The members of the new class of InvestmentNews’ 40 Under 40 introduced in last week’s issue are extraordinary for their range of focus, breadth of community leadership and entrepreneurial spirit. They’re also more diverse than your average group of financial professionals. Of the 40 individuals, 19 are women and more than a third are ethnically diverse.
For eight years running, the awards recognition program has honored superstars, like SEC Commissioner Caroline Crenshaw this year, as well as young professionals who are quietly building successful careers for themselves and simultaneously deepening the strength of the profession. Check out what Malik Lee, founder of Felton & Peel Wealth Management, is doing for the industry.
One thing that’s held true through the eight years of 40 Under 40s, and often comes up when we gather these young professionals together, is that so many have fascinating personal stories involving adults in their early lives who lacked proper financial literacy skills to make the right money decisions, leading to struggles. Perhaps this explains why, as a group, the 40 Under 40 classes are so focused on financial literacy. Most on the list, including Soraya Morris of Envestnet, incorporate some type of pro bono or other education feature as part of their practices.
Reading about these professionals, witnessing their diversity of experiences and strengths of character should inspire the industry to want to welcome even more young professionals to thrive in this business. And the industry needs them, given that the average financial adviser is age 55 and 20% are 65 or older, according to J.D. Power & Associates.
Some complain that it’s difficult to find next-gen talent, so here are a few gems from the InvestmentNews 40 Under 40 project to help firms cultivate young talent.
Sara Rajo-Miller, director at Miracle Mile Advisors: “They treated me like a senior adviser from day one … As an analyst, I was allowed to interact directly with the clients right away, participating in meetings and doing quarterly reviews with them.”
Zachary Bouck, co-founder and CEO of Denver Wealth Management: “They’re so fired up to learn. They bring a tremendous amount of energy to the group, and the older advisers love mentoring them … As we indoctrinate the interns, it reinforces the values of the firm among our own employees. And the interns have been great referral partners.”
Many of these successful men and women started as interns at their firms or others.
Lindsey Cooksen, founder of Cooksen Wealth: “As an entrepreneur — a minority, a female and a mom — I realized I need to be the person the next person is looking for.”
Jared Tanimoto, founder of Ascent Wealth Advisors: “When I started, I didn’t know how the industry was structured or how to proceed on a career path, so I turned to other advisers for advice.”
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
