The first element relates to meeting the expectations of millennials, who have grown up with a very different skillset to baby boomers. Connecting with younger clients, therefore, requires a different mindset. Laferierre said: “It’s about building deeper, meaningful relationships. Part of that is just understanding their perspective. Millennials today, they want advice, but they don’t want to be preached at. That means taking a more collaborative approach.”
Technology is a central part of accomplishing this, not by dehumanizing the client experience but by using these tools to understand clients’ needs better. But for Laferierre, while technical skills are important, soft skills and integrity will be paramount for advisors planning a long career. He added: “Having high EQ (emotional intelligence) and [being good at] relationship building are going to be more critical because the clients, especially the millennials, they want that advice, and they want those relationships.”
Being that trusted go-to person
The COO admitted to an initial feeling of unease at how close some of advisors are to their clients. But he soon realized that this type of mentorship, which involves much more than simply discussing their financial scorecard, is the future. Whether it’s about family matters, real estate, or even vacations or what car to buy, being that trusted go-to person is the difference-maker.
“That’s actually quite warming to see I’m very proud of our advisors,” he said. “We look for integrity, intelligence, and professionalism and if you have that, everything else will follow.”
The second paradigm shift advisors should be on top of is the explosion of technology. Web 3.0 beckons but what that will look like remains to be seen. Mark Zuckerberg, the Meta CEO, believes it will be spent in the Metaverse, but time will tell. What’s crucial is that advisors meet client expectations in how they provide relevant information.
