How Millennials Can Save the Financial Services Industry
Much has been written about the “graying” of the financial services industry:
The median age of the 300,000+ financial advisors in the USA is about 50.
21% of advisors are 60+ in years.
Just 5% of advisors are younger than 30.
Financial advisors who are 60+ years old control $2,300,000,000,000 in client assets.
Much has also been written about the generation that is now entering the workplace, the Millennial Generation. Born between the early 1980’s through 1995 or so, at 80 million strong, Millennials (also known as Gen Y) are the future of the advisory industry, and many other industries as well.
What is also interesting is the level of idealism that Millennials generally embody:
75% see themselves as authentic and are not willing to compromise their family and personal values.
61% are worried about the state of the world and feel personally responsible to make a difference.
92% believe that business success should be measured by more than profit.
In his new book, Igniting the Invisible Tribe, author Josh Allan Dykstra goes even farther in his recognizing the needs and concerns of Millennials in the workplace. He says that what Millennials are really looking for …is meaning. They are looking to today’s leaders and organizations asking questions like:
“Can you give me a place to work where I’ll be proud to spend my time? Can you offer me a spot in a company that’s making a positive impact on society?”
In @joshallan’s view, the problem is that a vast majority of our Gen X and Baby Boomer leaders can’t answer YES to either of these questions, because their organizations really aren’t very meaningful.
Opportunity for the Financial Services Industry
Connecting the dots, there would seem to be a real opportunity to integrate the idealism and desire for meaning among Millennials…along with the advisory industry’s urgent need to nurture a new generation of advisors. As coaches, when we look for distinguishing characteristics of successful financial advisors, contributing to something greater than yourself, is one of the notable traits of the best-of-the-best financial advisory practices.
To the extent that the advisory industry can harness a generation that wants to be engaged in helping others grow in positive ways, and who also want to make an impact on society that is meaningful and significant…that would seem like a good connection.
What do you think?
Topics: Leadership Innovation Change Millennials