Independent planning firms will need more than 200,000 new advisers over the next 10 years to replace the baby boom founders who are now in their 60s, according to calculations by Mark Tibergien at Pershing Advisor Solutions. But where are they going to come from? College programs are graduating hundreds, not thousands, of new advisers.

In a free and vibrant economy, nature has a way of filling the vacuum, so I expect the demand to be met. When I look for possible candidates, my eyes tend to fix on 277,000 people currently in the sales environment at wirehouses, banks, regional brokerages and independent broker-dealers.

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