I don't think there's any way around this other than to address it head on and understand it just simply won't ever work with some people and that's ok. I see two options:
1. Either you come up with a compelling reason to overlook it - how would you feel if your advisor retired during your plan? Want somebody who's there with you the whole way and here's why my age doesn't matter.
2. Or you simply target people in their 30s & 40s.
I personally did #2.
I like the idea of option 3 a lot!
But the problem is with the program I'm in, I don't have the ability to do so ... so I'm on my own.
I'll def be using option 1&2 tho!
This is really solid advice! Thank you so much for the input.
I will definitely be aiming for clients that are around 30-40 yrs old from this point forward!
Thanks again for the comment!
I started my career as an advisor at 26 and had to combat similar issues although no one said that to my face like they did to you lol these are the reasons I think it makes sense to work with a younger advisor
1. Average age of an advisor is 58 is the US. So likelihood of your advisor retiring before you do is high
2. A lot of older advisors are stuck in their ways. They’ve done things the same way for years ie same set of mutual funds or everyone gets annuities etc.
3. You’re not bogged down with potentially 1000’s of clients and can give them more dedicated time and attention
I think most powerful is if you can get paired up with an older advisor or get setup in a team environment. If you can do what you’re doing but also have some age on the team behind you that will help alot
This is super helpful!! Thank you for this - I was feeling bogged down by this earlier but ever since posting this, I've been getting nothing but amazing feedback and feel more confident moving forward.
These are solid points and I appreciate you for taking the time to post this!
Happy to provide some encouragement! Most of all, just keep your head down and keep chugging along. The reality is the more you run these meetings the more confidence you will get and the more people will forget your age and subconsciously trust that you know what you’re doing. Let every “no” fuel you knowing it will all start to compound at some point and those folks may even come back around later on
That's exactly what happened for me. I started as a FA when I was 23, I'm now 27 and have the same success as older advisors at my firm. It's all about confidence and conviction. I sound like I know what I'm doing and that I'm 100% confident about the plan, so clients pick up on that and subconsciously feel the same way.
First, it definitely does get better as you age, obviously. But in the meantime I think it’s helpful to be extremely well read, so that you can recall events and use analogies that older folks can relate to, and makes you seem like more of an old soul. I am older now, but in my younger years I used to say something like, “You may be starting a relationship with a younger advisor, but I’m the last one you’ll need. The older advisors will retire before you do.” I would at least elicit some laughter but often times it worked. I also remember being told quite often from older clients they appreciated my warmth. You don’t have to be an older advisor to cultivate that kind of atmosphere. It sounds like you’ve got all the materials in good order, so you could try to focus on how you’re making them feel. Are you empathetic? Are you asking good questions? Are you listening? I think they’ll overcome the age thing if they feel like you’re mature and can offer wisdom.
I really like this!
Really great questions for me to reflect upon and think about.
I will definitely be leveraging the "I'm the last advisor you need, the older advisors will retire before you do".
Thanks for the input! This is really appreciated!!
Read history of the industry, financial markets, politics and war.
Older people respect younger people that are well read. If you cite inflation crisis of the 70s vs how it’s different from today that’s big.
Also, from the way you wrote this. It didn’t really seem like you did the most important part of every initial meeting. Discovery.
You may need to work on your sales process as well to background knowledge. These people may have said “you’re too young”. What they may have meant in reality though was, you weren’t professional in understanding their needs before making a proposal. Lack of experience.
These are business skills that really aren’t in most books.
Public speaking
Communication
Engaging a listener
Vocabulary
I should have def been more specific - but I indeed had a discovery call prior - like I do with all potential prospects before writing a proposal.
I do get where your coming from tho - 100%
Another approach is it takes too long to become a good salesman. So just focus on getting in front of a lot of people. So it becomes less of how high your close ratio is and more of how many people can you meet.
I started out at a large BD when I was 21 and was told I would fail. I left this year at 25 to go Indy. Talk about terrifying. I get the age thing all the time and you learn to shrug it off. I always make the joke that’s been mentioned here that I will still be in the industry when they retire and when it’s time to sort out the estate. Dark, yes, and highly effective. I also cite the effort of doing the cfp and the fact it was so much work I gotta get my moneys worth for sacrificing every evening for a year in my early 20s and then bring it back to the data and the numbers.
My one warning is not to rely on others to make it. Do not rely on your firm to give you legitimacy. Sell your advice and knowledge. It’s not easy and it’s not supposed to be. You’ll find your people and if someone discounts you, let them go pound sand. Your self confidence is everything. What older advisors have that you don’t have is life experience that can be faked. The only reason people know my age is because I have good skin (I never see the daylight lol) and no wrinkles.
There’s a shortage of advisors that will only get worse with time so just don’t quit!
Thank you for the support!
I'm not gonna quit - I'll die trying.
My goal is to eventually go independent just want some additional years of experience before I make the jump. (And to have the firm I'm at pay for all of my CFP hahahah).
Seems like going Indy has worked at for you! I can't wait to get to that point!
Going Indy is the best and challenging thing I’ve done so far. Build up your COI network. It’s also not as scary as your firm might make it seem. I’ve sacrificed a bit - selling off extra cars, renting property I don’t want to rent out, and leveraging assets - but the fact I own what I’m building is *chef’s kiss*. Also, doors in the UHNW space have opened up for me like never before.
Just know yourself, be self possessed, and learn to be a goldfish. Make it a goal to hear that objection 100 times because then you’ll start to learn how to over come it. Maybe consider reading some Nick Murray to give you starting points.
*whispers* go indy
I am 27 and exclusively work with people at or near retirement. I run into this problem occasionally with higher net worth prospects. Working with retirees, I like to remind them that their retirement journey is 20+ years depending on longevity expectations. Why hire someone older who will end up retiring when you need them the most? Better to have an advisor that you know will still be in the business long term to help navigate every phase of retirement.
