“Wealth Enhancement Group Launches University to Train Next Generation of Financial Advisors”

Wealth Enhancement Group, one of the industry’s largest and fastest-growing aggregators of registered investment advisory firms, has taken a proactive approach to addressing the ongoing succession challenge facing the advisor profession and the wealth management industry. The firm has recently launched Wealth Enhancement Group University, a training program designed to cultivate the next generation of financial advisors.

The university focuses on developing the “soft skills” that are often overlooked in traditional technical training programs, such as emotional intelligence and relationship management. Kris Carroll, managing director of Wealth Enhancement Group’s Carolinas region, emphasized the importance of investing in professional development as a business imperative. With a focus on small groups of early-career planners, the program aims to equip participants with the skills necessary to succeed in the industry.

Wealth Enhancement Group has been at the forefront of industry consolidation, surpassing $82 billion in client assets through a series of acquisitions. The firm’s CEO, Jeff Dekko, recognized the need to invest in training the next generation of advisors and tapped Carroll, a second-generation advisor and adjunct financial planning professor, to lead the program.

Carroll highlighted the pressing need for firms to address the impending retirement of senior advisors and the high failure rate among rookie planners. He stressed the importance of taking a multi-faceted approach to talent development and succession planning to ensure the continuity of advisory practices.

In a rapidly evolving industry landscape, firms like Wealth Enhancement Group are faced with the challenge of managing the talent pipeline amidst an advisor shortage. Carroll cautioned against hasty equity stake offerings to early-career professionals without proper succession planning and infrastructure in place.

To address the challenges of finding, supporting, and incorporating new advisors into succession plans, firms can proactively implement strategies outlined in the slideshow accompanying the article. The industry’s low success rate for aspiring advisors underscores the need for mentorship and support, particularly for women in financial careers.

As the industry grapples with the impending retirement of senior advisors and the need to groom the next generation of talent, programs like Wealth Enhancement Group University serve as a model for proactive talent development. By investing in the professional growth of early-career planners and emphasizing the importance of soft skills, firms can position themselves for long-term success in an increasingly competitive landscape.