SURVIVAL TIPS FOR YOUNG ADVISORS
pay you, then you’re going to have an issue.” Part of that added value is going beyond the scant communication that might have been acceptable for some advisors in the past,
One of the ways a young advisor can get ahead is by partnering up with a mentor. Murphy has been able to access a wealth of experience thanks to his father, a 25-year
“As younger advisors, we’re probably a little better prepared for it than some of the older advisors” Zac Murphy, Younker & Kelly and offering services that might not net immediate returns. “The things you do for the clients throughout the year that may not generate you any income – it’s those relationship builders that are going to be the key moving forward,” Murphy says.
industry veteran. But he also has partnered with another advisor, Matt Younker, who has been guiding him. “It’s definitely had a big impact on my business – just his knowledge and what he brings to the table,” Murphy says. “Tapping into those resources that you might shy away
Look for clients where others won’t
Know your value
Articulate your value
Find a mentor
Never stop learning – knowledge is power
Communicate with clients regularly
from is definitely a huge thing.” The commonly expressed worry that a move to fee-based advising could be hard for young advisors is being overblown as well. “There’s an assumption that a younger advisor has to sell mutual funds or is on a deferred sales charge basis in order to survive,” says Kirk Polson, an industry veteran with Polson Bourbonniere Financial. “I don’t necessarily think that’s the case. I think a young advisor who comes in and starts immediately on a fee basis can still do very well.” While it’s never easy starting out, advisors willing to look outside the cookie-cutter image of the ideal client will have a much better chance of finding success. “The first few years, you have to get into the dirty areas and go where no other advisors want to go, or their B or C clients,” Murphy says. “Sometimes those end up being really good clients; it’s just that no one has ever really taken the time to sit down and have a real conversation with them.”
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