prompted to describe their firm’s culture, just 20% of respondents younger than age 40 said their firm was “conscious of its public brand image,” while 35% of older advisers (age 40 to 64) described their firms as “brand conscious.”

Developing a trusted and relevant brand “remains fundamental to a firm’s value proposition,” especially among younger advisers who are just starting out and cannot rely on existing client referrals to generate new business, according to the study.

Among top marketing support priorities, the study found that younger advisers place a strong emphasis on social media, adviser websites and search engine optimization. Older advisers reported focusing on webinars and in-person events and seminars.

Early career advisers also ranked social media as the most important area of marketing support, with 45% of respondents selecting it as a priority for investment.

Among employee advisers, Stifel ranked highest in overall satisfaction for a third consecutive year, with a score of 819, followed by Edward Jones (729) and Raymond James & Associates (722).

Among independent advisers, Commonwealth ranked highest (834) in overall satisfaction for a 12th consecutive year, followed by Raymond James Financial Services (741) and Cambridge (686). The scores were calculated on a 1,000-point scale.

In Practice July 17, 2025

Advisers Step Up as Clients Face Market Uncertainty

During market swings and economic stress, advisers delivered steady guidance, reinforced their value and identified growth opportunities despite the volatility, according to an InspereX survey.

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Spring 2025 was defined by uncertainty. Markets were turbulent, headlines were dominated by economic and geopolitical tension, and investor anxiety was high.

In the face of these pressures, financial advisers leaned into their roles as steadying forces offering more than portfolio advice. They reassured clients, helped them tune out short-term noise and kept their focus on long-term goals, according to findings from the InspereX 2025 Advisor Pulse Outlook Survey.

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Volatility Seen as a Relationship-Building Opportunity

The survey found that advisers largely view market volatility not as a setback, but as a strategic moment in which to deepen client relationships and demonstrate their value. When asked whether they believe this period of market uncertainty is a good time to strengthen client connections, 69% responded yes, emphasizing that challenging conditions are often when their guidance is most needed—and most appreciated.

Another 22% said it depends on the client’s mindset, recognizing that not every investor is equally receptive during turbulent times. These advisers tailor their approach based on each client’s emotional and financial readiness. A smaller group—7%—said they believe volatility is not an ideal time for relationship building, noting that most clients in these moments are simply seeking reassurance, rather than strategic guidance.

According to the Advisor Pulse Outlook Survey, 23% of advisers pointed to calming clients as their biggest challenge during this period, and another 23% cited keeping up with market changes. Communicating value came next at 15%. Despite these headwinds, nearly 70% still saw the environment as an opportunity to reinforce adviser-client trust and alignment.

Advisers Prioritize Client Communication Over Daily Operations

When asked how they are currently spending most of their time, advisers revealed a strong emphasis on proactive client engagement. The largest share (34%) said they are focused on proactively reaching out to clients, underscoring the importance of staying connected during uncertain times. This outreach often includes check-ins, updates on market conditions and reinforcing long-term strategies to help clients stay the course.

Another 21% reported spending most of their time managing portfolios, while 17% are primarily responding to client concerns. Respondents said prospecting and marketing accounted for 15% of advisers’ time, showing that even amid volatility, growth remains a priority. The remaining 10% cited internal planning or operations.

Referral Growth Highlights Business Development Momentum

In 2025 so far, the top sources of new clients have all been referral-driven—led by unsolicited referrals, which outpaced other methods by a wide margin. Advisers cited their most effective new business strategies as referrals without asking (76%), directly asking for referrals (38%) and networking with other professionals (38%). Respondents could select more than one approach, reflecting the varied tactics advisers are using to grow their practices.

“The power of the referral continues to drive growth for advisers,” said Chris Mee, InspereX’s managing director and head of wealth management solutions wholesale distribution, in a statement. “It says everything about the importance of service, communications, and commitment—clients appreciate it and reward their advisers with referrals.”

The survey findings illustrated a profession that continues to adapt—balancing tactical execution with emotional intelligence and long-term vision with near-term support. As in past pulse surveys, the authors said the results revealed a consistent theme: Advisers are more focused on structural, long-term trends, while clients remain preoccupied with immediate financial pressures. Bridging that gap continues to define the adviser’s role and value, according to InspereX.

The 2025 Spring Advisor Pulse Survey was conducted by InspereX, a fixed-income platform, in partnership with Red Zone Marketing. The survey included responses from 829 financial professionals across independent broker/dealers, registered investment advisers, banks, regional firms and wirehouses. The survey was fielded from May 12 through May 19.

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