What the aging financial advisor doesn’t want to hear…

You need a succession plan.

Advisors who have in this business for any amount of time don’t want to be told that they are failing in the eyes of the industry. They don’t want to hear the talk about junior partners or apprenticeship. The just want to be able to eventually retire with grace and dignity along side their trusted clients. The aging advisor wants to become as distant or remain as close as he sees fit until he decide to exit. The aging advisor needs the opportunity to create culture to scale to accomplish this want… this want that is really a need.

Introduce this new technology to your clients.

The aging advisor doesn’t want the management to bring in the latest tech guru to explain to him “how” he should talk to his lifelong clients about what the new technology is going to do… how it’s going to improve the relationship… or the new duties the advisor must take on to become a better relationship manager. The aging advisor needs to become empowered by technology without feeling threatened.

There is a new new standard of care.

The aging advisor doesn’t want regulatory entities to compound the complexities of his business. The aging advisor needs to be able to promise behavior that goes beyond any minimal standard of care that the industry can produce and ultimately f*ck up. The aging advisor can’t be policed into a state of compliant behavior that has been perpetuated by the lowest common denominator of value. They aren’t the dirt bags. Stop treating them as such.

Our pay grid has been updated.

Every advisor has served time in the wirehouse jail of pay grid optimization. It’s all about the numbers… But the indie is requiring some tweaks in the pay grid as well, in the form of the compensation model. The aging advisor doesn’t want to be told how he can’t get paid. Show him how he can get paid… and it would be great if you could show them how to get paid more frequently at greater volume. The aging advisor needs to understand his authentic relevant value, to get paid at a level that is commensurate with the significance of his value.

Compliance won’t let you do that.

The aging advisor doesn’t want to be handcuffed by the same technology that is supposed to empower him. The aging advisor needs things to become more simplified with technology. Empower the aging advisor with autonomy to own the perception of his value. This is what tech can do for us if we let it. The aging advisor must become empowered to promise his behavior and exude his value 24/7.

Stop telling and start a conversation

Having a summation of what the aging advisor doesn’t want to hear is a contradiction in terms… the list is endless. Start having conversations with the aging advisor about what he can do rather than telling him what he must do… to empower him with the autonomy required to continue to grow his business well into his twilight years. Let him create his own unique culture of integrity to create scale and bring in junior advisors that fit the culture. Empower the aging advisor with the ability to own the perception of his value… and when he retires, what he leaves behind will be more than assets. He will have created a scalable culture that will empower your firm to continue to service the next generation of clients. The industry is overlooking its most valuable resource… wisdom. Continue your path of sustainable growth by having the conversations the aging advisor deserves to be a part of. Build your culture with the wisdom of the aging advisor by empowering him to own the perception of his value. Discover more about empowering the aging advisor to create your sustainable culture.

There has been an exclusion of the female advisor throughout this article… no reference to she or her… this is not an oversight. I have learned through the years that there is no such thing as an aging female advisor. I will be publishing a similar article for the ladies entitled Leveraging the Wisdom of Experienced Advisors.