By Susan E. Campbell
The aging population may signal a predicament for the investment advisory industry.
On one hand, more and more people are requiring expert management of retirement assets. On the other hand is a question of attrition: Who will replace retiring financial planners?
“Our industry is getting older,” said Anthony J. Capobianco, president and CEO of Capobianco Financial Advisers of Clifton Park. “I have seen studies that less than 5 percent of financial professionals today are age 30 or younger.”
These professionals include registered brokers, financial advisors and certified financial planners, all designations that indicate that certain levels of education and proficiency have been achieved.
When this issue was posed to Steven Bouchey, CFP, he recalled that it was not that many years ago that anyone could hang out a shingle and call themselves a financial planner. Today the regulators demand higher standards and the public demands more experience.
Bouchey, who is president and CEO of Bouchey Financial Group based in Saratoga Springs and downtown Troy, said that with today’s technology, anyone can go online and write their will. But with a do-it-yourself financial plan and no experience backing it, the plan won’t stand the test of time.