Overcome Biases Young Advisors May Have About ‘Old’ PeopleJul 15, 2021
The wealth management industry is experiencing an aging crisis. According to a survey conducted by JD Power in 2019, the average age of financial planners is 55. In addition, the survey found that one-fifth of advisors are 65 or older. Demographically, the industry is age lopsided.
As part of legacy planning, it is important for firms to cultivate young talent. However, transitioning older clients to younger advisors can be tricky due to the common biases held by both sides, and the lack of experience people have working with members of different age groups.
Wealth advisories can foster a strong and long-lasting relationship between younger advisors and older clients. What follows are six steps that firms can take to accomplish that goal.