As the number of financial advisors retiring increases there is a new ‘crop’ of younger advisors entering the industry. People may shy away from hiring a younger advisor because they want someone with ‘experience’. Here are a few reasons why working with a younger advisor may be better for your retirement plan:
While hiring a financial advisor of a similar age is common, if you and your advisor decide to retire at the same time, it can create a stressful time of transition when you need stability the most. Hiring a younger advisor increases the likelihood that person will still be working for you when you need it the most, helping you through retirement and the eventual transition of your estate to the next generation.
Younger advisors can bring fresh new perspectives to the financial planning process resulting in innovative solutions and efficiencies for the client. With the rapid changes in products, regulation, and technology, it is beneficial to have an advisor who makes sure your financial plan keeps pace as well.
Working with an educated younger advisor who is part of a team environment may actually provide you access to more experience and knowledge than someone who works alone. If a younger advisor has never dealt with a specific topic or question, a team environment increases the chances they have a trusted source for support. At the end of the day, no single person will have all of the answers. Rather than finding someone who ‘knows everything’, find someone who is willing to research what they do not know or do not fully understand.
A younger advisor may not have as many years of experience as someone older. But, other criteria can be more important such as education, designations they have earned, communication skills, eagerness to research new strategies for clients, and support available from other professionals. Call our office today to learn more about how our qualified team of advisors can help you.