A new LIMRA
study shows that access to mentorship and partnering is more important than setting their own agenda and work life.
“For many years, financial services recruiters have emphasized independence and being your own boss as key benefits to the career,” said Mary Art, research director, LIMRA
. “Those qualities are still desired by today’s young advisors but they also put a high value on collaborative efforts such as having a mentor and engaging in partnerships.”
Three quarters of the young advisors surveyed said they had a mentor. In most cases, the mentoring relationship developed naturally — only 18 per cent said they were part of a formal mentoring program.
Over 80 per cent of advisors said the main advantage of a mentorship was having someone to turn to when they have a question. More than half of young advisors partner with peers or other professionals at least some of the time.
The research found that formal teams exist more often in the affiliated investment channel, while affiliated insurance advisors were more likely overall to engage in partnering.
Looking ahead, 44 per cent said they plan to partner more in the future.
The challenge of recruiting and retaining new advisors to replace an aging financial services sales force is widely known.
“We conducted this research because our industry understands the importance of developing a sales force that can relate to future generations of consumers,” Art said.
The life insurance industry may be dangling the wrong kind of carrot while trying to lure young advisors.