Second, play to young advisors' strengths

Every advisor has a different definition of professional 'success,' which is a good thing. Including different personas on the same team can make for a much more cohesive and holistic experience for clients. We conducted focus groups with successful young advisors for Fidelity's 2015 Future Leaders Study, and found that Future Leaders aligned with one of three categories:

CompassionateProblem-Solvers. These individuals want to make a difference in people's lives. They enjoy working with clients, but aren't particularly sales oriented, and are highly motivated to develop appropriate solutions for their clients. They tend to be friendly and make deep connections which can help them leverage centers of influence to acquire new clients.
Builders. Builders,in contrast, are more likely to be extroverts who enjoy people and are good at developing relationships. These individuals like financial planning but find joy in the process of prospecting and building new business.
Competitors. This third persona enjoys the 'thrill of the hunt' and views that part of the job as a challenge. This type of advisor finds the stock market exciting and trading to be a game where success is defined by investment performance metrics. As the name implies, these advisors are highly competitive and love to pick 'winners.'

There is no single 'best' persona. The unique perspectives and skill sets of each group all contribute to a firm's overall success. Identifying what category best fits each young advisor at your firm can help you build more balanced teams and a stronger organization.

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3 ways to successfully leverage your young insurance advisors

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