Spokane’s Financial Sector Fights Adviser Shortage with Innovation
Spokane’s financial planning industry is tackling a looming workforce shortage with innovative strategies. Efforts include succession planning, new educational programs, and mentorship models aimed at attracting and retaining the next generation of financial planners.
According to a McKinsey & Co. report, the industry faces a 100,000-adviser shortage by 2034. In Washington State, financial planning is among the fastest-declining professions between 2023 and 2028.
Educational Pipelines: A Key Solution
Whitworth University’s Master of Science in Financial Planning program, launched in 2023, has become a key pipeline for new advisers. It’s the only such program in a seven-state region.
“Each year we’ve met our revenue projections, so it’s grown each year and we’ve filled our classes,” says Robin Henager, founding faculty of the program. The program has steadily increased its enrollment, capping at 20 students.
The industry’s workforce decline is driven by retirements and an outdated perception of the profession, according to Henager. The role has shifted from transactional to relationship-driven, focusing on understanding clients’ values and life goals.
Evolving Profession and Compensation Models
The profession has evolved faster than public perception, says Marcus Holzschuh, associate investment adviser at Vickerman Investment Advisors Inc. and president of the Financial Planning Association of Spokane.
“If you say financial adviser, people equate that with ‘The Wolf of Wall Street,'” Holzschuh notes. “That old bygone era is not how most any shop does business now.”
Compensation models have also shifted. Many firms now offer salaried positions with performance-based bonuses instead of traditional commission-based roles. This change reduces turnover and provides a more stable career path for new advisers.
This shift is evident in Spokane, where firm owners like Robert Forster of Forster Financial Inc. are investing in mentorship programs. Forster recruits graduates from Whitworth’s program, offering them a two-to-four-year training period before they build their own client practices.
“I’m a real big advocate in this young talent,” Forster says. “I take care of them; they get a 401(k) and benefits. I’m happy, and I want to keep the legacy going of our firm.”
As older professionals retire, the sector offers young people and career changers an opportunity to step into the field. Brandon White-Szep, a graduate of Whitworth’s master’s program, transitioned into financial planning in 2024 after years in project management.
Whitworth University is further adapting its program with a multiyear grant from the Charles Schwab Corporate Foundation to expand coursework on career pathways, practice management, and sales and negotiation.
“I think the problem is awareness,” Henager says. “We really need to get the word out that this is a great profession.”
Mentorship and Succession Planning: Securing the Future
Established financial planners in Spokane are taking proactive steps to mentor the next generation, ensuring a smooth transition as older professionals retire. Robert Forster, founder of Forster Financial Inc., has structured his firm around mentoring young advisers, recruiting graduates from Whitworth University’s Master of Science in Financial Planning program. Forster provides a two-to-four-year training period, allowing new hires to build knowledge and credibility before managing their own client practices.
Travis Messinger, a wealth adviser at Fulcrum Financial Group LLC, highlights the shift toward structured career paths for new advisers. These paths often include mentorship and team environments, reducing the immediate pressure to bring in new business. Messinger sees this as a significant opportunity for newcomers, particularly in firms with established succession plans that allow for growth and partnership potential.
Expanding Educational Initiatives and Industry Awareness
To further address the workforce shortage, Whitworth University is expanding its Master of Science in Financial Planning program with a multiyear grant from the Charles Schwab Corporate Foundation. This funding will enhance coursework on career pathways, practice management, and sales and negotiation, providing students with a more full understanding of the profession.
Brandon White-Szep, a recent graduate of Whitworth’s program, exemplifies the appeal of the profession for career changers. After transitioning from project management, White-Szep emphasizes the value of relationship-building in financial planning and the importance of salaried roles for those entering the field.
