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.

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.