The career that might just let you have it all

AM: I see a lack of understanding in what kind of value we can impart. With so much media around robo-advisors and DIY solutions, it may look like we are heading toward obsolescence in the marketplace. However, as our clients know, a financial advisor's value doesn't necessarily always come in the form of high returns, but in the intangibles: hand-holding clients through complex strategies, having the tough conversations regarding risk management that they might otherwise not address or even think about, educating the client on options they may have never realized they had. This component of the relationship is often more valuable to our clients than the reduced fees they could get elsewhere by doing things on their own. This is what we need to focus on marketing in the future: the relationship.

LHP: What is the biggest opportunity that you see in the industry?

AM: Women — that doesn't necessarily mean only working with single women or women as the primary breadwinner, but making sure you are connecting with the woman in the family in an important way. Women tend to enjoy working with professionals more than men. They are often more receptive to advice and therefore end up implementing planning faster.

Long-term, women also refer more clients than men typically do. Many women have been left out of the financial planning process in the past, as it is traditionally an aspect of the household that men handle. By making them an equal partner at the table and getting everyone on the same page, the whole planning process moves a lot smoother.

LHP: What do you think millennials are looking for in an advisor? How can advisors best serve this market?

AM: Millennials are looking for information and education catered specifically to their situation. Young professionals are taught to research, to use their networks, and to use the internet as a sounding board for major decisions in life.

Despite this, most people realize that all the ready-made financial advice available to them on the web might not be as fine-tuned as they need it to be for practical and highly personal decision-making. This is where we can be of value. By demystifying the world of finance and taking an educational, unbiased approach to our client meetings, millennials see the value in working with professionals.

LHP: What is the No. 1 piece of advice you would give to a young person looking to enter this industry?

AM: Begin with the end in mind! Create systems that you know you can sustain or reformat as your practice grows.