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You’ve heard about internships, but what about returnships? Financial advisory firms are betting on this new program to bring mothers back into the workforce and into their companies. IRelaunch, a company that works with companies and professionals looking to turn their attention back to their careers, which they call “returnships.”
Their research found that 93% of highly qualified women who took a “time out” from their careers want to return to them.
As a way to bring more women into the financial services world, the CFP Board and IRelaunch partnered in 2017 to bring returnships to firms. There are now 11 companies in the returnship program including big names like Fidelity and Edelman Financial.
Soon Advisors, Planning With Be In Short Supply
Within the next decade, 40% of financial advisors plan to retire, according to Cerulli Associates. With more advisors being over the age of 70 than under 30, the industry and investors are could face a shortage of advice and literacy.
With the industry struggling to recruit young blood into its firms, experts are sure of one thing – the decline in the number of advisors is happening, and fast.
“We are really on the edge of a succession cliff,” said Marina Shtyrkov, wealth management research analyst at Cerulli Associates. “In the next decade, advisor head count is going to begin declining pretty rapidly.”
Wall St. Celebrates 2 Big Milestones
Wall Street celebrated two big milestones this week as the Dow had its largest June gain since 1938 and the S&P 500 welcomed its best first half in two decades.
The Dow Jones Industrial Average jumped 73.38 points to 26,599.96 as J.P. Morgan Chase shares outperformed. The S&P 500 advanced 0.6% to 2,941.74, led by the financial sector.
While the market breaks records, Wall Street is keeping a close eye on U.S. trade negotiations with China at the G-20 summit, in the hopes that an agreement can be reached, bringing some much needed stability to the wobbly market.
AdvisorNews Managing Editor Cassie Miller may be reached at cassie.miller@Adnewsfeedback.com. Cassie has an extensive background in magazine writing, editing and design. Follow her on Twitter @ANCassieM.