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From the January 2010 issue of Boomer Market Advisor • Subscribe!
Where will the next generation come from?
Broker\dealers continue to despair over the question of where, exactly, the next generation of financial advisors will come from. With the average age for current advisors well into their 50s, it's certainly valid. And with a mass employment exodus as a result of the downturn (mainly sub-standard advisors, not necessarily a bad thing), the problem is only compounded. John Gay, founder of Frisco Financial Planning in Frisco, Texas, thinks he has the answer. As he recently told the Wall Street Journal, plenty of programs are looking to place interns. He happened upon his from Texas Tech. You've seen them at conferences and trade shows, earnest young students in red shirts. According to Gay:
"This student worked for me for about a year and a half. He was hungry for work, and wanted to get his feet wet and learn. I paid him a modest amount, and it worked out great for both of us. His primary role was entering client information in the software I was using, and setting up planning assumptions and scenarios. Then I'd go in later to tweak things where needed."
Get them in the office. Train them as para-planners. You, and more importantly your clients, will need them.