How to Fix Industry's Gen Y Problem

HOLLYWOOD, Fla. -- There's a way to fix the financial advisory industry's reputation, as well as its connection to Gen Y clients and talent, said Mark Tibergien -- but it's going to take advisors' help to make it happen.

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Comments (1)
Bring your Parents to School Day

That's what pops into my mind reading this article. Back when I was a kid, that was popular. School kids being asked to bring their parents (or parent) to school to talk about their professions.

Doctors, firemen, carpenters, scientists, veterinarians, et cetera. My dad owned several KFC (yes, as in Kentucky Fried Chicken) franchises and in the 4th grade, he came to one of these events with buckets of chicken. Sure, he talked about the fast food industry and how he started but boy ohhhh boy were my friends happy with what he brought. Yes, ALL the other teachers fro neighboring classes were quite excited too!

Fast forward to today. So I hear there's some sort of a crisis and not enough Millennials (GenY) to take the place of the retiring baby boomers. Like the article stated: "encouraged advisors to reach out to their own high schools and sponsor financial literacy programs".

Financial advisors don't necessarily have to sponsor programs but can donate their time by speaking to kids. It'd probably be wiser to speak to high school kids or freshmen college students.

Field trip? If you live in a city (like NYC) that have a museum of finance why not take your class to a trip there. Introduce them to the ins and outs of money, saving, managing money, and yes, advising others in the form of financial advisory industry. There are other cities that have financial related sites like the US Mint, or a Fed reserve bank.

Point is that those in the industry (financial planners, advisors, managers) need to reach out to high schoolers and college kids and make it exciting. A field trip is one way to spark their interest in possibly one day becoming financial advisors.

Marty Morua
Posted by MARTY M | Saturday, June 07 2014 at 8:54AM ET
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