In Defense of Millennials
Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
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As a millennial, I appreciated your column last week. I am in my mid-30s, and I’m not sure your characterization of those older than 45 who disparage millennials is accurate. The problem lies with boomers almost exclusively. This brings me to my question – I recognize one of the great aspects about this profession is the ability to work late into elder years. But at some point, older advisors need to step aside and make room for the up and comers.
I don’t want to reveal too much about my situation in case my senior advisor reads this column. But suffice to say this is a person who could have retired out 7-10 years ago. I get the idea that self-worth is connected to one’s career. Clients get attached to a particular advisor and vice versa for the advisor. There are various dynamics around a transition. In my advisor’s case, there is a spouse at home, retired, whom my advisor is not particularly fond of from what I can understand.
I also get the “what’s on the other side of full retirement?” problem.
What I don’t get, and what frustrates me is the idea that I – as a younger advisor but now with 12 years of experience – cannot get more engaged and involved with some of our clients. I am still behind-the-scenes on almost everything. It’s defeating to me and I’m wondering if I should just leave. I do have some ownership and my advisor is very complimentary to me. I know I am adding value. But how do I bring up the conversation that something needs to change here soon. I am the main breadwinner in my family and want to know this career is leading somewhere for me.