However, it seldom provides advice on the process of finding the next generation of financial advisors. The challenge is always where to find good candidates, how to keep a talented young advisor busy with productive work, or why clients might be interested in a firm's hiring processes.
A solid hiring process of young and emerging advisors can add significant value to the quality of work an advisory business—whether a sole practitioner or a large firm with multiple advisors—produces. In addition, interns or young advisors can increase an advisory practice's capacity to continue business growth, can add a vibrant touch to the firm's culture and can help ensure that it is able to sufficiently service its existing client base.
The rigors of working in a potentially stressful profession—like giving important financial advice to people—can truly give a firm a sense of how someone would fit in its organization and culture over the long term. This working environment is certainly a good proving ground for aspiring young planners.
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It is also important for clients to think twice before dismissing a new advisor as too young or inexperienced. Clients should view this emerging talent as a sign of a vibrant and growing business, and more senior advisors in that business are thinking about their future client relationships just as much as they are about current revenues.
Hiring and training a cadre of younger interns and advisors is a true sign that the firm is attempting to evolve into an institution that can serve clients over a longer period of time, rather than a company that is reliant on one or two key people.
To be sure, finding a suitable intern or young planner can be difficult. Advisory firms look for a talented individual who can provide real, tangible help while giving a firm confidence that its clients' and business' privacy and financial information will be respected and protected.