If you ask Alan Moore about the job market for young financial advisors, he’ll paint you one of the brightest pictures in the industry.
Lately, young planners have more offers than they “know what to do with,” Moore says, noting that new recruits are coming from some unlikely training grounds like degree programs in theater or communications.
He should know. The XY Planning Network, which he co-founded with Michael Kitces, counts many millennial planners among its membership of fee-only advisors who work with Gen X and Gen Y clients.
For Financial Planning’s Lightning Round, Moore also fielded rapid-fire questions about advisors' most useless routines and how augmented reality will have a "massive" impact on wealth management.
MOORE: There are so many jobs that are out there, that quite frankly, we find that younger advisors that are getting into the industry have more job opportunities than they know what to do with.
Degree programs like communications, theater… Some of these other programs that are producing students I would say that know how to communicate with others but maybe don’t know financial planning, and it’s a great source of new advisors.
Scheduling meetings, and it’s something that is just absurd given the technology that we have to automate the scheduling and allow clients to actually schedule meetings on their own.
I truly believe augmented reality is going to have a massive impact on the industry and the way that we communicate with clients, particularly those that are not in our office.
The number one app that I use on my phone is Slack. So, we use it for all of our internal communications. It’s a way of being able to connect all the various people as well as outside vendors.
“The Alliance,” which was written by one of the co-founders of LinkedIn. And it had such an impact on the way that I view creating job opportunities for new team members that are coming on.