Too many firms place obstacles to a young advisor’s development, said Motske, by setting prospecting or AUM growth expectations for them off the bat.
“It should be about building confidence,” he said. “We don’t put new advisors in a spot early in their careers where it might be highly uncomfortable for them. It’s also important to provide a lot of positive reinforcement. This isn’t an easy business -- there’s a lot of rejection involved -- so whatever is going on you want to start and finish every day in a positive way.”
Many of these same firms have also cut back on training programs for their young advisors. Talent development requires an investment of time and effort that lifestyle advisors may struggle with, said Motske, but they’re essential if young advisors are to succeed.
Set Them Up For Success
Young advisors will demand the digital tools necessary to reach clients and prospects and serve them efficiently, said Motske.
Wealth management firms should also establish guidelines that ensure all young advisors receive mentorship from an experienced peer. At Trilogy, this involved a minimum of nine months shadowing a “lead” advisor.
Gradually, Trilogy allows young advisors to take the lead themselves, then establishes career milestones for additional responsibilities and leadership roles.
“You have to lay it out for them in a roadmap,” said Motske. “Young people need to see the path ahead of them. You also need to manage expectations in both directions. Some people are close to being ready for leadership but tell us they’re not ready. Others are not ready, but say ‘promote me, promote me.’ There should be parameters all the way through their development.”