Map to the Next Generation of Financial Planners

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Financial planning is a desirable career. But the next generation might not know it yet.

“It’s a desirable position for people coming out of college because it commands a high wage,” said Kyle Kensing, online content editor at the jobs site CareerCast.com in a CNBC article.

In the May 2019 Financial Planning article, “Daunting but Doable: How to Get Students to Consider a Planning Career,” Bob Veres offered planners and educators ideas for how to let the next generation of planners in on the secret.

Connect with local high school guidance counselors. Guidance counselors are oftentimes where students get ideas as to what they want to do with the rest of their lives. “They wield lots of influence over graduating seniors’ area of study selection, and right now, most of them are not clear on what financial planning is,” Caleb Brown, CFP®, told Veres and Financial Planning.

Perhaps your local FPA chapter can connect with guidance counselors and make them aware of the profession, point them to schools with CFP Board registered programs, and then identify the benefits of a career in financial planning.

Connect with alumni associations. Offer to speak to business students at your alma mater about financial planning. With your alumni association, you can also work toward helping to establish a financial planning program, Veres reported.

Offer scholarships or internships. It’s a tough world out there for recruiting talented individuals. Many professions are competing for the same brilliant minds, but you can be first on their list of where to work by offering students scholarships to take the CFP® examination or to pay for books.

Also, post internships and have students work in your firm for a summer. Multiple publications and financial planning podcasts note the importance of mentoring to retain next-generation and diverse talent in the profession.

Which leads us to the last tip:

Mentor new planners or seek a mentor if you are the new planner. It’s difficult to find time in your busy schedules, but helping the next generation navigate the profession could help retain talent coming in.

And if you are the new talent, finding a mentor is key. But do your research. When you reach out to somebody to pick their brain or ask them to meet to discuss something, do your homework: listen to podcasts they’ve been interviewed on or read articles they’ve written or been quoted in, said Rianka Dorsainvil, CFP®, in a recent episode of the 2050 TrailBlazers podcast.

Also, respect their time. If you schedule a meeting with them and need to cancel, give them at least a day’s notice. If you have been a product of an influential mentorship, pay it forward. Mentor other people coming up in the same way you were mentored.

Ana TL Headshot_Cropped

Ana Trujillo Limón is senior editor of the Journal of Financial Planning and the FPA Next Generation Planner. She also edits the FPA Practice Management Blog. Email her at alimon@onefpa.org, or connect with her on LinkedIn

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