As the leader of a successful financial advisory team your greatest asset is your human capital. And if you’re looking to increase the sustainability of your business it might be wise to look into hiring a younger generation of advisors to help grow and prepare your team for the future. Millennial financial advisors hold incredible knowledge and first-hand experience regarding the new generation of investors and approaches to their financial planning. Their relationship management skills are beneficial in connecting with the heirs of your clients’ wealth.
Millennials are also an asset because they bring a very different kind of thinking to the table; born from involved parents, incredible access to information and the perspective that anything’s possible. While a more seasoned advisor may find it difficult to bridge the gap between his or her mindset and that of the younger generation, it’s worth it to invest in their growth to ultimately help the sustainability and succession planning of your practice.
The six tips below will guide your thinking as you begin to grow your financial advisory team and welcome these next-gen financial advisors.
Tip 1: Embrace Their Ability and Willingness to Work as a Team
Millennials may be independent in many respects, but they are also used to working in teams and thrive off collaborating with their peers. Use this as a catalyst to break out of your habit of working alone, and begin using co-creation as a tool in your weekly meetings.
What Your Peers Are Reading
Allowing them to be part of the creation process with you and your other team members will increase their buy-in and solidify their investment in both the process and the outcome.
Tip 2: Give Them Structure With Agency
Encourage the enthusiasm that millennials have about getting the job done, and provide structure (not instruction) in helping them achieve their goals. Processes are crucial to helping a financial advisory team run smoothly, but let the younger advisors who are running those processes play a part in creating them.
Tip 3: Don’t Say One Thing and Do Another
Millennial advisors are incredibly perceptive. They’ve grown up in a generation in which they’re constantly pitched information, and they’ve learned how to filter it. They can smell dishonesty from a mile away. You’re better off being straightforward, even if the message is negative, than saying one thing and doing another. They will respond well to your openness, see it as a sign of respect and provide you with the same in return.