On any given week as CEO of Allianz Life Insurance Company of North America (Allianz Life), I have the privilege to meet with financial professionals in a wide variety of settings, from 1:1s to small meetings, to keynoting larger conferences. One of the things I love about spending time with financial professionals is hearing about how our industry is changing, particularly the ways they are evolving their practices to meet the needs of their customers in an incredibly rapidly changing world.
The rules of financial planning have changed. Whether they wanted to or not, many Americans were forced to reevaluate their life priorities over the past few years given Covid, market (and world) turmoil, and spiraling inflation. In addition to changing life priorities, expectations of continued economic uncertainty make the need for sound financial advice more important than ever. The way in which consumers want to receive financial advice, and plan and prepare for contingencies in the future, has also led to significant positive disruption in our industry. The good news is that our industry has risen to the challenge, developing new and innovative products, utilizing the latest technology to create a more seamless and efficient client experience, and generally adapting and evolving to meet the needs of today’s clients.
But perhaps one of the most interesting industry changes is what is happening in our own ranks as financial professionals. When I scan the room at industry events, and our own, I see a remarkable shift. I see many more women, and individuals beginning their career, as finpros.
While in no way taking away from others in the industry, women and those early on in their careers are having a profound impact on the way our industry does business and provides advice. They are looking at financial advice through a new paradigm, often finding creative ways to attract new clients while raising the bar for client experience. They are on the forefront of a fundamental movement in financial planning, taking a much more holistic approach in considering the unique factors that impact financial wellness such as health, well-being, and the changing needs of their clients as they navigate through different life changes and circumstances. They are also gaining new insights into the whole lives of their clients.
We all know that listening and empathy are two of the most important skills in working with clients to truly understand their needs and their dreams to construct a financial plan that will help them best achieve their goals. We also know that some of our deepest relationships are forged with those with whom we have something in common. I’ve heard some very powerful examples of women and early career finpros having a true advantage in relating to and working with their counterparts as clients. In addition, women and younger generations tend to be underserved so there is a definitive need for finpros to rise to the challenge of working with them. And, add in the expected retirement of so many finpros in our industry over the next five to 10 years, and the importance of building a diverse pipeline of future finpro talent is even more critical.
I recently shared a LinkedIn post on what I believe are three key factors in successfully attracting talent to our industry.
1. New and better technology. Digitization of our industry has significantly accelerated since Covid. The latest technology offered from carriers to fin techs has revolutionized the entire sales process. What was once a cumbersome process for some clients is now seamless and efficient, taking away any excuse to avoid developing a comprehensive plan inclusive of coverage. Finpros are taking advantage of these tools, and this is making our industry an even more attractive career for even the most tech-savvy group of fin pro candidates.
2. Career flexibility. Most companies, including in financial services, are not going back to the way things were pre-Covid. Remote and hybrid ways of working are here to stay. While fin pros have long enjoyed this flexibility to create their own schedules, this is still a very attractive selling point for many people. The ability to be this flexible helps create an unbeatable work/life balance.
3. The purpose-driven nature of financial guidance. When I speak with fin pros, I often hear of their success stories with clients and they seem to light up when talking about the positive impact they had in their lives. None of us would really be here if we did not understand and value the importance of our services and the profound impact we can have to be there for clients and their families. We all want to have meaning to our work and make a difference. Helping others reach their financial and life goals fulfills that important mission. We are all needed more than ever to help Americans attain their financial goals.
What can you do to help bring others in to the finpro mix? The easiest next step and call to action is to not just prospect for sales leads, but for talent leads as well! Think about people you know who could make a good fin pro and reach out to them to share why you love being in this business. Pitch them like you would for any sale! Selling them on a career as a fin pro will help create an even better future for our industry and the millions of Americans we serve.
Jasmine Jirele is president and CEO of Allianz Life Insurance Company of North America.