Training and talent are major concerns in the advisory industry. This is especially true in the bank channel, where there has traditionally not been as much potential for succession planning for advisors.

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Banks are in a uniquely difficult spot in terms of hiring advisors. The overall approach of a bank is essentially a scale business. Yet, when it comes to advisors, they find themselves competing against the wirehouses and RIAs--which have more of a high-touch exclusive approach--for top advisors.

To be sure, some banks are trying to implement solid career paths, even with succession planning for advisors. But more needs to be done.

Bank Investment Consultant asked Dan Overbey, president of the Bank Insurance & Securities Association, and president and CEO of Atlantic Capital Advisors, to outline his top three issues in regard to long-term training for bank advisors. Here are the three topics he cited.

COMPREHENSIVE FINANCIAL PLANNING

Advisors need a greater in-depth understanding of comprehensive estate planning and the importance, particularly, of risk mitigation. Far too much intellectual effort is spend on investment theory and building investment returns. A fundamental understanding of insurance, specifically the role it plays in risk mitigation, capital sustainability and tax planning is needed for advisors.

HEALTH CARE COSTS IN RETIREMENT

Given increased life expectancy, and the myriad of changes related to the healthcare market, advisors must grasp the issues related to healthcare. Specifically, the growing cost of healthcare during the retirement years, funding strategies for healthcare costs and expanding the conversation to include beneficiaries is a much-needed skill set.

ALTERNATIVE PRODUCTS

As clients live longer, they will likely continue to look for dividend paying investments beyond traditional fixed income products. The growing trend towards more sophisticated products will result in the need for advisors to understand and have the ability to explain these more complex investment vehicles.

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