In this episode, Robert talks to Douglas Boneparth about financial advisors.
Robert Leonard:
I have a bit of experience with financial advisors. And in my experience, almost all financial advisors actually avoid millennials. Why do you think that is?
Douglas Boneparth:
Relatability and profitability. So let’s break that down. First, most advisors, as I said earlier, you know, between 55 and 65, you know, who when you think about what it was like for them in their late 20s, and 30s, like…. Let’s go back 30 years, that brings us to 1990. Number one, it’s just a completely different time, like women in the workforce, let’s get into like real stuff, like women in the workforce, you know, it’s just kind of popping up nowhere near what it’s like today. So like them understanding that there are two working spouses, you know, commuting every day, trying to have kids, trying to do all these things that like, you know, we saw our parents do and our grandparents do, it’s just completely and utterly different. So I think these advisors, number one, they don’t know what to say or necessarily do. They probably grew up in the time where if they started 30 years ago, they were a broker, right? And then like, all that mattered was money and commissions. And as much as the industry is shaking itself away from commission-based business into, you know, the fee only world or a fee-based world, they think millennials don’t have money, therefore, they’re not going to be able to make money on millennials. It’s that simple. And I’m here showing you that like, the profession functions very different. You can approach millennials with the financial planning proposition and say, “Look, I’m here to forget investments, forget products, like put products over there, they basically become commoditized.” My point being that like products are commoditized. And the thing that will never be commoditized is the financial advice that’s tailored to a specific individual, bringing that relatability piece, that human element. There is basically that relationship component. So that’s why I think older advisors are just not into the millennial thing. It’s just not their cup of tea. And I get that. I don’t really think there’s anything wrong with that, like, do what you do.
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