Finding Young Advisors
Planning programs aren’t generating enough talent, so Trilogy Financial has benefitted from offering internships in partnership with a local business school, said Motske. Trilogy subjects interns to a thorough interview process to make sure a strong match is made.
Motske also said that his client base is also fertile ground for finding new advisors.
“Clients see what we do and the fun we have during our day, and they’re interested in that as well,” said Motske. “We have several people who were clients of ours who have become advisors.”
Wholesalers and other third-party vendors often have knowledge of the communities and regions they serve and can help point advisors towards new talent. Small independent advisors might be better served leveraging social media like LinkedIn to find young, talented people interesting in the profession.
Cater To Their Values
It’s a common stereotype that young people like philanthropy and values-based investing more than the general public, but Motske argued that members of the millennial generation tend to be socially conscious and expect their employers to share and reflect their values.
“It’s going to take time to understand what’s important to the young advisor,” he said. “You also want to make sure that you’re demonstrating and instilling the best values for the industry. Integrity and perseverance, for example.”
Motske suggests establishing a charitable matching program in which an employer can match an employee’s donations to a nonprofit organization of their choosing. Such programs establish closer links between employee and employer, and may also help older advisors bond with their protégés over “shared philanthropic values.”
Training Takes Time