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Breakthrough Growth
Providing A Path to Success

Providing A Path to Success

While the drive to be successful is important, it’s hard to do without a plan. According to our survey, the majority of younger advisors—82%—have overall career goals. However, only 51% have a clearly defined development path. Yet, the latter can make all difference when it comes to retaining next gen advisors, putting them on the path to success and outlining what it will take to get there.

Among those who do have a development path, most have created it on their own. Only 40% report having help from a team leader. If creating such plans isn’t part of a firm’s culture, it should be. And ensuring that every team member has one is the responsibility of leaders and younger associates alike.

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Next gen advisors should ask their team leaders to help them draft a development plan, and team leaders should collaborate on the creation of these plans and provide experience-based input to make them better. 

Millennials thrive on goals and milestones, which may mean rethinking the path to success.

To better serve your next gen advisors, consider creating quarterly milestones that go beyond the numbers and focus on amassing quality experiences.

Also think about goal setting around different client types, varied solutions to wealth management problems, and support provided for large prospects and clients.

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Breakthrough Growth, LLC is a joint venture between The Collaborative and Purpose Consulting Group. Established by two industry veterans to meet the need for effective hands-on resources to accelerate productivity of the next generation of advisors and their leaders.  

Christine Gaze is president of Purpose Consulting Group, a practice management consulting firm that works with financial services leaders to develop strategies and thought leadership programs that engage and advance financial advisors.  In the last 20 years, she has held a variety of leadership roles in practice management and human capital at firms such as Merrill Lynch, Morgan Stanley, AllianceBernstein and TD Ameritrade.  She is a frequent speaker, avid researcher, and writer.

Beverly D. Flaxington (The Human Behavior Coach™) has spent more than 25 years in the investment industry as a sales and marketing expert, corporate consultant, college professor and Gold-award winning author She has been quoted in hundreds of media outlets, including the Wall Street Journal, and USA Today. Her latest bestselling book is titled Understanding Other People: The Five Secrets to Human Behavior.

Next: The Role of Coaching and Training

TAGS: Careers
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