In a recent study, Cerulli Associates points out that about 28% of financial advisors who say that they plan on retiring in the next 10 years have yet to settle on a succession plan. On aggregate, the financial services industry understands the need to attract, groom, and retain the next generation of talent if they want to ensure the longevity of their firms, but accomplishing that goal remains elusive.
There’s been plenty of discussion from a more senior perspective about how to address this problem, but little has been written from the Millennial viewpoint – about what they’re looking for in a career, why they desire a sense of purpose and not just a job, and what the financial advisory industry looks like through their eyes.
In this guest post, Janki Patel from The Ensemble Practice (a consulting firm serving the financial advisory industry) discusses why independent financial advisory firms are a great fit for Millennials, the challenges many Millennials face when trying to understand (and differentiate between) the varying service models within the industry, why advisory firms are having such a hard time attracting next-generation talent, and the specific steps advisory firms can take in order to bridge that gap.
Unfortunately, the financial services industry is competing with a myriad of other industries who are also trying to hire Millennial talent. What’s worse is that the industry is small, outrageously complex, and doesn’t exactly have the best reputation. It just isn’t easy for young people to figure out who’s wearing the “white hats” when all they see are (very) negative headlines and job postings that are misleading at best.
Meanwhile, Millennials have been unfairly labeled as a spoiled and entitled generation that’s only interested in taking selfies and communicating with emojis. Instead, Millennials are driven and passionate, and desperately want their careers to matter. They care less about perks and benefits, and more about a company’s mission, having a well-defined career path, and being challenged and mentored.
Because the reality is that good financial advice can make deep and meaningful impacts on people’s lives, and that resonates with Millennials. And by focusing on doing a better job of honing their mission, communicating how they make the world a better place, and creating well-defined career paths, advisory firms can better position themselves to attract and retain the next generation of talent.
source https://www.kitces.com/blog/independent-advisory-firms-eyes-millennial-janki-patel-ensemble-practce/
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