Beyond expectations. That is an apt description for my 25+ years in the world of professional financial advising. I am constantly surveying the landscape for a glimpse into the future for our profession.

Amid rampant advances in Artificial Intelligence (AI), many people believe that financial advisors will be replaced with electronic substitutes. I strongly disagree. Rather, I foresee increased need for qualified professional planners and advisors, and I don’t foresee AI filling the gap. Most investors prefer human advisors. AI will be one of their advisor’s valuable tools.

Simply stated, there are not enough of us to go around, and about 100,000 current advisors are expected to retire over the next ten years. The Baby Boomer generation is very large and highly successful. Our youngest Boomers turn 62 this year, and the oldest will hit 80. The magnitude of Boomers’ collective wealth is estimated at over $80 trillion (12 zeroes). Daily, these assets are already being passed on to subsequent generations, many of whom are not prepared to effectively manage their inheritances. Hence, we will have the need for more professional advisors.

According to Junior Achievement, roughly 80% of today’s high school students have never heard of a FICO score, and don’t understand compound interest. While this pervasive lack of financial literacy bodes poorly for their futures, the tide may be turning. Thanks to the State of Florida (credit to Governor Ron DeSantis in 2023), Florida’s high schools added a required course in Personal Finance. Today, at least 30 states require a course in personal finance in order to graduate from high school.

For years, both on radio and in writing, I have been alerting young people and their families to upcoming opportunities in the world of professional personal financial advising. For the right group of young Americans, meaning those interested in people, money, and math, the financial and emotional rewards can be numerous.

While it may seem strange for a practicing advisor to be promoting competition from new entrants, the shortage is real and ongoing. This needs to be addressed. Given the (above-referenced) lack of financial knowledge and understanding among young Americans, career opportunities are being squandered daily.

Historically, young people experienced serious barriers to entry in the financial advising world. This is changing fast, as demand for advisors increases daily. Young people should be paying attention and responding by considering this career path. Parents, teachers, friends, and even elected officials need to become supportive. They will be glad they did.