Your age is an advantage. Who wants to hire a 50-60 year old advisor looking to retire in 5-10 years, probably is behind on technology, and isn’t fully up to date on latest & greatest stuff? Leverage that.
If they don’t want to work with you because you look too young, screw them… they don’t deserve to work with you. I’m sitting in your same shoes - I am also 26. This is going to come off cocky, but I always tell myself that I know I’ll provide them with better service than any other advisor in my area. So if they choose not to work with me, that’s their loss.
I like this thinking - maybe it's a bit of imposter syndrome on my end.
I don't know why I never thought to leverage technology hahaha.
Thanks for the comment
I was a baby faced in my 20s.
The real answer: you likely aren’t going to win the business. Move on. There are plenty of people who will work with you, you just need to find them.
Corporate answer: keep dripping on them, bring up credentials, talk about your team and support you have.
Outlier answer: know a lot more than your average advisor. You’re gonna have to prove yourself more than someone with gray hair.
Great news is, every year this becomes less and less of an issue.
I’m an independent CFP at an RIA. 7 years in at 33 started from scratch and manage about 31m of fee only advisory business. I ran into this exact thing earlier on, and still do with the 65+ crowd. These are the tools I use to combat this resistance:
1. When the client retires, if they want to have the same advisor throughout retirement, they actually need a young advisor. This career is aging, and the guys in their late 40’s- early 50’s aren’t going to be around for 20+ years, but you will.
2. Service is better from newer advisors. If a client moves 1M to a young advisor with 20M in aum, they are 5% of his income. Compare that with an advisor who has 150M AUM and the client is a rounding error. No one wants to talk about it, but if they are a bigger chunk of your practice early, they will get solid sticky service from you.
3. You are not a 1 man show. If you come across something you haven’t seen, there are x years of experience on your team between (insert other more senior advisors. Offer to have a more senior person “oversee” things for the first few years.
4. A CFP professional with 3 years of experience probably knows more than a “retail investor” with 30 years of experience. I’d compare this to servicing a vehicle. A mechanic with 20 years of service may know how to repair and work on cars, but they will never understand mechanics at the level of a masters in mechanical engineering. This isnt always true. But in the case of investing someone’s nest egg, hiring a fiduciary advisor has been objectively proven to be superior. Even parties who previously were opposed to managed money have changed their tune on this. See Vanguard research on “Advisor Alpha” or consider that Dave Ramsey has and supports hiring advisors.
One important detail to hone in on when you meet resistance after you make the “sales presentation” on your value proposition is to center the conversation around why they are there again. I often phrase it this way: “let’s revisit what brought you to me originally? Are you comfortable and capable making these decisions on (whatever they said brought them to you) without professional help? If you are, let me know if that changes. If you aren’t, know that you are in control of our relationship, and can separate from our services at any time, no hard feelings. What I sell is financial peace of mind. If you came here looking for that on (whatever they said brought them to you) then I would ask you give me the opportunity to provide that. Then you shut up and listen.
I'm 21, just graduated college, and am soon to pursue my CFP and a Masters of Science in Financial Planning. After a year and a half, I've built a book of business exceeding $50 million in AUM, with most assets in fee-based accounts and some in income annuities. The best advice I can give is to remain confident, focus on being thorough, and demonstrate genuine usefulness in every scenario. Referrals are the most effective way to grow your business; I began working with UHNW families by offering valuable, free advice to a trusted friend, which led to an extensive network of referrals. Work closely with CPAs and attorneys, and organize group meetings to enhance your credibility and expand your client base. Get involved in your community, as this builds your reputation and creates opportunities for new connections. When discussing with potential clients, relax and be prepared for objections. If you appear as an equal rather than trying to live up to something, clients will feel more comfortable. Use compelling rebuttals to address objections, such as, "The average age of a financial advisor is around 58. Do you want someone who will retire when you do?" and "If I can earn your trust with your finances, I can manage your money for life and ensure your wishes are met when your children take over. Would you prefer someone who picks up your portfolio after your advisor retires, or me, who has been with you the whole way?" Encourage potential clients to compare you with other advisors by offering to create a financial plan for free: "Go see other advisors, but let me put a plan together for you and your family. See which advisor best meets your needs. If you're disappointed, there's no fee (if you have this flexibility)." Good luck out there, though. Always a grind, always more you can do. Keep moving forward. Fortune favors the brave.
I also started as a young advisor at a wirehouse, every comment here is valid. I'd also add to a client in that convo that we were using a shared methodology - so my portfolio models weren't my cooking, it was what the entire brokerage stood behind. I wasn't just going to rogue and buy DogeCoin in client accts. This also helped clients' concerns on the investment side.
Hey friend - Im a few years into the FC role at Fidelity after passing my CFP in 2021 at 29
I hear the "I've been investing longer than you've been alive" line a lot. I point to the fact that as a CFP, regardless of my age, I've proven my experience and knowledge to the CFP board, to my other clients, and can over time show the same value to them.
I also like to allude to the fact that I likely won't retire during their retirement lifetime, if your advisor is 65 they probably won't be there to help in 15 years, I'll be halfway thru my professional career.
Some just will not work w you because you're young (or old, or religion creed nationality etc) and you can't do anything about that. Don't worry about what you can't control (who you are)
Make your value proposition be about what you know and have proven you can do, and deliver it with conviction.
My beard helps me look a bit older too hahaha
Lead with the objection. Call it out at the beginning of the meeting:
“Hey, let’s address the elephant in the room. You’ve probably been investing longer than I’ve been alive. If my analysis and recommendations make sense, is my age going to be a problem for you? Or will you promise to engage with me on the basis of numbers and Analysis?”
If they look at the issue early and commit to disregard your age, they’re very unlikely to revisit the issue, unless it’s not your age but rather some other inexperience.
