Those things don't matter much to them, said
"When we start to work with young talent, what we realize is that they are very different from their predecessors," she told attendees.
Millennials define success not by what they achieve but by having work-life balance, feeling fulfilled in their role, and learning things that are new and interesting to them. "That's what makes them tick and what drives them into certain professions,” she said.
Millennials also have a deep desire to help people and make a positive impact in their lives, a characteristic that aligns well with a career as a financial advisor. In addition, they value job security and steady compensation more so than high income.
On the flip side, millennials are adverse to selling and meeting sales quotas, are terrified of cold calling, and fear the risk of losing a client's money, Smith said.
Despite the bad wrap they gotten as being spoiled, lazy and narcissistic — unfairly, according to Smith — millennials make good advisors because they're team-minded, she said.
When trying to attract young people into the industry, recruiters should emphasize the following, said Smith:
Work-life balance. Firms should increase their discussion of work-life balance. Millennials, Smith said, "want to be in a profession that allows them to reach personal goals as well as professional goals and we have to positon the opportunity in those terms."
Stability and regularity. Recruiters should stress stability and regularity, particularly when it comes to compensation. Let them know, she said, that they're "not going to be cast adrift on a sea of commissions and that they're going to have some notion of regularity." In addition, assure them that they will be supported as they get their businesses up and running.
What the firms does for new advisors, not the firm's reputation. Discussions should focus on what firm does for new advisors, particularly as it relates to training and development programs and career paths, rather than what the firm represents. Millennials, said Smith, "are not attached to brands in the same way we are."
Care in the wording of job descriptions. Consider emphasizing words such as client, team, trust, and work-life balance in job descriptions. Avoid references to sales, licensing requirements or the risk of anything they could potentially fail at, Smith said.
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