Douglas A. Boneparth
Douglas A. Boneparthage 31
Partner, Longwave Financial
- Enjoys playing tennis and volleyball
- Is a devoted college football fan
- Is an avid blogger
Douglas Boneparth has embraced a personal mission of being all about millennials, which goes well beyond just working with younger clients and helping them gain some kind of financial independence.
Mr. Boneparth believes if the financial services industry doesn’t radically alter its old-school model of recruitment and training, it will come dangerously close to missing an entire generation of future financial advisers.
“This industry hasn’t done a good job of setting up for younger advisers,” he said.
It begins with what he describes as a “failed recruitment model” that might have worked for past generations, but isn’t working today.
The industry’s tired model of recruiting green advisers, and grinding them through the rigors of cold-calling, with a mandate to raise a few million dollars in a hurry, is broken, he said.
“If the industry wishes to adopt a model that will work, it should take a page out of my book,” he said. “You don’t hire college grads to raise assets off the bat. Wean them off duties of an office administrator, and teach them the operations of the business.”
Learning a business from the inside out, he said, is how you build knowledgeable and loyal employees, who care about the larger advice business.
“Companies are still of the belief they can hire an entire graduating class, most of whom will wash out, but the firm gets to keep the assets those people brought in,” he said.
Almost restless in his enthusiasm, Mr. Boneparth is working on a book along with his wife, about “how my generation became so financially illiterate.”
Along those same lines, he is one of 50 CFP Board Ambassadors charged with educating both the public and the media about financial planning. As an advocate for financial literacy, Mr. Boneparth also volunteers with both the FPA’s New York chapter and The New York Public Library to provide financial education seminars.
– Jeff Benjamin