A Letter From Our CEO

For the past few years, I have found myself talking to college students and young professionals during the holidays, from Thanksgiving through the New Year. This is partly explained by my personal demographic, but also by our recruiting calendar at Cary Street Partners. The holidays provide a great time to meet one-on-one, face-to-face.

So now I am coming off a fresh period, speaking to college-aged young people who cited the complex job market as a worry when thinking about their near-term future. For many of them, this is a new experience and the first time navigating this uncertainty. I have real compassion for that, and I also have some perspective shaped by my own experiences. During my conversations, I always ask an open-ended question that goes something like this: “Tell me what the most important thing you want to experience in your first job is.” Without missing a beat, and almost unanimously, there was recognition that hands-on work experience and learning from on-the-job experience were most important. While that might feel familiar to many of us, I submit this is not what the answer to this question would have been in December 2020. The concerns expressed then would be the uncertainty of the world we lived in and trouble recognizing where it was all going. Young people were trying to make sense of the world they were experiencing. Maybe we were all trying to make sense of it if we are being honest. Remember the topics we were discussing then? Will we ever work in an office again, among others?

Stop and think about the mindset of a young person entering the work force then versus now…

Somewhat related, I have been most interested in reading the trends in return-to-work activities. At a summary level, data shows that the hybrid work model remains dominant, with a slow trend towards more people working in the office as time moves on. Adopting technology has enabled greater personal flexibility without sacrificing productivity. What is most interesting is the anecdotal data around young people’s preferences. Gen Z doesn’t necessarily want to “go to the office” for the sake of “being in the office.” However, they do want to be around other people in a meaningful way. They respond positively to social interaction, mentorship, learning experiences, and meaningful collaboration. Gen Z wants connection, collaboration, and human experiences. Kind of like a return to normalcy?  Something we can understand.

As a part of the late Boomer Generation, I remember that’s what I desired when I was that age…

Against this backdrop, growing U.S. household assets, trends in technology, arrayed against the aging financial advisor base have led to continued consolidation in the Wealth Management Industry.  One of the unheralded changes we are seeing is the growth in young people attracted to making this industry their career choice. I was fascinated to discover that over this five-year period, we have witnessed a 40-50% increase in total degree and concentration programs at U.S. colleges and universities focused on wealth management, with an estimated 300+ such programs in existence by the end of 2025. This reflects growing societal needs and marketplace demands for new skills and talent. It is also an indication of the opportunities offered to address changing student preferences in our business schools. We see this every day as we meet with and talk to this audience in search of meeting our talent requirements. We’ve had over 2,400 students apply for our 2026 Summer Intern Program. They express a desire for meaningful work and connection, which wealth management offers, along with demanding work. To effectively care for clients, our advisors and their support teams need to understand their clients’ financial needs, goals, and hopes for retirement. These are personal conversations that require true connection and yield meaningful impact. This is an exciting time for young people who are finding an entirely new industry opening to them at a time when the need for their talents and skills is growing.

As we enter 2026, I feel more confident about the future than I can remember. I’m not making a political statement or economic projection, nor am I expressing any reason to worry about the risks to our future. We all worry, but that’s a far cry from despair. When talking to 21- and 22-year-old students home for the holidays, it is normal for them to be concerned about their job prospects. Hearing their desire for hard work, learning, connection, and impact resonates as those sentiments are healthy, hopeful, and reflect personal responsibility.

This leads me in the new year to be thankful for our opportunities heading into 2026. Some of this stems from my own sense of renewal the new year brings, but much of it comes from what I’ve heard and observed over the past few months. People want to contribute, to learn, and to do work that matters alongside others they trust and respect. Those instincts are healthy, enduring, and deeply human. They remind me that progress is rarely about avoiding challenges, but about engaging them with responsibility, effort, and hope. That perspective leaves me confident about the road ahead and for our industry, for the next generation, and for the future we are building together.

From our family to yours,
Happy New Year 2026

Joseph Schmuckler
Chief Executive Officer, Managing Director
Cary Street Partners