The work of NextGen Planners, alongside Universities offering Financial Planning degree courses now, means that there is a whole new generation of Financial Planners entering the industry. Younger people deliberately making the career choice from the off!
How weird is that to those of us who have been around a while? Throughout my career, I think the most common answer to “how did you get into Financial Planning” that I’ve heard is “well I just sort of fell into it really”.
People are choosing this fantastically rewarding career. Coming into the profession wanting to progress, keen to take on the succession challenge from the older generation. Looking to that generation for mentorship, guidance, and ultimately, their future career development.
But there is a challenge that comes with this. The business owners who are looking to the younger generation for their succession plan are REALLY busy! They have too many clients already, and are often the best people (in terms of skills and experience) within their firm to see and convert new clients.
How on earth are they going to find the time to train, mentor and develop the next generation?
What’s the skill base?
I think there are three strands of knowledge and skills that this next generation (and all Financial Planners over the next decade really) need to get really good at.
Technical knowledge
This isn’t going anywhere. You need to know your stuff! Luckily there is way more support out there now, from the likes of NextGen Planners and others to support people through their professional exams.
Mastering technology
Cashflow forecasting is the obvious example here, but tech is advancing faster than ever so it’s by no means the only technology that will require mastery.
The younger generation have the advantage here for sure! I just have to look at my youngest on an iPad to see that. Understanding and navigating great tech is fast becoming a necessity. Again, there is support out there – The Voyantist, and NextGen’s TechStack being great examples.
Human skills
Building great relationships, listening well, understanding deeply, empathising (and successfully expressing that). Really getting to know the person, their life, ambitions, hopes and dreams. Ultimately humanising the whole experience.
For those experienced Financial Planning business owners who have been around a while, what we used to term “soft skills” have been learned and developed over time. Of course there’s always room for improvement, and many I’m sure, don’t listen as well as they could. But most have the confidence to sit down with a potential new client and build rapport and trust pretty quickly.
How do we teach that bit? I don’t think it’s nearly enough to simply say “shadow me, watch and learn”. For one thing, a 40 or 50 something business owner comes with gravitas that a 20 something just doesn’t bring. There may well also be a gap in life experience between the younger planner and the client.
What I see play out time and again, is that this “watch and learn” approach leads to frustration on both sides. I think that’s because it’s only part of the solution.
How can we support the next generation to develop these skills?
What if alongside the shadowing of a mentor within a firm, new Financial Planners had somewhere they could go to learn to listen well, ask great questions and build rapport? At the same time learning from others on the same journey and practicing together away from the “coal face” of real life client interactions.
The Financial Discovery Coaching qualification offers a nine month long training and development package which does just that. Taking some of the burden away from busy business leaders to train these skills, while building confidence that their proteges will be able to connect with clients at different stages of life to themselves. The course provides an opportunity to learn how to rapidly build deeper connections with clients and builds confidence to do so from the very first meeting.
Or if you’re looking for something to get you started with less of a commitment, Unlocking Excellence: The Essentials offers a one day introduction which will arm any Planner (from fresh faced to very experienced!) with new skills and approaches to take into client meetings straight away.
By learning coaching skills grounded in the Thinking Environment®, planners can uncover client aspirations and limiting assumptions faster. This leads to higher trust, engagement and ultimately conversion rates and client retention.
The course and its subsequent certification path offers a solution for busy principals already juggling overflowing plates. A way to delegate some of the burden of training the critical skills for client relationships. This program trains those human-centric abilities quickly, allowing principals to confidently delegate leads and clients sooner.
When certified, a Financial Discovery Coach will have built foundational listening skills, as well as the ability to identify client assumptions and support breakthroughs. They will have learned how to apply these skills to a variety of client contexts. They will also have developed an understanding of how their life experiences affect their unconscious biases, to help build connections where their lives look very different to those of their clients..
Ongoing mentorship and community then provides continuous development so that these skills become second nature.
If this sounds interesting, follow this link to find out more, or get in touch here to arrange a conversation.
Need more convincing? Here’s what some recent attendees have said about their experience:
Training I’ve done in the past gave a very structured approach to questioning new clients that I always felt uncomfortable with. I found the positioning of questioning difficult and not for everyone. This training provided the missing link to approach this in a much softer way which can then be lifted to whatever level you / client feel comfortable with. It’s also teachable to new advisers in the practice, which is extremely useful.
Andy Hall, Director Sound Financial Planning
It will open your busy mind to possibilities that will assist you and your clients to have better outcomes.
Paul Spires, Director, Sound Financial Planning
This course offered a safe space to allow you to develop new skills and share ideas with other brilliant people. I got so much out of the day, and the format was perfect for me as someone who is usually quiet in group meetings!
Tom Blanchard, Relationship Manager, Cooper Parry Wealth
I thought it was a fantastic day. I really have got so much out of this. I think this will be so beneficial as I start seeing clients, running our team meetings and on a personal level. The course was so well run and engaging – my attention was kept all day. I have already used some of what I have learnt and will continue to develop this and practice.
Louise Davies, Technical Planner, Miller Knight Financial Planning
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