Why young advisers are overwhelmingly satisfied with their jobs
April 13, 2015 10:55 AM
Overview
Employee benefits may be known as an aging industry, but the younger advisers who are entering the business are overwhelmingly satisfied with their career choice. Statistics from LIMRA's Young Advisor Series, which surveyed financial professionals ages 40 and younger, show what makes for such a positive attitude.
[Image: Fotolia]
[Image: Fotolia]
Happy with their job
91% said they are satisfied with their careers.
Young advisers expressed these high satisfaction levels because they feel the career has met their expectations in areas such as income potential, flexibility in work schedule and the opportunity to make a difference in peoples lives, says LIMRA Research Director Mary Art.
[Image: Fotolia]
Young advisers expressed these high satisfaction levels because they feel the career has met their expectations in areas such as income potential, flexibility in work schedule and the opportunity to make a difference in peoples lives, says LIMRA Research Director Mary Art.
[Image: Fotolia]
Why become an adviser?
Six in 10 young advisers said to make a difference in peoples lives.
Making a difference was second only to income potential in our survey, Art says. In fact, among Gen X advisers, making a difference in peoples lives was the number one response.
[Image: Fotolia]
Making a difference was second only to income potential in our survey, Art says. In fact, among Gen X advisers, making a difference in peoples lives was the number one response.
[Image: Fotolia]
Independence, collaboration valued
For many years, financial services recruiters have emphasized independence and being your own boss as key benefits to the career, says Art. Those qualities are still desired by todays young advisers, but they also put a high value on collaborative efforts such as having a mentor and engaging in partnerships.
[Image: Fotolia]
[Image: Fotolia]
Mentors are important
Three quarters of the young advisers surveyed said they had a mentor. In most cases, the mentoring relationship developed naturally only 18% said they were part of a formal mentoring program. More than 8 in 10 advisers said the main advantage of a mentorship was having someone to turn to when they have a question.
[Image: Fotolia]
[Image: Fotolia]
Partnering with peers
More than half of young advisers 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 advisers were more likely overall to engage in partnering. Looking ahead, 44% said they plan to partner more in the future.
[Image: Fotolia]
[Image: Fotolia]
Need for new blood
The challenge of recruiting and retaining new advisers to replace an aging financial services sales force is widely known, Art says. We conducted this research because our industry understands the importance of developing a sales force that can relate to future generations of consumers.
[Image: Fotolia]
[Image: Fotolia]
