Gateway Financial Partners, a hybrid registered investment advisor based in Glastonbury, Connecticut, has introduced a structured coaching initiative aimed at reducing the high attrition rate among new financial advisors. The program, named Gateway Elevate for Next Gen Advisors, pairs the firm's network of 200 affiliated advisors across 24 states with veteran coach Joe Lukacs, founder of the Magellan Network, who brings 32 years of coaching experience and more than 70,000 sessions to the effort.
The launch comes as industry data highlights a looming succession crisis. According to Cerulli Associates, approximately 72% of rookie advisors leave the profession within their first few years. Meanwhile, more than 109,000 advisors—representing 37.5% of industry headcount and overseeing 41.5% of total assets under management—are expected to retire over the next decade. The financial cost of a failed next-gen advisor is estimated between $646,000 and $1 million.
David Wood, founder and chief visionary officer of Gateway, said the industry's problem is not a lack of talent but a lack of timely coaching. "The industry loses three out of four new advisors, not because they lack talent, but because the moments that make or break a young advisor happen when no one is there to coach them through it," he said.
Gateway Elevate is designed to provide continuous support rather than periodic workshops. Participating advisors receive 24/7 access to an AI coaching assistant trained on Lukacs' methodology, daily early-morning strategy and mindset videos, weekly live office hours, and weekly accountability coaching from a dedicated integration coach. The program also includes monthly live small-group mentoring sessions with Lukacs and a library of more than 100 hours of masterclass content.
Lukacs emphasized the importance of structure and accountability. "The advisors who make it aren't the ones with the most talent. They're the ones with structure, accountability, and coaching in the moments that matter," he said.
The Elevate launch is part of a broader growth push by Gateway. In August 2024, the firm announced a fintech partnership with estate-planning platform wealth.com, giving advisors access to guided will and trust creation tools. The firm has also been expanding its support infrastructure to differentiate itself in a competitive RIA market.
The integration of an AI coaching assistant trained on Lukacs' body of work signals a shift toward productizing expert knowledge. By embedding Lukacs' frameworks into an AI tool, Gateway aims to democratize access to coaching that would otherwise be limited to those who can afford individual engagements. The AI assistant is available at low-friction moments—early mornings, late evenings, or during client-meeting preparation—when newer advisors often lack guidance.
For an industry facing a generational handoff, the question is whether technology-assisted programs like Gateway Elevate can meaningfully reduce the 72% failure rate. The program's success could serve as a model for other firms looking to retain young talent. As Edward Jones' hybrid digital advice platform shows, firms are increasingly turning to technology to engage younger clients and advisors alike.
Gateway's move also reflects a broader trend of RIAs investing in advisor development. Similar efforts, such as MissionSquare's $73.6B wealth platform, highlight the industry's focus on retention and succession. Whether Gateway Elevate can shift the attrition curve remains to be seen, but the firm is betting that a combination of human coaching and AI support will make a difference.
