Building the Next Generation

From “It’s Hard to Find Good People” to “We’ve Got a Plan”

“It’s hard to find good people.”

“I need a succession plan.”

“I can only keep these young people two or three years, then they leave.”

If you’ve spent time in the retirement plan industry, you’ve probably said or heard those words. Many firms are at a crossroads. Baby Boomer founders are preparing to retire, while younger professionals, ambitious, curious, and digitally fluent, cycle through roles faster than ever. The result is a widening talent gap, an urgency for succession planning, and a real need to rethink how we build and sustain advisory teams for the next decade.

But here’s the opportunity. This period of change can also be your greatest growth window if you approach it strategically.

The Reality: The Workforce Is Turning Over, Ready or Not

Baby Boomers are leaving the workforce quickly, and our profession is no exception. Many top advisors who built thriving 401(k) practices in the 1990s and early 2000s are now approaching retirement age. Younger advisors see career growth differently.

Key succession challenges:

1. Talent Retention: You invest in a young advisor, train them for years, and just as they start producing, they move on.

2. Business Continuity: Your clients, the very companies you have guided for decades, will eventually experience leadership changes too. When they do, you risk losing those relationships if you don’t have a clear succession plan in place.

The solution is simple in theory but takes effort in practice. It is about development. Developing your team, developing your firm’s next generation of leaders, and developing a proactive approach to client transitions.

Step One: Bring Your Team Into the Industry

If you want your team to stay, they need to belong to something bigger than your office walls. This is where industry exposure comes in.

When your younger team members see that financial services isn’t just spreadsheets, and they connect with people, they begin to invest emotionally. Encourage attendance at ASPPA, NAPA, or regional conferences. Let them connect with peers, hear from leaders, and experience the broader community that makes this profession so rewarding. Events like these spark passion and commitment.

Make professional development part of their career path. Designations like QKA, CPFA, or CFP^® deepen competence and confidence, and that combination leads to engagement.

Marketing Tip: Don’t just attend ASPPA or NAPA events. Market your attendance. Share photos of your team at conferences. Post about designations earned. Include a “Team Spotlight” in your newsletters. These efforts show clients that your firm is built on a foundation of expertise, energy, and growth.

Step Two: Create a Clear Career Path

Retention is rarely about money alone. It is about meaning. One of the top reasons younger professionals leave is because they don’t see where they are headed.

Map out growth within your firm with clear roles, responsibilities, and skill-building milestones.

• Associate Advisor: Assists with plan administration, learns systems and compliance.

• Plan Consultant: Leads participant meetings, begins managing small clients.

• Relationship Manager: Oversees client relationships, handles renewals, leads meetings.

• Partner or Practice Leader: Manages teams, drives growth, shapes firm strategy.

When people see their future, they are more likely to stay and help you build yours.

Step Three: Insulate Your Client Base with a Solid Transition Plan

When company ownership changes, especially after a Baby Boomer retires, it often triggers a plan review or RFP within a year. Strengthen client relationships by introducing next-generation advisors who can connect with emerging leaders. When new decision-makers take over, they will already view your firm as a stable, forward-thinking partner.

Succession planning is not only about continuity. It is also about growth. The next wave of executives is data-driven, tech-comfortable, and socially conscious. They expect advisors to provide digital engagement, financial wellness programs, and proactive benchmarking insights. A younger advisor who relates naturally to modern decision-makers can sustain relationships and open new opportunities as plans evolve.

Marketing Tip: Turn this into a story. Communicate that your multi-generational team ensures consistent, long-term service. Track leadership changes in your CRM and reach out with timely insights or plan reviews to stay relevant.

Step Four: Make Your Practice a Place People Want to Stay

Attracting and keeping talent starts with culture. People want to be part of something they believe in, something that feels alive. Create an environment where curiosity is encouraged, learning is celebrated, and success is shared.

A few ideas:

• Give ownership early through small projects.

• Celebrate milestones like designations and client wins.

• Encourage networking in industry and local groups.

• Foster mentorship between senior and new advisors.

Marketing Tip: Your culture is part of your brand. Share behind-the-scenes content that shows your firm’s personality. Photos of your team collaborating or attending an event can build connection and authenticity online.

Step Five: Tie It All Together With a Marketing Mindset

Your ability to attract, develop, and retain top talent is part of your marketing strategy. It tells clients you have continuity. It tells recruits you have purpose. It tells prospects you have staying power.

Marketing Takeaways:

1. Promote Your People. Feature team growth publicly. It builds credibility and engagement.

2. Own the Transition Narrative. Tell clients and prospects that your firm is built to last.

3. Target Leadership Changes. Create outreach campaigns timed to executive transitions.

4. Show Generational Depth. Use visuals and messaging that reflect experience and youth.

5. Celebrate Industry Engagement. Every conference, award, or designation is a marketing opportunity.

The Takeaway: Build a Firm That Grows Through Transitions

Succession planning is not just a defensive strategy. It is a growth strategy. It protects your clients, empowers your team, and ensures your business continues to thrive long after you step away.

Finding good people will always be hard, unless you create an environment where they become great. Invest in your team’s education. Bring them into the industry fold. Give them a roadmap for growth. When you do, you’ll build a practice that doesn’t just endure change but benefits from it.

In the end, the firms that win aren’t the ones with the most years of experience. They are the ones that plan for what’s next.

Thanks for reading & Happy Marketing!

About Us

401(k) Marketing is the modern marketing agency for the retirement plan industry. We support our clients through custom engagements, content marketing campaigns, sales material innovations, and thought-leadership consulting. Our mission is to empower the retirement plan industry with high-quality marketing, ultimately inspiring Americans to become financially prepared for their future.

Retirement Plan Marketing is the solution for retirement plan advisors looking for a scalable marketing process. This process generates awareness, streamlines sales opportunities, and earns more 401(k) business. This comprehensive, strategy-driven program includes digital content and sales material designed to help retirement plan professionals attract the right decision-makers.