Financial Services Institute: OneVoice 2014

Better integrating the talents of the next generation

Feb 10, 2014 @ 12:00 am

Runtime: 2:31

The financial advice industry should do more to lure newcomers to the industry, according to Brian Nelson of National Financial, by raising awareness of what it has to offer and strengthening relationships with college programs.

The Financial Services Institute's annual broker-dealer conference, taking place January 27-29 in Washington, D.C.

Video Transcript

There are few things I think that are keeping college graduates away from our industry. And I think the first is probably general awareness around what our industry is and what the industry has to offer. And I think the second aspect of that is really the perception of the people that are aware of our industry and just understanding how they can take advantage of what our industry has to offer to really see themselves in a successful long-term career. So I think that applies very specifically more and not necessarily for Gen X but to Gen Y, because, as we know, Gen Y is more specifically focused on the importance of a career and being able to make a difference and understand what it is that they can do. So I think they have to be able to see themselves in a position that gets them to where they want to be too as well. So that's probably, you know, two of the most selling points there. I think the final point is that we really haven't done enough as an industry to build awareness from a college perspective in terms of our relationships that we have with the universities and colleges that offer financial planning program. So I think it's imperative that as an industry we have a much more broad program that outreaches to these colleges to build awareness of, first of all, the opportunities and how they can take advantage of them with their graduates. We definitely see that the industry is moving to focus more on understanding how the linkage between succession planning and attracting next generation talent can work together to form successful advisory relationships. We think that there are few things that are keyed to that. But one of the other things that we think is important in our industry is not to try to silo each issue that comes out. So there's Gen X, Gen Y talent acquisition. There is, you know, the acquisition of new clients obviously. There is the succession planning focused that a lot of people have. And then there's also focusing on engaging to female client, which is something that we're very focused on. But it's really stitching that whole story together. So we know that the next generation talent can help the baby boom generation advisers better focus their practices and take their practices to the next level. But they can also better understand how to integrate and work with some of those beneficiaries of their existing clients. So we think that theme, in that opportunity is very specific, but yet, it's something that shouldn't be silo. So as we look to speak to that, we think that a lot of those programs should be tied together in terms of being one theme and working in the next generation for talent.


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