A new LIMRA study finds early career training and mentoring opportunities for financial advisers pays major dividends down the road.
“Today’s advisers face many of the same challenges as their predecessors,” LIMRA explains. “Finding leads, asking for referrals and developing skills to run a business are just as difficult today as they’ve always been and no less important.”
LIMRA suggests advisers entering the business today face a different landscape than their predecessors—an environment in which technology, regulation and client service trends are redefining the ways advisers sell products and get paid. Despite the industry evolution, new advisers still need the selling skills and general business acumen of more experienced advisers if they hope to be successful in the long term.
“As companies invest in technology, they’ve begun to use modern approaches that build on the strengths of today’s advisers to address some of the on-going challenges they face,” LIMRA explains. “While this is happening for some, many advisers are still on their own in key areas.”
LIMRA finds up to seven in 10 young advisers use social media for their business, yet more than a third of their companies restrict or prohibit the use of social media. “Seventy-eight percent of young advisers rated technology tools as important support, yet more than half of these advisers said they are not receiving enough support in this area,” LIMRA observes.
Earlier LIMRA research found 75% of “successful young advisers” have benefitted from a mentor relationship. While some companies have formal mentoring programs, more than half of mentoring relationships “developed naturally.”
A helpful infographic from LIMRA, breaking down the technology support advisers want, is available here.