Developing your advice business

Lessons for thriving as a next generation adviser

A new generation of young independent advisers are entering the industry and they face a unique set of challenges along their journey to establishing themselves. Our recent webinar, Levelling up the future of the advice profession, aimed to share the lessons that have helped Wealth Creed co-founder, Gugu Sidaki, and WealthUp co-founder, Louis van der Merwe, establish successful careers as next generation advisers. Watch the 35-minute recording below.

Gaining credibility and building trust with your clients as a young adviser, van der Merwe says, requires patience and a determined focus on getting the technical aspects of the job right first, and then work on continually sharpening your interpersonal skills.  

“You earn trust through patience, solving any problem you can and showing up for the client when they need you… Build the technical base you need to become a certified financial planner, but at the same time, build the personal base, the human side of coaching. This entails working on yourself, becoming a better listener, helping clients reframe what they’re going through, asking better questions. These are all of the skills we need to focus on in the future.”

Lesson #1: Find a mentor

Focus on building a tribe of people around you, comprising of mentors and contemporaries, from whom you can draw knowledge at all stages of your career. Don’t be afraid to lean into the fact that you don’t know everything. Look for a mentor whose values align with yours.

“There’s immeasurable value in making connections and forming bonds. Ask for help and return the favour to others who seek your advice,” Sidaki says.

Lesson #2: Mind your behaviour

The way you conduct yourself professionally can literally make or break your career. Always consider the impact of your actions and behaviours on your character and be mindful to safeguard your reputation.

“It is important to remember that our actions are a reflection on our character, which is ultimately our signature. Mind your behaviour because that follows you wherever you go. Think about how you want to be remembered and that will guide your actions and habits going forward,” advises Sidaki.

Lesson #3: Step outside of your comfort zone

Challenge yourself to get out of your comfort zone and “say yes” to the things that cause fear or anxiety. Sidaki relays how being forced to confront her fear of public speaking led to great personal growth.

“The more we do the things that caused our fear, the more the fear lessens… There’s a lot of personal growth in confronting your fears. Agree to the things you’re scared of doing because at the end of your comfort zone lies a lot of growth and opportunity.”

A lesson for business owners

For business owners looking to attract next generation advisers, van der Merwe suggests reducing the pressure on them to generate sales and place greater focus on relationship building and skills development.

“Encourage next generation advisers to first focus on the skills required to deliver sound financial advice, to work on the elements of crafting better relationships with clients and to generate recurring revenue from the existing client base.”

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