About one third of financial advisors are aged 55 to 64, according to a Cerulli Associates report. This suggests that a large number of advisors are leaving the industry to retire. Young financial advisors might therefore soon enter a job-seeker’s market.
We have some tips for young financial advisors taking their first steps in the industry.
Keep learning
Global financial markets constantly evolve, and financial advisors must keep on top of new developments. Meanwhile, new technologies emerge that might help make the most of client portfolios.
Financial advisors must also stay aware of industry trends by attending conferences and subscribing to industry publications. This way, young financial advisors can position themselves for the future while assisting their ageing employers in adapting to new trends.
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Make the personal connection
In a digitised society, young financial advisors should capitalise on human relationships. Financial advisors connect with clients on a personal level to deliver better value in the long term.
Exchange-traded funds make a DIY approach easier, and robo-advisors can take care of the details. MyPrivateBanking Research has shown that by the end of 2020, more than four trillion dollars will be controlled by automated investment platforms and robo-advisors across the world.
Financial advisors might want to think about making partnerships with robo-advisors to cope with the automated areas of financial planning. By taking this approach, young advisors can favourably position themselves by considering the areas where they can add value rather than trying to directly compete.
Nurture your professional growth
For young advisers, time needs to be dedicated to professional growth. For example, young advisors should read articles and books, take online training courses, volunteer with professional organisations, and secure new educational qualifications to continue growing their value to employers and clients.
In addition, young advisors ought to give back to others. Mentoring students or younger advisors is an excellent way to keep up with basic knowledge while building a rapport and helping others. Taking part in requests from government for policy information is another good way to give back to society.