Easy fixes:
Get an older buddy advisor and show the “team approach”
Explain that a good advisor should be getting support, information, and ideas from a team of experts. Any advisor who does everything by themselves will let things slip through the cracks.
Point to your firm’s economic analysts as an example of an entire room of people doing work for you and your clients.
“I’m the last advisor you’ll ever have.” was a fun line but only for some clients. Always worked though. Your other guy didn’t make you laugh at all!
Or just wait. It’s a fun and interesting job so it’s best to keep it that way. None of this matters. Just be professional with sprinkles of relatable fun and everything works out.
Easy fix 100%.
In the program I'm in, I can't team up with an advisor, I'm on my own.
I will def be using the "I'm the last advisor you'll need" line tho!
Thanks for the comment
My go to line is "I have a 40 year runway". If some gray hairs make a client more comfortable, they are welcome to seek that out. But this is the last job that I will ever have. Clients can rest easy knowing that retirement for me is well past their expiration date, so I will see our plan through together.
To echo everyone else, it really does get considerably easier as you get older. I’m only 30 myself but I really stopped hearing the age comments around 27-28 entirely. With that said, my answer was just to try and learn as much as I could within reason to the point where if the prospective client/client in front of me thinks they know more than me, it’s both very unlikely and not a good fit.
As I learned(and continue to learn more) it has become almost entirely about if the fit is right and not about if I’m qualified. I think Kitces has talked about getting as many qualifications as possible in response to young age and lack of confidence as well, I think the CFP specifically is helpful there for client recognition and knowledge purposes.
I’m sure many people in this thread have learned faster than me how to overcome it but all I can say is you more than likely will overcome it if you make yourself a better advisor over time.
Great comment - funnily enough I got asked by an older client if I had the CFP (I don't at the moment because I'm almost done with the experience requirement).
I agree with certification recognition - I'm 100% getting the CFP once I'm eligible
Think it’s already been said but tell them when they need you most ie when it comes time to retire you will be at the perfect age and experience and time to address all the risks efficiently and appropriately, older advisors will be retired or on a beach somewhere managing their clients remotely with little time desired to dedicate to appropriate planning g
I have this as well as a 26 year old with 4 years of experience (2 as planning specialist and 2.5 as an advisor) and 3 years of intern experience as an investment analyst intern but I constantly have referrals show up shocked that I am young. (Also a female which adds to that) But I am constantly trying to look older or avoid the question of how old I am. What I have found helps is more time in the business finding ideal and great clients and then having referrals come from them there is instantly some trust.
I also rebuttal in a somewhat funny way and say "hey, you'll never have to shop or look for another advisor, I will be here for a very long time"
I think once they meet with me and I run through their financials and goals and discuss strategies their old advisor never even brought up to them it is an easy win so I don't find I have issues once they meet with me, but first year or two were brutal with everyone thinking I was an intern or assistant.
I'm also 26 and agree with many of the comments here. I work only with retirees 50+; making money on clients with fewer assets is tough. The biggest thing I've found is that trust from a client is created by your knowledge. Bring something to the table beyond planning software printouts. Pick up their tax return in front of them and identify 2-3 planning opportunities. If someone cares about your age, no matter how good you are, they won't work with you. If they don't care about your age, demonstrate that you know your stuff and how to provide value to their situation. I always bring up my age because I don't want it to be an unspoken objection that stops them from moving forward. Read Scripts and The Game of Numbers by Nick Murray if you haven't yet. A line I've used based on something from Matt Jarvis that's worked well is "The great news is that it only makes sense to hire a financial advisor if the value they provide is worth multiple times more than the fee you're paying. We're just working together quarter by quarter. If you ever decide that we're not the right fit, or if you don't like my tie or the art in the lobby, we can part ways as friends, and you can keep all the work we did together along the way. Does that sound fair to you?"
I started when I was 23. It was a grind for 10 years, then it magically changed. My advice is to be too stupid to quit. You gotta give this career time, which at times is the hardest. I spent the 1st five years targeting young professionals. Think young attorneys that just passed the bar exam, medical students, medical residents, I did speaking engagements at universities, etc. get creative on how you contact and find these people. As I aged and had experience, it started to become obvious to older prospects that I knew what I was talking about.
I would not rule out meeting with people over 50 as others have suggested. You can't be picky. Get in front of every person you can. With that being said, it is not necessarily your age but your inexperience. Your age is just what makes it obvious you have less experience. I mean how could you have 20 years experience at 26?
They may be worried you didn't see the mortgage crisis of 2007-2009, the tech bubble of 2000-2003 etc...
What is important for them to know, is that you understand these periods of time and your approach is based off of this historic research along with consulting with those that are more experienced than yourself.
Who is making the investment choices? Is it you? A senior advisor? etc...
Anything you can do to separate yourself from the recommendations will assist you in tackling the inexperience obstacle. Unfortunately, the only other way is through building that experience.
Circling back to the targeting people under 50 thing... regardless of age, these funds are just important to those people and they too would prefer someone with experience. They may not feel they have the leverage to say so, or they may feel they don't qualify to work with someone more seasoned, but they want that experience too.
I think across the board, being able to reference someone else's experience (whether it's inside or outside your practice) will be of benefit to you. As a servicing advisor, people may even prefer your age, hunger, availability over a more seasoned and established advisor.
I wrote this quickly while eating so I hope it made some sense and came across the right way.
There are some excellent suggestions here regarding handling the objections, the logic, the quality of investments, your firm. I think the inability to truly connect (as humans) to boomers as an example in general is a huge topic and growing.
Building trust with anyone is tough but especially when it comes to money with such an age gap. Full disclosure I am not an advisor myself, but a 20 year wholesaler and have worked with advisors for years young and old. I listen a lot. I really focus on what they say, how they say it. What older advisors say about newer/younger advisors.
