Vincent Linsley at ISS Market Intelligence warns that a major demographic shift is coming. The baby boomer generation, including many long-serving advisors, will reach retirement age by 2030. At the same time, the number of advisors in the full-service brokerage channel has barely grown for over 20 years. This raises the risk of an advice gap, particularly for mass-market clients with smaller portfolios.

The age distribution has tilted older. Advisors over 55 now represent nearly 40% of the population and control close to 50% of total assets. In the banks, advisor headcount has declined over the past decade, while independent firms have grown more than 20% through aggressive recruitment.

Despite these trends, most dealers say they are not concerned about an immediate advice gap. Many older advisors continue working well into their 60s and 70s, often with large teams in place. Firms emphasize structured succession planning that begins years in advance, giving successors time to build relationships and ensuring smooth handoffs.

Succession remains both financial and emotional. Firms give advisors freedom to choose successors who share similar values and philosophy, but still verify compliance, alignment, and growth potential. Early planning, ideally with a three-to-five-year transition window, helps protect client relationships and reduce assets in motion.

While the near-term risk appears contained, the longer-term challenge is shifting from advisor succession to client succession. As trillions transfer to the next generation, retaining inheritors, especially female and younger, digitally native clients, will determine whether books of business continue to grow across generations.

Source: Video - Is an Advice Gap on the Horizon in Canada?