Over the course of this year, I have listened to close to half a dozen presentations about how to engage the millennial client. New fee structures, social media strategies and adapting the financial advice offering have been suggested, and are indeed necessary for our profession to become relevant for 20- and 30-somethings. However, we cannot forget that engaging and retaining the millennial advisor is an important piece of this conversation.
The profession has come a long way since the days when a young advisor might find him or herself alone in a room of "gray haired" advisors. We have a vibrant community of next-generation advisors who are passionate about serving clients and moving the profession forward. Across the country, we are seeing next-gen advisors step into leadership positions.
However, one of the most common frustrations I hear from young advisors is over serving young clients who have not yet accumulated significant wealth. While some established businesses are trying to figure out how to serve this demographic, many young advisors have left their firms to hang their own shingles.
I wonder how many of these situations could have had a better outcome if advisors had worked together to solve this problem. As business owners, are we creating attractive careers for young advisors or simply providing a training ground for them to launch their own businesses? Probably both — and that's okay, and even healthy for the profession.
Many young advisors are eager to build a long career in an established firm. When the succession planning conversation is less about identifying a buyer for the business and more about embracing the passion of young future partners, we can give young advisors room to find fulfillment and success in the profession. Firm owners and young advisors must work together to engage the millennial generation in the context of what makes sense for the business.