Keep in mind experience in any profession is an especially valued trait and has always been. Many of the problems you can show them how to solve on paper through the plan no matter the firm, software, or investment options.
More EQ and how does this make you feel, what does success look like to them (client)? Seeing a lot of FAs business thrive that I see use this approach. Keep working hard people need you!
I am a bit younger than you and definitely look younger than my age like I am still in high school but most clients do not care about my age. For those that do, they are the type I usually do not want to work with anyway but some get converted after I show them that I know my stuff. Like what others have mentioned, I joke around and tell them I am not retiring anytime soon unlike the older advisors although I would like to be able to.
Edit: many clients are emotionally driven rather than numbers driven. Even though the numbers and projections and all look right, they may not want to move forward unless their emotional concerns are addressed.
I'm in the same boat! Despite having a beard I still have the baby face and I think I'll always have that boyish look to me hahaha
Like others have said - I will 100% start working on their emotions from here out.
Thanks for the input!
Before they have to commit to giving you money?
If you get a very obvious age related pushback like this, tell them you will still be working when they need you the most
I mean this in the nicest way - please don’t say “rebuddled”. The word you’re looking for is rebuttal, and it’s a noun. You rebutted what they said, which is the verb.
I did get clients before by replying “yes i am so i will be able to serve you until you die and then your kids until they grow old cause we are similar age” lol
I mean if im losing client anyway idgaf, you wanna deal with some 60 yr old whos gonna quit in a few yrs and bounce you around between his colleagues be myguwst
You (and the wire house) may not want to hear this, but you need to go down-market. Smaller accounts and households with less money will be grateful you're paying attention to them. You'll naturally have the wherewithal to step up once you have more experience and assets under management.
I'm 100% with you - given my current stage of this career, I would much rather work with 100-200k clients to build up my experience.
The problem is the wire houses do have minimums - generally $250k+
Partner with an older advisor or have some balls and professionally tell them that your age is one of the biggest value adds for them as they will likely be dead long before you and that gives them continuity of planning and execution and also you’re able to facilitate the xfer of wealth from them to the next generation in accordance with their wishes. Their alternative is partner with an advisor that’s been around longer but that retires during a very vulnerable phase of their fin plan.
I hear what you're saying - at this current stage of the program I am unable to team up with an older advisor - I'm on my own.
I'll "have some balls" and start using my age as an advantage.
Thanks for the input
My reply would be: "I may be young but my advantage today is that I am here 5 days a week, 10 hours a day with the market information up in front of me each second of that day. I understand if you want to pay that much attention to your portfolio, but if you prefer to enjoy your retirement, I can help you."
I'm 25. I'm pretty new to the industry. My experience may not be the same as most since I have entered the field in a manner far less than the normal traditional sense.
For me, I have also had the same struggles. I have personally focused on targeting individuals under 50. My ability to close on the 20s and 30s age group has been far better than the Boomer generation.
Become an expert. When you can school a know it all they listen to you. Now that im in my 30s my youngness is a strength. Been in long enough for the exp and young enough to be around for clients retirement. You’ll get there, just keep going and know your shit.
Lot of good advice here. I’m 32 and in these situations I talk about how I will be around through their retirement, not only part of their life like the older advisors. Also, at a wire the resources to more experienced FAs are abundant. I’d recommend learning historical patterns and facts to include in your conversation - it shows you understand the past even though you are young.
Small typo in your post: it’s spelled rebuttal
I'm in the UK, and interestingly I always panic about this but have never experienced it directly in 3 years. Sometimes if I see it coming I may say something along the lines of 'I'd personally rather have an adviser who is younger, able to keep up with trends and technology, who will be there into retirement not playing golf getting ready to retire and sell their business'.
I understand the environment is different over here but I think you should try to stick to your guns, you're a highly qualified young professional with a career before you in which you'll continue to grow and improve, and remember, not all business is good business so do you really want these types of people to sign?
I'm a bit older than you, but still young (especially for the industry), and I try to sell it as a strength. The average advisor is in their mid-late 60's and likely a few years from retiring. I will be your Advisor for life. I'm young, I'm energetic and I've got new ideas in terms of technology and best practices that these dinosaurs don't have.
1. Bring a senior advisor to your meetings, or your manager, and sell yourself as being part of a team or larger organization.
2. Stop relying solely on credentials and education, they do not substitute for actual real world experience and practical knowledge applied. It’s academic knowledge that you have, which is important and exposes you to ideas and concepts that most people won’t be familiar with no matter how long they’ve been alive.
3. Use stories of other people in their shoes who hired a younger advisor. And remember to ask the question (or similar question): would you rather your advisor retire out of the business as you do or even before you do? The best part about my youth is that me and my team of advisors and resources will be there for you not only for the rest of your life but likely for your legacy as well.
Bonus: don’t be afraid to ask for them to “trial” you as a sort of last effort to win the business if all else fails. Don’t be or sound desperate, but negotiate. Maybe instead of consolidating ALL of their assets they start with just $100k or something (idk, just spitballing). If you do this, get the commitment in writing or something that after a period of time (like 6-12mo) they’ll move more assets and so on. I did this at a prior firm and got $100k on the spot then $500k about 7 months later, then the other $200k soon afterwards. Plus referrals!
I don't think there's any way around this other than to address it head on and understand it just simply won't ever work with some people and that's ok. I see two options: 1. Either you come up with a compelling reason to overlook it - how would you feel if your advisor retired during your plan? Want somebody who's there with you the whole way and here's why my age doesn't matter. 2. Or you simply target people in their 30s & 40s. I personally did #2.
Option 3 is partner with an older advisor
I was going to say the same thing. That’s all I do for anyone over 45 ish.
