Why You Should Consider a Young Financial Planner
Posted on Thursday, September 10th, 2009 at 5:09 pm in Financial Planning
When people think of a financial planning expert, most conjure up an image of someone who has been in the game for a few decades and seen plenty of changes in the nation’s financial fortunes. That can certainly be an advantage in many situations, however financial planning isn’t just an older person’s profession – there are many Certified Financial Planners in their 20s and 30s who are highly qualified to provide excellent advice about your money and retirement. And their comparative youth might just be an advantage to some customers, especially those who are on the younger side themselves. So don’t be fooled into thinking that older is necessarily wiser.
As younger people increasingly grasp the important of planning for their financial futures and the financial markets become ever more complex, demand for younger financial planners is growing too. Consider these advantages of engaging a financial planning professional whose career is in the ascendancy:
They’re cost efficient: Aside from product knowledge, good financial planning is built on organization, documentation and data management. Younger planners tend to charge less per hour than their more mature colleagues, and offer great value for money when it comes to these essential tasks.
They’ll be in the job for longer: To put it a bit bluntly, older planners aren’t going to be working for many more years. Admittedly they’re good at advising you about retirement planning, but that’s partly because it’s something that’s quite close to their own hearts. Older planners do have plenty of experience and wisdom to offer, but if you’re interested in forming a long-lasting professional relationship with your financial advisor, you might want to look for someone who still has a long-term career path ahead of them.
They’re often more accessible: The senior partners in a firm can be hard to get hold of, as they’re out speaking at industry events, seeing clients or dealing with all the activities required to keep the business running. Younger associates are frequently the ones running the shop, and they’re easier to access even if you don’t have an appointment.
They do business the same way you do: Today’s young professionals are used to communicating and sharing information using modern tools such as email, text messaging and social networking media. They’ve simply never had to make much use of faxes, snail mail or even landline phones. Access, security and speed are seen as the important factors in communication these days. If this style of doing business suits you, you might be more comfortable with an advisor who shares your outlook than with someone who is more your parents’ age and who might use a more formal approach.
The older generation of financial planners are mostly accountants and insurance and brokerage experts who have shifted into the advisory field, and have largely learnt their trade on the job. These days, however, universities and colleges offer financial planning degrees and diplomas, and turning out well-educated young professionals who will be running the financial planning firms before too long.
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