Want to Hire Young Advisors? Let Them Work With People

“Most advisors will say focusing daily on the markets generally is not a good thing,” Georgis said. “I see this as a positive sign that [students] understand it’s not just a technical expertise. They fully embrace the need to relate to their clients throughout their lives.”

The Schwab survey found that young people’s reliance on online communications in general may be overstated. When asked to rank how they build their personal networks, almost twice as many ranked offline networks as their No. 1 networking activity as those who primarily use online networks.

While nearly a quarter of students said they were actively working to expand their network, less than 14% said they try to offer something of value in return.

Georgis noted that’s likely due to students’ inexperience. “Students are still in that mode where they’re learning how to add value,” he said. For the students who attend Schwab’s Impact conference to network with working advisors, “when they come to Impact, the conversations are about what they need to do to stand out.”

Georgis pointed to the firm’s Schwab Advisor University, which launched in June 2010 and has since been used by more than 4,000 young advisors. “Schwab University was designed for new employees at advisor firms,” Georgis said. “There are 65 courses that teach the things clients will need to have happen.”

Students are not just looking for careers where they can build connections with clients; they also want balance. More than a third rated work-life balance as the most important factor in a happy career, and 64% said it was in their top three priorities. Almost the same percent said helping others achieve their goals was in their top three criteria. And they’re not just in it for the money. While financial reward was in the top three criteria for nearly half of respondents, just 5% said it was their No. 1 criteria for a fulfilling career.