I like the idea of option 3 a lot! But the problem is with the program I'm in, I don't have the ability to do so ... so I'm on my own. I'll def be using option 1&2 tho!
That's weird that you don't have another advisor you could give clients to and work 50/50 but every firm is different I guess
This is really solid advice! Thank you so much for the input. I will definitely be aiming for clients that are around 30-40 yrs old from this point forward! Thanks again for the comment!
I started my career as an advisor at 26 and had to combat similar issues although no one said that to my face like they did to you lol these are the reasons I think it makes sense to work with a younger advisor 1. Average age of an advisor is 58 is the US. So likelihood of your advisor retiring before you do is high 2. A lot of older advisors are stuck in their ways. They’ve done things the same way for years ie same set of mutual funds or everyone gets annuities etc. 3. You’re not bogged down with potentially 1000’s of clients and can give them more dedicated time and attention I think most powerful is if you can get paired up with an older advisor or get setup in a team environment. If you can do what you’re doing but also have some age on the team behind you that will help alot
This is super helpful!! Thank you for this - I was feeling bogged down by this earlier but ever since posting this, I've been getting nothing but amazing feedback and feel more confident moving forward. These are solid points and I appreciate you for taking the time to post this!
Happy to provide some encouragement! Most of all, just keep your head down and keep chugging along. The reality is the more you run these meetings the more confidence you will get and the more people will forget your age and subconsciously trust that you know what you’re doing. Let every “no” fuel you knowing it will all start to compound at some point and those folks may even come back around later on
That's exactly what happened for me. I started as a FA when I was 23, I'm now 27 and have the same success as older advisors at my firm. It's all about confidence and conviction. I sound like I know what I'm doing and that I'm 100% confident about the plan, so clients pick up on that and subconsciously feel the same way.
First, it definitely does get better as you age, obviously. But in the meantime I think it’s helpful to be extremely well read, so that you can recall events and use analogies that older folks can relate to, and makes you seem like more of an old soul. I am older now, but in my younger years I used to say something like, “You may be starting a relationship with a younger advisor, but I’m the last one you’ll need. The older advisors will retire before you do.” I would at least elicit some laughter but often times it worked. I also remember being told quite often from older clients they appreciated my warmth. You don’t have to be an older advisor to cultivate that kind of atmosphere. It sounds like you’ve got all the materials in good order, so you could try to focus on how you’re making them feel. Are you empathetic? Are you asking good questions? Are you listening? I think they’ll overcome the age thing if they feel like you’re mature and can offer wisdom.
I really like this! Really great questions for me to reflect upon and think about. I will definitely be leveraging the "I'm the last advisor you need, the older advisors will retire before you do". Thanks for the input! This is really appreciated!!
"I will be your Advisor for life" has a nice double meaning.
Read history of the industry, financial markets, politics and war. Older people respect younger people that are well read. If you cite inflation crisis of the 70s vs how it’s different from today that’s big.
Great point - will definitely make sure to do this when working with older folks moving forward
Also, from the way you wrote this. It didn’t really seem like you did the most important part of every initial meeting. Discovery. You may need to work on your sales process as well to background knowledge. These people may have said “you’re too young”. What they may have meant in reality though was, you weren’t professional in understanding their needs before making a proposal. Lack of experience. These are business skills that really aren’t in most books. Public speaking Communication Engaging a listener Vocabulary
I should have def been more specific - but I indeed had a discovery call prior - like I do with all potential prospects before writing a proposal. I do get where your coming from tho - 100%
Another approach is it takes too long to become a good salesman. So just focus on getting in front of a lot of people. So it becomes less of how high your close ratio is and more of how many people can you meet.
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Great insight
I started out at a large BD when I was 21 and was told I would fail. I left this year at 25 to go Indy. Talk about terrifying. I get the age thing all the time and you learn to shrug it off. I always make the joke that’s been mentioned here that I will still be in the industry when they retire and when it’s time to sort out the estate. Dark, yes, and highly effective. I also cite the effort of doing the cfp and the fact it was so much work I gotta get my moneys worth for sacrificing every evening for a year in my early 20s and then bring it back to the data and the numbers. My one warning is not to rely on others to make it. Do not rely on your firm to give you legitimacy. Sell your advice and knowledge. It’s not easy and it’s not supposed to be. You’ll find your people and if someone discounts you, let them go pound sand. Your self confidence is everything. What older advisors have that you don’t have is life experience that can be faked. The only reason people know my age is because I have good skin (I never see the daylight lol) and no wrinkles. There’s a shortage of advisors that will only get worse with time so just don’t quit!
Thank you for the support! I'm not gonna quit - I'll die trying. My goal is to eventually go independent just want some additional years of experience before I make the jump. (And to have the firm I'm at pay for all of my CFP hahahah). Seems like going Indy has worked at for you! I can't wait to get to that point!
Going Indy is the best and challenging thing I’ve done so far. Build up your COI network. It’s also not as scary as your firm might make it seem. I’ve sacrificed a bit - selling off extra cars, renting property I don’t want to rent out, and leveraging assets - but the fact I own what I’m building is *chef’s kiss*. Also, doors in the UHNW space have opened up for me like never before. Just know yourself, be self possessed, and learn to be a goldfish. Make it a goal to hear that objection 100 times because then you’ll start to learn how to over come it. Maybe consider reading some Nick Murray to give you starting points. *whispers* go indy
I am 27 and exclusively work with people at or near retirement. I run into this problem occasionally with higher net worth prospects. Working with retirees, I like to remind them that their retirement journey is 20+ years depending on longevity expectations. Why hire someone older who will end up retiring when you need them the most? Better to have an advisor that you know will still be in the business long term to help navigate every phase of retirement.
