Practice Management

Advisers reveal proper care and feeding of newbies

Young talents improve chances for success by doing various tasks

Nov 18, 2012 @ 12:01 am

By Darla Mercado

+ Zoom
(Getty Images)

Skip the clerical work. Bring on the client meetings, mentoring and day-to-day business.

That's the best tack to take with young financial advisers just starting in the business. Increasingly, senior advisers are following that approach, providing hands-on learning when preparing new talent for advisory careers.

“When we're hiring someone, we want to expose them to everything — every aspect of what it takes to be with the firm,” said Jessica Ness, director of financial planning at Glassman Wealth Services LLC. She was a featured panelist on “Success Stories: Tales from the Trenches,” a session held during InvestmentNews' NextGen Virtual Career Fair.

Newcomers to Glassman get not only a flavor for meetings, phone calls and the relationship side, but a sense as to which of their abilities is best suited for the business. Compatibility with firm culture is a must.

“With new hires and interns, we want to make sure they meet everyone in the firm — everyone has to have the same buy-in,” Ms. Ness said. “For the new folks out there, you need to like the people you're working with as people. You want to be comfortable with your new boss.”

REAL ADVISER WORK

Summer associates at Fox Joss & Yankee LLC also hit the ground running. Rather than have interns make copies and fetch coffee, the firm aims to prepare them for the workload of an associate adviser. “They don't do any business development, but they do everything else,” said Laurie A. Belew, senior financial adviser. “They sit in on investment committee meetings, put together financial snapshots and prepare for client meetings.”

Travis Russell, an assistant director of financial planning at Glassman Wealth Services, describes successful advisers as “ambitious — the advisers that want to go out and get it.” Sure enough, he attended his first client meeting on his 11th day in the office.

Still, missteps are a major part of starting out. Panelist Ginnie Baker, associate financial adviser at Fox Joss & Yankee, said her biggest mistake was not asking for help when she needed it. “Knowing what you can handle and finding out what's too much for you” is crucial, she said.

Enter the “borrowed trust”concept. “One little mistake can chip away at that trust, and it takes a long time to earn it back,” Ms. Belew said. “Triple-check your work, but if you make a mistake, own it and don't try to cover it up.”

SEEK CREDENTIALS

Advisers suggested that entrants consider obtaining designations, such as certified financial planner, that show their commitment to the profession and convey greater credibility when they're working with wealthy clients. “For the younger generation, sitting across from someone with $5 million or $10 million — they want to know that you're knowledgeable and not just straight out of school,” Mr. Rus- sell said.

Ms. Ness suggested that women starting out in the male-dominated advisory industry assert themselves. “It poses an opportunity and a challenge,” she said. “Women like working with women. We have a different communication style. Where it's a challenge is the work-life balance — having an 18-month-old son and a full-time job is a challenge.”

Above all, to be successful, young advisers need to display authenticity and straightforwardness, said panel moderatorJosh Brown, an adviser at Fusion Analytics Investment Partners LLC. “Most of the time, [clients] recognize that I say what I think,” he said.

“In this era, that's what they're looking for. Even if it's not a fun answer, they're happy to get that answer from me. They know I'm telling them the truth.”

dmercado@investmentnews.com Twitter: @darla_mercado

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Upcoming Event

Oct 17

Conference

Best Practices Workshop

For the fifth year, InvestmentNews will host the Best Practices Workshop & Awards, bringing together the industry’s top-performing and most influential firms in one room for a full-day. This exclusive workshop and awards program for the... Learn more

Latest news & opinion

The appeal and pitfalls of holding unconventional assets in retirement accounts

While non-traditional asset classes held in individual retirement accounts may have return and portfolio diversification benefits, there are "unique complexities" that limit their value for most investors.

Wells Fargo's move to boost signing bonuses could give it a lift

Wirehouse is seen as trying to shore up adviser ranks that took a hit after banking scandal

New Jersey fines David Lerner Associates for nontraded REIT sales

Firm will pay $650,000 for suitability, compliance and books and records violations.

Report predicts $400 trillion retirement savings gap by 2050

Shortfall driven by longer life spans and disappointing investment returns.

Wells Fargo will ramp up spending to lure brokers

Wirehouse, after losing 400 brokers in first quarter, is bucking trend among rivals who have said they are going to cut back on spending big bucks recruiting veteran advisers

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print