Millennials want mentoring, expert says

Advisers have an opportunity, as long as they don't question the questions

Jun 20, 2013 @ 3:38 pm

By Liz Skinner

millenials, mentor
+ Zoom

Mentoring is crucial to high-performing millennials and advisory firms should be getting involved in helping with these relationships. But that doesn't mean crafting a formal program, according to one workplace expert.

The idea of mentoring has changed and does not only mean a face-to-face relationship with an older person, said Jeanne Meister, author of "The 2020 Workplace: How Innovative Companies Attract, Develop, and Keep Tomorrow's Employees Today (HarperBusiness 2010)."

Mentoring today often takes place over the phone or via Skype and occurs whenever the person being mentored needs some feedback or other help learning the ropes at a particular institution or industry, she said.

“A lot of companies' structured mentoring programs have failed as they have tried to put structure to something that is basically a relationship,” Ms. Meister said at an Investment News/Investment Program Association Women's Forum yesterday in New York. “Mentoring and coaching is an important form of development.”

Advisory firms have found mentoring to be one of the more successful ways of encouraging the advancement of female financial advisers, teaming less experienced women advisers with seasoned women, or even men. About 8% of client-facing advisers are women, according the most recent data from Cerulli Associates Inc.

In addition to valuing mentoring, millennials seek flexibility in the workplace and want firms to help them with life skills training, including financial literacy, Ms. Meister said. In fact, financial life skills training was a priority for 23% of millennials polled for what they'd like from an employer.

Considering that half the workforce will be of millennial age by the year 2020, Ms. Meister said firms will need to adjust to appeal to this generation's best talent.

"Generational intelligence is a skill set we will all need in the future workplace," she said.

Millennials may ask some surprising questions on interviews, such as, “How long will it take to become the next CEO?” or “Do I have to wear shoes at the office?” Ms. Meister said.

She recommends that firms try to look past this type of questioning and not immediately discount these individuals as potential employees.


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


Get creative: How to boost your message to prospects

Communicating with prospects can be difficult. What are some creative ways that you can enhance your messaging? Bob Huntley of Wise Counsel Wealth Management offers some ideas.

Video Spotlight

The Search for Income

Sponsored by PGIM Investments

Recommended Video

Path to growth

Latest news & opinion

How does your advisory firm stack up?

Comparing a firm's pay to the competition can point out vast flaws.

10 signs your client is cheating on you

Sure signs that clients may be on the way out the door.

Morgan Stanley sees slower fee-based asset flows on fiduciary rule delay

Flows to advisory accounts, while still higher than the start of 2016, dropped off more than 20% from Q2 and were the lowest in a year.

How adviser salaries stack up to other jobs

Median compensation hovers just under $100,000 on the low end and reaches nearly $300,000 for bosses.

Finra ranking brokers in effort to crack down on industry's bad apples

All 634.403 reps have been ranked based on factors such as prior regulatory disclosures, disciplinary actions and employment history.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print