Even if colleges ramp up degree programs in financial planning and related fields, advisory firms are going to have to rethink their hiring philosophies to meet the growing demand for investment advice, according to industry representatives and academics.

Putting it rather bluntly, Deena Katz, an associate professor of financial planning at Texas Tech University, argued that advisors can no longer expect to hire only seasoned, mid-career professionals with an established book of business.

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