A successful young advisor once told me she was thinking about getting Botox. All her friends were doing it, and part of her wanted to do it too. But then she said something that stayed with me: Looking young in our industry is a disadvantage, she said.
I knew exactly what that meant.
For years, I rarely volunteered how old I was. I worried that if prospective clients knew, they might wonder whether I had enough experience, perspective or wisdom. There is still a perception in this industry that credibility comes with age, that experience looks a certain way and that a trusted advisor should be older or about the same age as the clients they advise.
Over the last few years, something has shifted for me. I have never felt more comfortable or confident in who I am as an advisor.
So here it is: I am 33.
I have been in this industry for 14 years. I became licensed as an investment advisor at 19. I spent more than a decade immersed in tax and estate planning before returning to the investment side with more knowledge, experience and conviction than I had before.
My age is an important part of the value I bring. Being a young advisor means bringing a different kind of experience to the table. I understand the technical planning needs of retirees along with the emotional, practical and behavioural realities of their children and grandchildren.
Amid a historic intergenerational transfer of wealth, that matters more than ever.
Multigenerational teams
Succession is an increasingly important issue within the advisory profession. Investor Economics data has placed the average age of a Canadian financial advisor at close to 53, although the figures vary considerably across different parts of the industry.
As the industry ages, multigenerational advisory teams provide opportunities to combine experience with continuity for the years ahead. It’s more than simply a question of numbers though. A multigenerational group offers a variety of lived experiences that clients will benefit from.
Young advisors bridge the gap between retirees and the next generation. Mid-career advisors — many of whom care for both children and aging parents — understand the pressure their clients in the same position feel. Seasoned pros have lived and worked through market cycles, product trends and much more.
For a long time, I felt the need to prove that I was serious enough, technical enough and accountable enough, despite my age. I don’t think that way anymore.
Credibility is earned through preparation, technical depth, judgment and the willingness to have conversations families often avoid. It’s got nothing to do with grey hair.