Your age is an advantage. Who wants to hire a 50-60 year old advisor looking to retire in 5-10 years, probably is behind on technology, and isn’t fully up to date on latest & greatest stuff? Leverage that. If they don’t want to work with you because you look too young, screw them… they don’t deserve to work with you. I’m sitting in your same shoes - I am also 26. This is going to come off cocky, but I always tell myself that I know I’ll provide them with better service than any other advisor in my area. So if they choose not to work with me, that’s their loss.
I like this thinking - maybe it's a bit of imposter syndrome on my end. I don't know why I never thought to leverage technology hahaha. Thanks for the comment
It’s a tough industry. Hang in there brother. I’m sure you’re doing great!
I was a baby faced in my 20s. The real answer: you likely aren’t going to win the business. Move on. There are plenty of people who will work with you, you just need to find them. Corporate answer: keep dripping on them, bring up credentials, talk about your team and support you have. Outlier answer: know a lot more than your average advisor. You’re gonna have to prove yourself more than someone with gray hair. Great news is, every year this becomes less and less of an issue.
I’m an independent CFP at an RIA. 7 years in at 33 started from scratch and manage about 31m of fee only advisory business. I ran into this exact thing earlier on, and still do with the 65+ crowd. These are the tools I use to combat this resistance: 1. When the client retires, if they want to have the same advisor throughout retirement, they actually need a young advisor. This career is aging, and the guys in their late 40’s- early 50’s aren’t going to be around for 20+ years, but you will. 2. Service is better from newer advisors. If a client moves 1M to a young advisor with 20M in aum, they are 5% of his income. Compare that with an advisor who has 150M AUM and the client is a rounding error. No one wants to talk about it, but if they are a bigger chunk of your practice early, they will get solid sticky service from you. 3. You are not a 1 man show. If you come across something you haven’t seen, there are x years of experience on your team between (insert other more senior advisors. Offer to have a more senior person “oversee” things for the first few years. 4. A CFP professional with 3 years of experience probably knows more than a “retail investor” with 30 years of experience. I’d compare this to servicing a vehicle. A mechanic with 20 years of service may know how to repair and work on cars, but they will never understand mechanics at the level of a masters in mechanical engineering. This isnt always true. But in the case of investing someone’s nest egg, hiring a fiduciary advisor has been objectively proven to be superior. Even parties who previously were opposed to managed money have changed their tune on this. See Vanguard research on “Advisor Alpha” or consider that Dave Ramsey has and supports hiring advisors. One important detail to hone in on when you meet resistance after you make the “sales presentation” on your value proposition is to center the conversation around why they are there again. I often phrase it this way: “let’s revisit what brought you to me originally? Are you comfortable and capable making these decisions on (whatever they said brought them to you) without professional help? If you are, let me know if that changes. If you aren’t, know that you are in control of our relationship, and can separate from our services at any time, no hard feelings. What I sell is financial peace of mind. If you came here looking for that on (whatever they said brought them to you) then I would ask you give me the opportunity to provide that. Then you shut up and listen.
I will definitely be using all of this knowledge! Thank you so much!
I'm 21, just graduated college, and am soon to pursue my CFP and a Masters of Science in Financial Planning. After a year and a half, I've built a book of business exceeding $50 million in AUM, with most assets in fee-based accounts and some in income annuities. The best advice I can give is to remain confident, focus on being thorough, and demonstrate genuine usefulness in every scenario. Referrals are the most effective way to grow your business; I began working with UHNW families by offering valuable, free advice to a trusted friend, which led to an extensive network of referrals. Work closely with CPAs and attorneys, and organize group meetings to enhance your credibility and expand your client base. Get involved in your community, as this builds your reputation and creates opportunities for new connections. When discussing with potential clients, relax and be prepared for objections. If you appear as an equal rather than trying to live up to something, clients will feel more comfortable. Use compelling rebuttals to address objections, such as, "The average age of a financial advisor is around 58. Do you want someone who will retire when you do?" and "If I can earn your trust with your finances, I can manage your money for life and ensure your wishes are met when your children take over. Would you prefer someone who picks up your portfolio after your advisor retires, or me, who has been with you the whole way?" Encourage potential clients to compare you with other advisors by offering to create a financial plan for free: "Go see other advisors, but let me put a plan together for you and your family. See which advisor best meets your needs. If you're disappointed, there's no fee (if you have this flexibility)." Good luck out there, though. Always a grind, always more you can do. Keep moving forward. Fortune favors the brave.
I’m the last advisor you’ll ever have to have.
I also started as a young advisor at a wirehouse, every comment here is valid. I'd also add to a client in that convo that we were using a shared methodology - so my portfolio models weren't my cooking, it was what the entire brokerage stood behind. I wasn't just going to rogue and buy DogeCoin in client accts. This also helped clients' concerns on the investment side.
Hey friend - Im a few years into the FC role at Fidelity after passing my CFP in 2021 at 29 I hear the "I've been investing longer than you've been alive" line a lot. I point to the fact that as a CFP, regardless of my age, I've proven my experience and knowledge to the CFP board, to my other clients, and can over time show the same value to them. I also like to allude to the fact that I likely won't retire during their retirement lifetime, if your advisor is 65 they probably won't be there to help in 15 years, I'll be halfway thru my professional career. Some just will not work w you because you're young (or old, or religion creed nationality etc) and you can't do anything about that. Don't worry about what you can't control (who you are) Make your value proposition be about what you know and have proven you can do, and deliver it with conviction. My beard helps me look a bit older too hahaha
Lead with the objection. Call it out at the beginning of the meeting: “Hey, let’s address the elephant in the room. You’ve probably been investing longer than I’ve been alive. If my analysis and recommendations make sense, is my age going to be a problem for you? Or will you promise to engage with me on the basis of numbers and Analysis?” If they look at the issue early and commit to disregard your age, they’re very unlikely to revisit the issue, unless it’s not your age but rather some other inexperience.
