Where’s the next generation? They may be knocking at your door. When it comes to the future of financial advice, the next generation is getting ready to take over sooner than you might think. That’s why finding ways to bring this next generation of advisors into the fold could go a long way toward helping your firm continue to grow for many years to come.
Even if you’re a pro at managing your human capital, you may have a few questions about exactly how to invest in the next generation of advisors. We’ve spoken to experts and next-generation advisors alike to help bring you answers.
What are the next generation of advisors looking for when considering firms to join?
Contrary to what you may think, compensation and benefits are a small part of the equation when it comes to attracting millennials (those aged 18–34 as of 2016) who are entering the job force. It’s certainly an important factor, but what these advisors are really seeking goes much deeper than a big paycheck.
Just like you, the next generation of Registered Investment Advisors (RIAs) are getting into the business because they want to help people. They want to work for firms that share their values and serve customers in ways that meet their own standards. They’re looking for RIA firms that can give junior advisors opportunities to collaborate with more seasoned professionals so they can continue to sharpen their skills. It’s important for next-gen advisors to feel challenged and have opportunities for career development.