Financial planning tends to be viewed these days as a “graying profession,” meaning there are more middle-aged and older workers than younger ones.
The average age of a financial advisor appears to be around 50 years old, with a majority of advisors above the age of 40.
It’s no secret that the profession could use an infusion of young blood, say, those folks who are in their 20s and 30s.
One problem has been that the younger generations grew up around the time of the 2008 financial crisis, something that caused many to view the financial services sector through a lens of skepticism or even distrust.
That poor reputation has caused many in that age bracket to steer clear of the financial advice space.
To ensure younger employees will choose financial services as a career path something needs to be done to make the profession more appealing and inviting.
If we want younger people we have to cater to younger people, which means making job offers attractive with the things that will make that age demographic interested
Things like work flexibility, (hours spent working in an office versus working remotely), attractive benefits, and lifestyle options, (i.e. millennial-centric options like bring-your-dog-to-work days), could do wonders when it comes to attracting top talent.
Then, of course, there’s the social component; this demographic we speak about is used to incorporating social media into their everyday lives, so they likely won’t be too happy being told that they cannot communicate with clients and prospects through certain technological channels.
Opening up the potential employee pool means making changes within the profession that lends itself to modernity, and shows a dedication to progressiveness (not in the political sense) and not stagnancy.
If we want young people to work in the financial services profession we need to change images, minds and hearts, but we also have to change things about the profession itself.