People have a hard time planning for the long term. One big example: Many clients don’t plan enough for retirement. Companies are often no better in planning. Just like investors who know they should save more but don’t, financial companies have known for years that they should be cultivating more young talent. But they haven’t.

Longtime recruiters in the advisory industry have been pointing toward a day of reckoning for years. Even while their own practices thrived on advisor mobility, they often would express dismay as firms decided that cherry-picking the competition was the easiest way to staff up.

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