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The financial advisory industry faces a significant demographic shift, with the average age of advisors in the U. This suggests plenty of changeover toward younger talent over the next decade, which also means that younger advisors will have a greater chance than previous generations to shape the industry.

But first, they need to get their footing in a challenging and competitive career that often throws unexpected obstacles their way. To help aspiring and early-career financial advisors navigate their early careers, we sought the insights and advice of experienced professionals.

In addition to the six main tips outlined in this article, we've included standout bonus tips throughout the piece. From emphasizing the importance of lifelong learning to finding a niche and honing communication skills, these advisors share the lessons they wish they had known when starting.

We can quickly sketch three significant shifts underway as newer advisors are entering the field:. Brian M. Schmehil, managing director of wealth management for the Mather Group in Chicago, said all advisors, not just newer ones, are adjusting to recent economic changes. He noted that higher inflation has "put pressure on certain asset classes, forcing advisors and their clients to rethink portfolio construction.