Passing the baton to the next generation of financial advisors

Scott Winslow • Wilmington, NC
Nabell Winslow Investments & Wealth Management • Cetera Advisors LLC

When I graduated from the University of Mount Olive in 1996, I had my mind set on entering the financial-planning industry. To say I was naive about the challenges ahead in my professional life would be an enormous understatement.

I was hired by an excellent company and showed up eager to learn, but I was quickly overwhelmed by the sheer volume of technical knowledge required and the intensity of the sales training. I vividly remember thinking I might fail, and I still feel deep gratitude that I not only survived but became successful in this business. Based on new advisor success rates, which I think are still in the single digits, it could have gone another way.

I believe our industry still prioritizes producing the best “salespeople” rather than fostering strong advisory practices. There’s been little meaningful change to improve outcomes for new advisors—or, by extension, for clients.

We face a serious shortage of truly qualified advisors. The pipeline of new talent isn’t keeping up with demand. Depending on the study, 30% to 50% of today’s advisors are expected to retire or leave the industry in the next decade. The shortage isn’t just among women or underrepresented groups—it spans the entire population of qualified, well-trained advisors. As an industry, we’ve fallen short in improving our service to society.

When Mark Nabell and I co-founded Nabell Winslow Investments & Wealth Management in 2013, we often reflected on our early-career struggles and the gaps in the industry. We began asking: What’s the best way to bring new advisors into the profession? That led us to develop what we call the six-point success plan:

1. Team membership. Our industry has spent millions trying to train new advisors—often with disappointing results. I believe one key reason is the lack of true team membership. Young people today may differ from Generation X or baby boomers, but they are very smart and capable. Bring them onto the team. Let them experience every aspect of the practice. We often start them in an internship-type role so we can assess their strengths, weaknesses, and the best long-term fit for our firm.
2. Mentorship. This is another critical success factor. New advisors need access to experience and wisdom. In a world filled with noise and distractions, patient, hands-on guidance from an industry veteran can provide the necessary structure, feedback, and confidence that a new advisor needs to stay on a meaningful path. This may be the largest gap in our industry today.
3. Income security. This is where many boutique firms hesitate. Given the low success rate for new advisors, firms are understandably reluctant to invest heavily in them. As a battle-hardened survivor of the old-school cold-calling training methods that were so common for our generation, I know it’s tough for more senior advisors to embrace new approaches, including those related to compensation. But new advisors need a livable salary until they’re able to build their own book of business.
4. Survival. There has to be a clearly defined path to long-term success. If a new advisor can make it past seven years in this business, the odds of long-term survival increase dramatically. With the right mentorship and income support, we believe more young advisors will get to that point—and thrive.
5. Credentialing. Developing expertise in applied financial science is a must. We must train young advisors in the art and science of our business so they can advise while learning and maturing in business development. Institutions like The American College of Financial Services offer strong educational foundations and designation programs that support this journey.
6. Career pathway and specialization. Not every new advisor will become a lead advisor or equity partner—and that’s OK. Whether someone’s strengths lie in business development, financial planning, or operations, firms need to offer career paths that align with individual talents and fulfill key roles. No one starts a major journey without a plan. Advisors need one too—complete with milestones and actionable steps.

In 2015, Mark and I committed to building a third generation of potential succession at our firm. We received more than 130 applications and conducted over 35 interviews. After meeting with several candidates, we extended an offer to Josh Rosenberg—a bright, confident young advisor who had several competing offers. I remember looking him in the eye and sharing my journey to success, including the struggles I faced early on. I told him, “You must have a success plan—and if you come here, we will train you and help you achieve it.”

I believe that’s why Josh accepted the offer. More than 10 years later, he’s now an equity partner in our firm and has earned several professional designations, including CLU, ChFC, RICP, and CCFC. His success is one of our firm’s greatest accomplishments.

In 2022, Josh received the NextGen Financial Services Award from The American College of Financial Services. He currently serves on The American College of Financial Services NextGen Task Force advisory council and contributes to a range of industry and community endeavors. His success benefits not just our firm but also our clients and the broader profession.

Now, we’re preparing for what we call “Josh 2.0.” We know we need to repeat this process for our clients and society. The demand for quality advisors continues to grow, and our industry must rise to meet it. When I was the 2023 Alumni Council president for The American College of Financial Services, we established an alumni-endowed scholarship fund to help support deserving advisors. I am very proud of that effort, which kicks off in the fall of 2025.

To my peers: This industry has given us so much. It’s time we give back by passing the baton and helping the next generation succeed.

Disclosure: Securities and advisory services offered through registered representatives of Cetera Advisors LLC (doing insurance business in CA as CFGA Insurance Agency), member FINRA, SIPC, a broker-dealer and a registered investment adviser. Cetera is under separate ownership from any other named entity. 219 Racine Drive, Suite A-1, Wilmington, NC 28403.

ChFC, CLU, and RICP are registered trademarks of The American College of Financial Services.

The American College of Financial Services’ NextGen Financial Services Professional award recipients are nominated by peers. Eligible candidates are under 40, have five or more years of industry experience, hold a degree or designation from the college, and are active members of one or more professional organizations. Winners are selected by The American College Alumni Association based on outstanding performance and leadership in their careers and a desire to give back to the community. Nomination or receipt of this award is not a guarantee of future investment success. This recognition should not be construed as an endorsement of the advisor by any client. No compensation was provided directly or indirectly by the recipient for participation or in connection with obtaining or using the third-party rating or award.

Photography by Chris Brehmer