Justin Richter, a 32-year-old advisor has moved between three different firms over the past 1o years. This quick turnaround may seem strange to an older generation of advisors, but Brian Hamburger uncovers the underlying truth about the younger generation:
Brian Hamburger, founder of MarketCounsel, argues that while older advisors tend to be at one firm for years, if not decades, younger advisors are eager to move around until they find the best fit.
“It’s a generational issue,” he says. “Young people don’t see turnover the same. They tend to think that sometimes you need to actually move to affect change.”
Hamburger says “multiple moves close on each other’s heels are ‘much more common’ than they used to be, especially with younger advisors.”
Additionally, Brian identifies a new ease of getting a strategic message out to clients about these moves:
“If they message it right, the clients will follow,” he says. “We’re seeing it in record numbers.”
“It’s all in the way advisors message themselves. Younger advisors — as opposed to old-school wirehouse guys — are more like to get across to their clients that ‘I’m your guy, regardless of what firm I’m at,’” says Hamburger. The shift away from a wirehouse mentality has an added benefit for the traveling advisor. “Ten years ago,” says Hamburger, “if an advisor was going from one wirehouse to another, clients generally knew or suspected that it was because of compensation. Now, there’s a sense that the move might be prompted, at least in part, because it’s in their best interest. That’s much more effective messaging.”
“Now, you can talk about the fact that you moved to a new firm on social media or on your blog. You can update your LinkedIn and your connections will see that change.”
“There’s a number of different ways you can announce it to the world,” says Hamburger.
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