In order to attract young clients, advisory firms need to have young advisors, according to two veteran financial advisors.

And in order to have young advisors, firms have to plan well in advance of their entrance onto the scene.

Advisory firms are going to want to manage some of the estimated $68 trillion that millennials are expected to inherit in the next few decades, “and it is important for firms to take action now to attract clients in younger generations who will be seeking advice when that money is passed down,” said Kristi Delongchamp, vice president of development and relationship management at SPS Family’s Sigma Financial, a financial services firm based in Ann Arbor, Mich.

In a separate interview, David Canter, president of Bluespring Wealth Partners, an Austin, Texas-based consulting and development firm, added that firms should not wait when hiring young advisors, even though they frequently want advisors with experience. Instead, firms’ leaders should consider hiring advisors straight out of college or those who have newly achieved certifications or licenses, he said.

“The primary factor in attracting next-gen clients is through recruiting next-gen advisors,” Delongchamp said. “Members of younger generations are looking for an advisor who resonates with them and speaks their language. Firms should implement a specific recruiting strategy in order to set themselves up for future success with incoming generations of clients.

“We see the aging workforce in the financial industry as a huge concern,” she added.

She said established advisory firms should use colleges and universities as a resource for attracting young advisors. One of the things Sigma Financial does to attract those new to the field is offer financial help so young advisors can obtain the necessary licenses, and then it provides mentors and coaches to teach the newbies the ropes.

Young people looking for financial help and advice are going to migrate to advisors who look like them, Delongchamp said.

Older advisors who may be close to leaving the business should prepare their clients, both young and old, to transition to the next generation of advisors.

“Advisors are not acting in their clients’ best interest if they do not have a plan for moving books of business to younger advisors within the firm,” said Canter. In its work as a consultant, Bluespring specializes in helping firms transition to the next generation and draw in young advisors, making sure firms are in a position to grow once the baton is passed.

Firms should not wait when they find young talent in colleges, universities and business programs, Canter said. “Every year that goes by after a potential new hire graduates, that firm is missing an opportunity to bring that person on board,” he said. “Some firms want to wait until they find the perfect new employee. That is just not going to happen.”

Firms can attract the best candidates by creating a good work culture and making sure their staff is good to work with.

“Young advisors are going to want to work with people who bring out the best in them and who have good relationships with their clients,” Canter said.

There has been a lot of discussion in the industry that the financial field has too many advisors who are either aging or near retirement, but that is starting to change, Canter said. “There are 95,000 advisors who have CFP certification, and 75% of those are between the ages of 20 and 55, according to the CFP Board,” he said. For those firms that are attracting young advisors, the system is paying off by attracting young clients and keeping the children of existing clients, he added.