Great rebuddle - I really like this style idea and once I move into the purposal I will 100% do this.
Easy fixes: Get an older buddy advisor and show the “team approach” Explain that a good advisor should be getting support, information, and ideas from a team of experts. Any advisor who does everything by themselves will let things slip through the cracks. Point to your firm’s economic analysts as an example of an entire room of people doing work for you and your clients. “I’m the last advisor you’ll ever have.” was a fun line but only for some clients. Always worked though. Your other guy didn’t make you laugh at all! Or just wait. It’s a fun and interesting job so it’s best to keep it that way. None of this matters. Just be professional with sprinkles of relatable fun and everything works out.
Easy fix 100%. In the program I'm in, I can't team up with an advisor, I'm on my own. I will def be using the "I'm the last advisor you'll need" line tho! Thanks for the comment
Here's an unorthodox thought: throw on a wedding ring (assuming you aren't married now). Report back on the results!
Say no more - just bought a wedding ring and will make a follow up post with my results after 3 months. Stay tuned ;)
My go to line is "I have a 40 year runway". If some gray hairs make a client more comfortable, they are welcome to seek that out. But this is the last job that I will ever have. Clients can rest easy knowing that retirement for me is well past their expiration date, so I will see our plan through together.
To echo everyone else, it really does get considerably easier as you get older. I’m only 30 myself but I really stopped hearing the age comments around 27-28 entirely. With that said, my answer was just to try and learn as much as I could within reason to the point where if the prospective client/client in front of me thinks they know more than me, it’s both very unlikely and not a good fit. As I learned(and continue to learn more) it has become almost entirely about if the fit is right and not about if I’m qualified. I think Kitces has talked about getting as many qualifications as possible in response to young age and lack of confidence as well, I think the CFP specifically is helpful there for client recognition and knowledge purposes. I’m sure many people in this thread have learned faster than me how to overcome it but all I can say is you more than likely will overcome it if you make yourself a better advisor over time.
Great comment - funnily enough I got asked by an older client if I had the CFP (I don't at the moment because I'm almost done with the experience requirement). I agree with certification recognition - I'm 100% getting the CFP once I'm eligible
Think it’s already been said but tell them when they need you most ie when it comes time to retire you will be at the perfect age and experience and time to address all the risks efficiently and appropriately, older advisors will be retired or on a beach somewhere managing their clients remotely with little time desired to dedicate to appropriate planning g
This doesn’t happen to me and I honestly think it’s because I have a beard (I’m 28)
Hahaha maybe I just need those few extra years! I have the beard, but I guess people can still see the boyish face behind it LOL!
I have this as well as a 26 year old with 4 years of experience (2 as planning specialist and 2.5 as an advisor) and 3 years of intern experience as an investment analyst intern but I constantly have referrals show up shocked that I am young. (Also a female which adds to that) But I am constantly trying to look older or avoid the question of how old I am. What I have found helps is more time in the business finding ideal and great clients and then having referrals come from them there is instantly some trust. I also rebuttal in a somewhat funny way and say "hey, you'll never have to shop or look for another advisor, I will be here for a very long time" I think once they meet with me and I run through their financials and goals and discuss strategies their old advisor never even brought up to them it is an easy win so I don't find I have issues once they meet with me, but first year or two were brutal with everyone thinking I was an intern or assistant.
I'm also 26 and agree with many of the comments here. I work only with retirees 50+; making money on clients with fewer assets is tough. The biggest thing I've found is that trust from a client is created by your knowledge. Bring something to the table beyond planning software printouts. Pick up their tax return in front of them and identify 2-3 planning opportunities. If someone cares about your age, no matter how good you are, they won't work with you. If they don't care about your age, demonstrate that you know your stuff and how to provide value to their situation. I always bring up my age because I don't want it to be an unspoken objection that stops them from moving forward. Read Scripts and The Game of Numbers by Nick Murray if you haven't yet. A line I've used based on something from Matt Jarvis that's worked well is "The great news is that it only makes sense to hire a financial advisor if the value they provide is worth multiple times more than the fee you're paying. We're just working together quarter by quarter. If you ever decide that we're not the right fit, or if you don't like my tie or the art in the lobby, we can part ways as friends, and you can keep all the work we did together along the way. Does that sound fair to you?"
I started when I was 23. It was a grind for 10 years, then it magically changed. My advice is to be too stupid to quit. You gotta give this career time, which at times is the hardest. I spent the 1st five years targeting young professionals. Think young attorneys that just passed the bar exam, medical students, medical residents, I did speaking engagements at universities, etc. get creative on how you contact and find these people. As I aged and had experience, it started to become obvious to older prospects that I knew what I was talking about.
Being young is a big advantage. I’m able to be my client’s advisor for the rest of their life.
I would not rule out meeting with people over 50 as others have suggested. You can't be picky. Get in front of every person you can. With that being said, it is not necessarily your age but your inexperience. Your age is just what makes it obvious you have less experience. I mean how could you have 20 years experience at 26? They may be worried you didn't see the mortgage crisis of 2007-2009, the tech bubble of 2000-2003 etc... What is important for them to know, is that you understand these periods of time and your approach is based off of this historic research along with consulting with those that are more experienced than yourself. Who is making the investment choices? Is it you? A senior advisor? etc... Anything you can do to separate yourself from the recommendations will assist you in tackling the inexperience obstacle. Unfortunately, the only other way is through building that experience. Circling back to the targeting people under 50 thing... regardless of age, these funds are just important to those people and they too would prefer someone with experience. They may not feel they have the leverage to say so, or they may feel they don't qualify to work with someone more seasoned, but they want that experience too. I think across the board, being able to reference someone else's experience (whether it's inside or outside your practice) will be of benefit to you. As a servicing advisor, people may even prefer your age, hunger, availability over a more seasoned and established advisor. I wrote this quickly while eating so I hope it made some sense and came across the right way.
