{"id":6839,"date":"2021-11-02T09:55:21","date_gmt":"2021-11-02T09:55:21","guid":{"rendered":"https:\/\/emoneyadvisor.com\/?post_type=thought_leadership&p=6839"},"modified":"2021-10-28T13:25:40","modified_gmt":"2021-10-28T13:25:40","slug":"want-to-win-over-young-advisors","status":"publish","type":"thought_leadership","link":"https:\/\/emoneyadvisor.com\/blog\/want-to-win-over-young-advisors\/","title":{"rendered":"Want to Win Over Young Advisors? Meet Them Where They Are"},"content":{"rendered":"

Today, the talent marketplace is on fire. According to a 2021 study by Microsoft1<\/sup>, almost half (41 percent) of the global workforce is considering switching jobs within the next year. With over 10 million open positions in the U.S., we’re operating in an employees’ market\u2014a state of play where there are more employment opportunities available than there are professionals to fill them, empowering jobseekers to evaluate potential employers with greater scrutiny than ever before.2<\/sup><\/a><\/p>\n

With a large percentage of financial advisors preparing to retire, the current recruitment market is particularly problematic. The way to win over the up-in-coming generation of financial professionals and planners? Meet them where they are. If the next generation of advisors is tech-native, financial firms must be as well. Here’s how financial planning software can influence recruitment.<\/p>\n

Tech-native Tendencies<\/b><\/h2>\n

It’s safe to say that Millennials\u2014anyone born between 1981 and 1996\u2014have shaken things up. New priorities, new perspectives, and new tools have reshaped the way we do just about everything. But they’re not the only ones. The first wave of Generation-Zers has joined the professional ranks ready to make their mark.<\/p>\n

While the rising generations embed themselves in the global marketplace, Baby Boomers have begun to make their mass exodus from the nine-to-five grind that they maintained for decades. This is particularly true (and problematic) for the wealth management industry, where one-third of the total workforce is slated to retire within the next decade.3<\/sup><\/p>\n

The CFP Board reports that over 52 percent of their active CFP certifications are held by financial professionals over the age of 50\u2014an indication that wealth management is lagging behind in the generational handoff.4<\/sup><\/a><\/p>\n

To catch up, financial firms must play to the natural strengths of the next generation of advisors. Young advisors were born to ultimate accessibility\u2014a vat of knowledge at their fingertips, made available by digital tools that were interwoven into the fabric of their lives. Technology is what’s familiar. It’s what’s comfortable. And for these tech-native generations, it’s not a differentiator\u2014it’s status quo.<\/p>\n

It’s a known fact that the financial sphere is lagging on the digitization front\u2014choosing the comfortability of rote, manual processes over technology they’re unfamiliar with. However, the generation that found comfort in those processes is on their way out; firms must use a tech stack to stand out among their competitors in the talent marketplace and attract like\u2014savvy tech-natives\u2014with like\u2014intelligent financial planning.<\/p>\n

A New World View<\/b><\/h2>\n

The scale has tipped in a new direction. While security and sense of purpose are the top motivating factors for Baby Boomers, Millennials are most motivated by financial gain and\u2014more interestingly\u2014the pursuit of passion.5<\/sup><\/p>\n

Here’s what we know about each generation that’s active in the workforce6<\/sup>:<\/p>\n

Baby Boomers: Born 1946\u20131964<\/i><\/p>\n