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August 22, 2016 at 08:00 PM
As the next generation of our profession, we are stepping into organizations that have established cultures and business practices. The pioneers of the profession have laid a strong foundation for us to build upon. Their willingness to train us as young advisors in their businesses enables us to focus on tuning our skills as advisors. Their willingness to share wisdom learned from years of experience enables us to grow personally and move the profession forward.
However, sometimes being “next” in an existing structure can be challenging. We are young, energetic and ready to help shape our companies and our profession. That youthful energy can be just the fresh breath and new perspective needed. We may be eager to embrace change and the next evolution of the profession; however, advocating for change requires a delicate balance between respecting the past, honoring the status quo and encouraging open-mindedness that leads to progress. Keeping a few simple principles in mind can help us handle those conversations.
Always be humble.Try to enter a situation with the basic assumption that there are facts and details of which you are not aware or do not understand. Take the time to understand the current situation and the reasons for it. Sometimes things are more complicated than they appear on the surface. As employees, we may not have complete information or an understanding of possible implications. Remember to think about the big picture and ask firm owners about strategy and vision so that you can better understand how even small issues fit into the overall mission of the organization.
For example, young advisors hoping for more meaningful client interactions should have a clear understanding about their career path and the milestones for advancement when they have conversations with leaders about how developing client relationships fits into that role. An inquisitive approach is a much better way to build collaboration. It will not only help you learn, but it will also help demonstrate you have an appreciation of your role in the firm and a willingness to earn the capital to influence change.
Be part of the solution. Once you have done your homework by humbly asking questions, you will be in a better position to determine what change is necessary. Sometimes it is easier to identify what you want to change than it is to find a solution and implement that change. Be cautious that you are not too eager to voice concerns about what to change from without also proposing a suggestion for what to change to.
For example, a new associate at one firm suggested a new tax planning program. He pitched the idea and offered to lead a committee to compare the alternatives. In the end, the suggested program was adopted, and it turned out to be less expensive than the existing program.
