Advice for younger advisors: Here’s how to build success in the long term

As a 20, 30 and even early 40-something in wealth management, Youth Day is the perfect reminder to start sowing the seeds to build success in the long term.

“Things have changed quite a bit compared to when I first got my foot in the door within the finance sector,” says Fred van Niekerk, General Manager, Carrick Partners.

“Nowadays, it’s not just about getting a job and a paycheck, but building a professional career or advisory business that really brings about some good in the world.”

Today’s youth have their own set of challenges, but there are also many opportunities for those who are proactive, and willing to seize them actively.

“The road to achieving your goals starts with following some basic guidelines as early as possible, and the sooner you take the steps needed to manage your business, career, and money responsibly, the better,” he adds.

In celebration of South Africa’s Youth Day, here are a few steps from the Carrick Team for those looking to build success sustainably in the long run:

Step 1: Never stop learning and upskilling

The global financial markets are constantly evolving, which means that financial advisors must continuously stay educated, invest in their professional growth and stay on top of industry trends.

“In this fast-moving digital age, new technologies are constantly emerging that can help independent advisors and advisory firms to optimise client portfolios and improve their long-term risk-adjusted returns,” explains Rashay Makan, Group Operations Director, Carrick Group.

It’s also good practice to subscribe to industry publications, follow and connect with thought leaders on platforms such as LinkedIn, enrol in online training courses, and secure educational credentials over time.

“Make a habit now of engaging in activities designed to improve your value proposition to your clients. Stay educated and curious,” he adds.

“By keeping a finger firmly on the pulse, up and coming advisors and advisory owners will ensure they’re well-positioned for the future, while in turn, helping their clients and employees adapt to new and upcoming products and solutions.”

Step 2: Take care and have empathy

It’s no longer enough to beat the same old advisory drum and selling the same financial products year after year without really getting to know your clients and their individual needs.

“You can only be relevant in this changing environment if you’re helpful,” says Anthony Palmer, Group Commercial Director, Carrick Group. “At the core of marketing is the customer, and it stands to reason that one should always ‘be helpful’ in one’s marketing and that, now more than ever, means having real empathy.”

Independent financial advisors can set themselves apart in many ways by connecting with clients on a deeper, more personal level. Building authentic relationships and developing your interpersonal skills has never been more critical in our increasingly digitised society.

“An important component of building a successful business leans heavily on relationship building, not just with clients, but with your colleagues, peers and employees,” Palmer explains.

He adds that as independent advisors grow their firms, it’s essential to nurture a healthy office environment and a work culture that appeals to younger talent and encourages them to grow with you.

Recent studies currently show that millennials makeup 25% of the workforce today and will become 75% of the global workforce by 2025. In fact, 15% of this segment already occupies managerial positions globally.

Step 3: Maintain your independence

“At Carrick Partners, we’re big on building a network of financial advisors and advisory firms wanting to retain their independence and diversify with offshore solutions,” says Bryan Austen, Group Finance Director, Carrick Group.

“It has become even more important as an advisor, especially those working their way up the career ladder, to tailor something completely bespoke through a wider variety of financial products and services. It no longer is and never has been enough to simply push one-dimensional products for your own benefit.”

To build success in your career, business, and lifestyle in the long term, it’s essential to choose quality over quantity and open yourself up to partnering with networks that offer operational support.

“Advisors, both young and old, have an opportunity to access to services like ours at Carrick Partners, which are not only big on increasing your revenue, but on encouraging professional growth, change, and evolution,” he concludes.

The world has changed, as has the finance and wealth management industry. So, why wait? If you’re ready to set yourself up for success, we’re always willing to help give you a leg up. Contact us to learn more about the benefits of becoming a Carrick Partner.

Interested in how Carrick Partners can give your business the boost it needs?

Apply here or contact us directly for more info on +27 (0) 21 201 1000  or [email protected]