Younger advisers capable of revitalising industry

association of financial advisers financial advisers financial advice AFA FOFA

4 February 2011
| By Milana Pokrajac |
image
image
expand image

Although most advisers are working to improve the public image of the advice industry, the next generation is in a better position to do so.

That is the assertion made by the Association of Financial Advisers (AFA) chief Richard Klipin (pictured), who spoke about 23 to 38-year-old advisers coming into the industry with a different attitude.

Klipin said the younger generation of advisers were starting out their careers in an already highly regulated industry, with the Future of Financial Advice (FOFA) talks well under way.

“If you’re a young adviser of 25 you’ve got a career of 30-40 years of financial advice in front of you, but if you’re 55 or 60 you’re thinking about your legacy, selling your practice and making sure that your clients get appropriately looked after,” Klipin said.

“The incoming generation, in the face of FOFA reforms, needs to position what they do in the public domain as a really critical service,” he added.

Klipin also noted that younger advisers attending the AFA National Roadshow had shown significant support for higher education standards, with most of them coming out with industry-related tertiary qualifications.

“I think the revolution is actually an evolution, and it’s already happening. It’s been happening now for probably the last decade, as the profession has attracted younger, smarter, engaged advisers that are coming out of universities with qualifications,” Klipin said.

Advisers belonging to generations X and Y were also more likely to engage in social media from a practice point of view, with most of them using websites such as Twitter, Facebook and LinkedIn to attract clients, according to Klipin.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 6 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month 1 week ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 5 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

1 week ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

6 days 21 hours ago