Back to School: A guide to advisor education

The financial services industry is graying more quickly than overall national workforce, thanks to a disproportionate number of baby-boomers in the sector.

The number of new advisors is growing, but as boomer advisors retire, the replacement rate may stall. The industry needs more recruits, but what is the best road to becoming an advisor?

Education is a good start, but people skills might be even more important. Once in the door, mentorship shows promise in developing freshman advisors, as well as reinvigorating veterans.

But education is an ongoing process, and even the most established advisor must hone their skills and develop their practice into the business they want it to be.

Make way for the Millennials Today’s young advisors aren’t just incredibly tech-savvy, they’re also are a generation of academic super-achievers, aggressively pursuing education and credentials to overcome the age biases of their clients and their firms.

Client service trumps higher education For aspiring advisors, education is only one piece of a very complex puzzle, as industry certifications and experience play a much bigger role in hiring than your university major, recruiters say.

Five years in, how are Seneca grads faring? Since opening its Financial Services Practitioner Program in 2006, Ontario’s Seneca College has produced a growing number of financial advisors. So where are they now?

Second-career advisors have an edge From the outside looking in, it may seem social services and financial planning are on opposite sides of the career spectrum. But financial planning can be intensely personal—and for many people, emotional.

Mentoring young advisors A year into her job at Rogers Group Financial, Cecilia Tsang wrote a test that would have a profound impact on her career. But it wasn’t tied to any designations or certifications. The result would help her gain entry to the group’s articling program, a lengthy mentorship opportunity.

A mentorship tale: Barry McNicol and Paige Maclean Barry McNicol knew within ten minutes of meeting Paige Maclean that he wanted her on his team. Within one week of employing her, he knew she was good enough to take over the business.

Training programs help rookies Of the 17,500 CFPs in Canada, 44% are over age 50 and will be retiring in the next 10-15 years. However, only 10% of CFP professionals are under the age of 35.

Best Practices: Learning and growing It is really important to be clear on your vision, find research on your specific target market, read books and then identify the practices you feel you can adopt and the areas you must change in order to attract these clients.

Specialist or generalist? Which path to success? To specialize or to generalize? This question faces financial advisors at different stages of their careers, from getting that first customer service job after college to mid-life transitions that fulfill one’s true professional calling. There is no right or wrong answer.

A perfect time for a fresh start Autumn and finally being back to school. I really loved this time of year. I loved the new notebooks, pencils, school clothes and even the thought of getting back to work. For me, it still seems like even more of a fresh start than January 1. Those in the Jewish faith are familiar with this concept and celebrate the New Year at this time of year. It is a time for reflection and making a fresh start.

In pursuit of designations Attaining financial industry designations is a daunting task for any new advisor. For new advisors consumed with building their books, dedicating time to expand their knowledge through formal course offerings is a challenge.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.