The financial advisory industry is aging quickly. According to McKinsey, an estimated 110,000 advisors, or 38% of the current workforce, are expected to retire in the next decade. The need to attract, train and retain the next generation of wealth managers has never been more urgent, especially when serving high-net-worth clients who demand competence, discretion and consistency.
Jeffrey Fratarcangeli, founder and CEO of Fratarcangeli Wealth Management, understands this challenge intimately. His firm manages more than $3.5 billion in assets for high-net-worth households and businesses. Nearly every member of his 40-person team started as an intern, including Jeffrey himself.
“If you want the best,” he said, “you have to build the pipeline yourself.”
Below, Jeffrey Fratarcangeli outlines four key strategies for finding and developing the next generation of elite financial advisors.
Build a World-Class Internship Program
Fratarcangeli’s firm runs a highly selective internship program, drawing talent from top programs like the University of Michigan’s Ross School of Business and its student-athlete ranks. The process is intentionally rigorous.
“We tell them up front: this is a competitive environment. Not everyone will get a job offer, but everyone will leave better prepared,” Fratarcangeli said.
In summer 2025 alone, the firm brought on approximately 50 interns across football, basketball and business programs.
“More than 80% of our team started as interns,” Fratarcangeli added. “It’s the best way to assess character, coachability and long-term potential before extending a full-time offer.”
Look for Competitive Drive and Team Mentality, Not Just Credentials
Fratarcangeli doesn’t rely solely on GPAs or finance degrees when evaluating talent.
“I look for people who have competed at a high level, whether that’s in sports, debate or even the military. Competitive environments prepare people to deal with adversity, perform under pressure and thrive in a team,” he explained.
That edge, he believes, is crucial in an industry where trust and performance are non-negotiable.
“You can teach financial literacy. You can’t teach grit.”
Coach Confidence, but Temper it with Humility
Young advisors often come in eager to prove themselves, sometimes before they’re fully ready. Fratarcangeli sees that eagerness as a double-edged sword.
“I had two interns recently who wanted to speak up in meetings too early. I love the drive because it means they care. But I had to tell them: listen more before you talk. You are here to be a sponge first.”
His advice to rising advisors? Show up early. Be polished. Observe more than you speak. And remember, you are there to help your clients whenever they need you.
“The biggest part of ensuring success is showing up for clients consistently,” he said. “I secured my first major client referral because I called someone on a Saturday during a Michigan-Ohio State game. They didn’t expect that level of commitment.”
Empower Your Team to Earn Trust, Then Let Them Fly
Fratarcangeli emphasizes empowering his team over micromanaging them.
“You have to give them the tools and the knowledge, and then let them go. It’s like taking the training wheels off,” he said.
Trust, according to Fratarcangeli, isn’t earned in a vacuum. Building client relationships that last decades means giving team members room to build their own bonds, rooted in trust, attentiveness and shared values.
“Like my grandfather used to say, you have to break bread with someone many times to really know them. That applies to team members just as much as it does to clients.”
He teaches his team a simple mantra: Clients don’t care how much you know until they know how much you care.
The Time to Build the Talent Pipeline is Now
The future of wealth management depends on building the bench today. That requires more than job boards and career fairs. It means actively investing in talent development, creating a strong internal culture and setting a high bar for excellence.
As Fratarcangeli put it, “You can't fake caring. People see through it. But if you have the right people and the right process, everything else follows.”
For more insight from Jeffrey Fratarcangeli, visit www.fratarcangeliwealth.com.
