When you’re searching for a new advisor, “you can feel your investment advisors start to age out,” according to one of the youngest of them, Matt Mocarella, who now runs Goldman Sachs’ Personal Wealth division. “You can feel the need for new blood and new talent being produced.”
We spoke to Mocarella and other executives at wealth managers in New York, Washington and San Francisco this week about why they have a responsibility to the industry to invest in changing the system for managing money, starting with better succession planning. “You have to innovate and become more agile and more innovative, or we’re going to get hit by a tsunami of retirement,” one risk-advisors told CNBC.
In the United States, this is all about employees. The average retirement age is around 60, and it’s going up. Meanwhile, the most important influencers in the business world are all nearing retirement age, according to several planners. For investment advisers, the eventual retirement of their top earners sets off alarms.
In Washington, Sanders is doing everything he can to fight against the highest age-of-consent in the country: 58 years. In San Francisco, investors are increasingly cashing out before retirement age, an indication that the financial industry needs to improve its planning to help older clients.