“Against popular belief, they don’t want to be reached all the time via social media and technology.  They do want to have a personal relationship,” said Tamer.

2. Efficiency
The industry is figuring out that advisors, by being efficient, can accomplish so much more.  TD Ameritrade had technology experts and advisors on panels helping to share tips in this area.

Dave Welty, managing director at Retirement Asset Management, also spoke about the NextGen.  His team members, who are younger, have been entrenched in making technology decisions to lead the firm. 

He suggested bringing on more interns.  “We got to test drive them and they did the same,” said Welty.  Then when things have clicked, they developed the interns to take on bigger roles within the organization.  Because his firm now leans on these hires, he believes other firms can do the same.

“If you are struggling with any of this, we recommend you hire someone,” advised Welty.  For his firm, they are now truly scalable and their net income has tripled because of technology.

“If you run under the old model of silos under one umbrella, your profitability is limited,” said Welty.  With scale, everyone benefits, including the management, staff and even the clients.

3. Human Capital
A diverse group of associates can fuel growth for many reasons.  One is that studies show that NextGen investors want to work with someone their own age.  Tamer said, “They also want someone with experience.  They want a young person as part of the team and want someone with the grey hair that has been through the ups and downs.”

When it comes to GenY employees, Tamer said, “They want to come to work and know they are making a difference in an organization.  They want to have a voice.”

He believes older advisors are at fault for thinking the younger generation has a sense of entitlement and suspecting that they always want the CEO job. 

“Gen Y is the most educated generation in the history of the world.  They have been brought up having a very collaborate relationship with their parents.  They want to have a career path.  They do not want to be the VP tomorrow,” Tamer maintained.