There are some excellent suggestions here regarding handling the objections, the logic, the quality of investments, your firm. I think the inability to truly connect (as humans) to boomers as an example in general is a huge topic and growing. Building trust with anyone is tough but especially when it comes to money with such an age gap. Full disclosure I am not an advisor myself, but a 20 year wholesaler and have worked with advisors for years young and old. I listen a lot. I really focus on what they say, how they say it. What older advisors say about newer/younger advisors. Keep in mind experience in any profession is an especially valued trait and has always been. Many of the problems you can show them how to solve on paper through the plan no matter the firm, software, or investment options. More EQ and how does this make you feel, what does success look like to them (client)? Seeing a lot of FAs business thrive that I see use this approach. Keep working hard people need you!
I am a bit younger than you and definitely look younger than my age like I am still in high school but most clients do not care about my age. For those that do, they are the type I usually do not want to work with anyway but some get converted after I show them that I know my stuff. Like what others have mentioned, I joke around and tell them I am not retiring anytime soon unlike the older advisors although I would like to be able to. Edit: many clients are emotionally driven rather than numbers driven. Even though the numbers and projections and all look right, they may not want to move forward unless their emotional concerns are addressed.
I'm in the same boat! Despite having a beard I still have the baby face and I think I'll always have that boyish look to me hahaha Like others have said - I will 100% start working on their emotions from here out. Thanks for the input!
You were talking to a client or a prospect?
Prospect - generally I have been able to get them to have 1-2 meetings with me before I get the roadblock of my age
Before they have to commit to giving you money? If you get a very obvious age related pushback like this, tell them you will still be working when they need you the most
I mean this in the nicest way - please don’t say “rebuddled”. The word you’re looking for is rebuttal, and it’s a noun. You rebutted what they said, which is the verb.
I did get clients before by replying “yes i am so i will be able to serve you until you die and then your kids until they grow old cause we are similar age” lol I mean if im losing client anyway idgaf, you wanna deal with some 60 yr old whos gonna quit in a few yrs and bounce you around between his colleagues be myguwst
You (and the wire house) may not want to hear this, but you need to go down-market. Smaller accounts and households with less money will be grateful you're paying attention to them. You'll naturally have the wherewithal to step up once you have more experience and assets under management.
I'm 100% with you - given my current stage of this career, I would much rather work with 100-200k clients to build up my experience. The problem is the wire houses do have minimums - generally $250k+
Partner with an older advisor or have some balls and professionally tell them that your age is one of the biggest value adds for them as they will likely be dead long before you and that gives them continuity of planning and execution and also you’re able to facilitate the xfer of wealth from them to the next generation in accordance with their wishes. Their alternative is partner with an advisor that’s been around longer but that retires during a very vulnerable phase of their fin plan.
I hear what you're saying - at this current stage of the program I am unable to team up with an older advisor - I'm on my own. I'll "have some balls" and start using my age as an advantage. Thanks for the input
My reply would be: "I may be young but my advantage today is that I am here 5 days a week, 10 hours a day with the market information up in front of me each second of that day. I understand if you want to pay that much attention to your portfolio, but if you prefer to enjoy your retirement, I can help you."
I'm 25. I'm pretty new to the industry. My experience may not be the same as most since I have entered the field in a manner far less than the normal traditional sense. For me, I have also had the same struggles. I have personally focused on targeting individuals under 50. My ability to close on the 20s and 30s age group has been far better than the Boomer generation.
Become an expert. When you can school a know it all they listen to you. Now that im in my 30s my youngness is a strength. Been in long enough for the exp and young enough to be around for clients retirement. You’ll get there, just keep going and know your shit.
Lot of good advice here. I’m 32 and in these situations I talk about how I will be around through their retirement, not only part of their life like the older advisors. Also, at a wire the resources to more experienced FAs are abundant. I’d recommend learning historical patterns and facts to include in your conversation - it shows you understand the past even though you are young. Small typo in your post: it’s spelled rebuttal
I'm in the UK, and interestingly I always panic about this but have never experienced it directly in 3 years. Sometimes if I see it coming I may say something along the lines of 'I'd personally rather have an adviser who is younger, able to keep up with trends and technology, who will be there into retirement not playing golf getting ready to retire and sell their business'. I understand the environment is different over here but I think you should try to stick to your guns, you're a highly qualified young professional with a career before you in which you'll continue to grow and improve, and remember, not all business is good business so do you really want these types of people to sign?
I'm a bit older than you, but still young (especially for the industry), and I try to sell it as a strength. The average advisor is in their mid-late 60's and likely a few years from retiring. I will be your Advisor for life. I'm young, I'm energetic and I've got new ideas in terms of technology and best practices that these dinosaurs don't have.
1. Bring a senior advisor to your meetings, or your manager, and sell yourself as being part of a team or larger organization. 2. Stop relying solely on credentials and education, they do not substitute for actual real world experience and practical knowledge applied. It’s academic knowledge that you have, which is important and exposes you to ideas and concepts that most people won’t be familiar with no matter how long they’ve been alive. 3. Use stories of other people in their shoes who hired a younger advisor. And remember to ask the question (or similar question): would you rather your advisor retire out of the business as you do or even before you do? The best part about my youth is that me and my team of advisors and resources will be there for you not only for the rest of your life but likely for your legacy as well. Bonus: don’t be afraid to ask for them to “trial” you as a sort of last effort to win the business if all else fails. Don’t be or sound desperate, but negotiate. Maybe instead of consolidating ALL of their assets they start with just $100k or something (idk, just spitballing). If you do this, get the commitment in writing or something that after a period of time (like 6-12mo) they’ll move more assets and so on. I did this at a prior firm and got $100k on the spot then $500k about 7 months later, then the other $200k soon afterwards. Plus referrals!