More conversations within the financial planning profession are centered on the now widely publicized demographics of financial advisors themselves. The impending retirement of boomer advisors has left many concerned about a potential talent shortage. How do we, as advisors, business-owners and even as a profession, ensure that financial advice remains available for those who need it? Topics such as building career paths, attracting young talent and creating sustainable businesses through succession planning now dominate most practice management conversations in the profession.
These are not new conversations.
Ten years ago, the FPA NexGen community was created partly to bring these issues to the forefront. The founders of the grassroots organization sought to create a forum for constructive conversation within the profession, to develop a peer-to-peer support network and to form meaningful mentor-protégé relationships. That core group of young planners is now over 2,000 strong and is formally a community of interest within the Financial Planning Association. This organization of planners age 36 and under endeavors to:
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Support, advise and encourage one another in professional advancement.
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Promote, foster and direct programs that transfer knowledge from veteran advisors to younger advisors.
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Explore issues common to younger planners and seek means of accentuating the positives and finding resolutions for the negatives.
A wide range of experience is represented within the "age 36 and under" requirement. Members may be recent entrants to the profession and are eager to learn from peers about getting started in the profession. But NexGen membership also includes professionals with close to 15 years of experience as advisors. NexGen members include paraplanners, brokers, advisors, associate planners, operations processors, compliance professionals and business owners. NexGen members are leaders within the profession and thought leaders in the financial services industry.
