The new wave of advisors

There’s a new generation of advisors who are sweeping through the industry. By running a solution-based practice, becoming masters of the media, having effective communication skills and being extremely tech savvy, these young guns have found a winning equation in bridging the generation gap they have with their senior clients. Read on to learn the strategies that have paved their road to success.

Nolan Baker
The Retirement Specialists / Maumee, Ohio / Age: 33

What led you to making seniors a primary focus of your practice?
I knew the night that my dad passed away that working with seniors and retirees had to be the focus of my practice. My dad lived by the principles he taught me: Dad was a saver. He saved, preparing for a future retirement that would allow him to live like a king. Unfortunately, that day never came. I knew my dad’s retirement was gone but his dream wasn’t. I worked to carry out that dream by helping others to have an enjoyable retirement.

How do you communicate so effectively with someone 1-2 generations older than yourself?
When I was in my twenties, I knew my mission and vision but I looked and sounded like I was still 15. I had to overcome the challenge of communicating effectively with people that are generations older than me. [My time in] the Marines gave me the drive, the focus, and the discipline to adapt and overcome, but it was the tools I received from industry mentors that gave me the training I needed to be successful in the financial services industry. As a young advisor, I was now able to communicate effectively through the proper training, a defined process and a clear value proposition.

In what ways are you embracing or utilizing electronic media, including radio or television?
Since, 2001 I have hosted “The Retirement Guys Radio Show.” The show gives listeners the information they need to better manage their money, protect their hard-earned assets, and efficiently plan their estate. In 2008, I was promoted to being the financial columnist for the Toledo Free Press. Finally, our e-mail newsletter has over 2,000 subscribers that get monthly updates on the financial world and upcoming events.

What are the biggest challenges for advisors today and how are you overcoming them?
First, a financial professional will face challenges reaching a level of peak performance. You must be able to clearly separate yourself with a unique value proposition.

Second, in the current state of economic uncertainty it is vital to protect your clients’ financial future. The best way to accomplish this is to take a comprehensive approach by looking at all areas of a client’s financial life.

Finally, the quicker you clearly identify who your ideal client is, the faster you will be able to master the media. Those who are able to correctly position themselves will not only survive but will thrive in this type of environment.

What advice do you give other advisors who are focusing on the senior market?
The best thing an investment professional can do is to treat their business like a Fortune 500 company. Create and implement a process that organizes your company behind the scenes. Next, deal with your clients just as you would deal with a loved one in your family. They deserve personalized, outstanding service and respect that exceeds expectations. Finally, tell your story. It’s your experiences in life that have shaped where you are today. Remember, there are many seniors and retirees that will be counting on you.

Samuel L. Cione
Integrity Wealth Management Insurance | Sarasota, Fla. | Age: 35

What led you to making seniors a primary focus of your practice?
I’m Italian, born in New York City, and ever since I was a young child, I’ve always been around and felt more comfortable being around older folks, than most folks my age. When I started my own firm in 2002 after working for a wirehouse for years, I asked myself, “Where do I want to spend my time?” I wanted to deal with older folks who have a significant asset base. So we have a lot of meetings over cannoli.

How do you communicate so effectively with someone 1-2 generations older than yourself?
It all goes back to my comfort level. I deal with two different groups, traditional seniors and new seniors, the baby boomers, and each group likes interactions in different ways. Older seniors like to do business the way they were used to, back when they worked. This means lots of face-to-face, eye-to-eye meetings, often over a cup of coffee, sometimes for two or three hours at a time. I don’t use new technology when I meet with them; I don’t even have a computer on my desk in my office. Boomers, however, love new technology.

In what ways are you embracing or utilizing electronic media, including radio and television?
The best idea we’ve come up with, especially for the boomers, is to provide constant financial updates to them on their iPhones. I started doing this with a group of guys in the medical industry, and they love it. It’s even great for marketing?a client will be standing there, checking his messages from me, and someone else will ask, “how do I get to do that?” We do a little radio, but we’re in a pretty unique situation in Sarasota, which has a lot of seniors living here. We’ve worked very hard on our branding, and a lot of our business comes from existing clients and their neighbors, who always seem to be bragging about how well I’ve done for them when they’re reading their statement at the community mailbox.

What are the biggest challenges for advisors today, and how are you overcoming them?
Establishing trust and confidence. So many clients are still sitting there, waiting for the next shoe to drop, so you really have to work to develop their trust. Boomers see me as kind of a throwback, but seniors who were used to having the same milkman, the same mailman?well, I’m that guy. They like to know that I’m here and that I’m stable, and that gives them some peace of mind. Every six weeks or so we host a client event, maybe a bocce contest, and I tell new prospects to come and see 200 or so other people who trust me. I’ve worked to become embedded in the fabric of the community; I’m a member of the Chamber of Commerce and I’m frequently referenced in the local newspaper.

What advice do you have for other advisors who are focusing on the senior market?
Start off with a good education, lead up with great product knowledge and, 100 percent of the time, always do what’s in the best interest of your clients. That may work for you, financially, or it may not, but you have to do what’s right for the client, every time.

Joshua Mellberg
J.D. Mellberg Financial / Tuscon, Ariz. / Age: 29