NextGen: Why financial planning - why now?

Oct 25, 2013 @ 12:00 am

Runtime: 2:32

Pershing's Kim Dellarocca on why the opportunities for new entrants into the financial planning field are growing, and what NextGen clients want from the advisers of today and tomorrow.

Video Transcript

Our latest study of regeneration showed that many people aren't even aware of the opportunities that exist in our profession. Those of us that work in this industry can certainly appreciate that. It's incredibly difficult to navigate your way around a financial adviser, a wealth manager, hired adviser, and chief operating officer. There's a thousand different roles, and we have to be more clear as an industry what the roles are, what the opportunities are, and start promoting that to college students and young people. Young people are motivated by a lot of things that make financial services great. They want a job, they want to be employable, they want to have a position. So, this is an industry that has a lot of demand. People want quality financial advice. We're hiring. The next generation should position themselves as being the generation that really gets the investor of the future, particularly the investors who are 35 and younger, who are really dissatisfied with their parent's financial adviser and are at risk for leaving them as soon as the money is in their hands. They should position themselves as great communicators with the way people want to communicate today in terms of understanding social networks and even things like how responsiveness has changed, what it means to be responsive has changed quite a bit. They're technology natives, so they can probably add a value around creating a paperless office or a more efficient office, as well as being more adept at communicating through technology. And then, I think that they should position themselves as the anti-millennial a little bit, which means that they actually value a face-to-face relationship and show that they-- and try to emphasize that in interview. Show that they don't just wanna hide behind the-- an iPhone or an iPad, and that they actually do like looking people in the eye and building face-to-face relationships online and offline. I think that they should go into interviews being prepared-- having a little bit of background knowledge on our industry. I know InvestmentNews holds many webinars to help prepare the next generation. Listening to some of those would be a great place to start. And then, maybe try to-- try their hand at a-- at a financial plan. Really, like walking themselves through some of the online tools that exist and getting a sense of what it would feel like to prepare one and work with a family to execute one. And then, I think the basics. Make sure your resumes don't have any typos, make sure that you come with a business card, make sure that, you know, you follow up with a handwritten note, and some of those back to basic stuff would really go a long way helping someone from the next generation to stand out.


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