Young advisors just entering the business should get a mentor and pick a niche clientele, advises one financial planner.
Renee Rebelo’s words of wisdom come in response to a Moneyweb article
by U.S. investment strategist, Magnus Heystek, of Brenthurst Wealth, – who suggests that no one under the age of 60 should be providing retirement advice.
“Think about it: would you take golf lessons from someone who has never played golf, or see a sex therapist who is still a virgin? That’s why I say: don’t take retirement planning advice from anyone under the age of 60,” wrote Heystek in an article earlier this month.
Though Rebelo disagrees with Heystek – calling his comments ‘blanket’ statements and saying age has nothing to do with being a competent advisor – she does believe new recruits need to give themselves time to get to know who they are as advisors, under the guidance of an industry veteran. This will help them establish which clients, at what point in their careers, they can best serve.
“Find an advisor that you look up to, who is aligned with your values and morals to help you meet other financial people in the industry and build your client base too,” says Rebelo, owner of Life Coach Financial in Grimsby, Ont. “They (mentors) can give you the work experience you need and if they have a succession plan, help you move into that too.”
The type of client best suited to your services will inevitably change, Rebelo says, the longer you work in the industry and as you evolve and mature – both personally and professionally. Rebelo, herself, for example, says since obtaining her CFP, she has honed in on financial lifestyle consulting and retirement cash flow.
“I just hit my 40-year milestone and over the last 10 years, I have experienced a lot of education and life experience when serving my clients,” she says.
Bottom line – building your book should come down to more than just your ‘bottom line,’ she says. Young advisors need to 'play matchmaker,' so to speak, making sure their services match their clients' needs. Also, Rebelo says, be prepared to give up the business and refer a client to another advisor, if you know you can’t serve them well.
“Have passion, be true to yourself and always keep some humbleness,” she says. “Clients see through insincerity. Most don’t care how much you know until they know how much you care about them.”
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