Sponsored by
As the financial industry prepares for an impending wave of retiring financial professionals, it becomes increasingly imperative to engage younger audiences and cultivate a new generation of financial professionals.
A way to do this? Start meeting the next generation where they are.
That's exactly what Axtella – a network of firms based in Ann Arbor, Michigan – set out to do. Maria Bethel, Senior Vice President of Marketing and Communications at Axtella, said: “Attracting the next generation to wealth management is more than just talk; it requires authentic commitment and meaningful planning and effort.”
So how does Axtella plan to reach this next generation of professionals? By educating new talent on common industry myths and exercising a willingness to innovate within the company culture.
The biggest myth to address first is that industry professionals aren't just number crunchers: “We haven't effectively communicated the profound impact and personal fulfillment that careers in our industry provide to young professionals,” Bethel explained. .
She and the network of firms believe these younger demographics have perceptions of the industry that start and end with Wall Street suits — which doesn't effectively demonstrate how broad the scope of financial wealth management and investment management really is.
Bethel elaborated: “Our conversations and messages spotlight how a career in financial services involves making real human connections, understanding the financial and personal nuances of people's lives, and making meaningful impacts – not just for our clients and their families, but also for the communities we serve.”
An overlooked aspect of the financial professional role is that they serve as catalysts for turning dreams into tangible realities, helping clients achieve their financial goals and aspirations. This sentiment resonates deep within the industry. A recent Cerulli report showed that 4 out of 5 young financial professionals cited their primary motivation for entering the field as being fulfilled by helping clients realize their dreams.1
“To attract the next generation, we need to show that being a financial professional means taking an active part in clients' lives, celebrating their successes and supporting them through difficult times,” Bethel explained.
Beyond debunking industry myths through educational initiatives, Axtella is also focused on creating and promoting a culture that aligns with the values of all generations – including millennials and Gen Z.
“We need to clearly communicate that we value innovation, welcome new ideas and provide opportunities for impactful contributions,” Bethel said. This includes mentorships to bridge knowledge gaps and the creation of new roles to allow the voices of young professionals to be heard.
By embracing change and educating the next generation, Axtella's hope is that the financial industry can position itself for sustainable growth and relevance in an ever-changing landscape by doing what the industry has always done best: creating meaningful impact for clients , their families and their communities.
Bethel concluded: “By actively reaching out and connecting with young people looking for a rewarding career path, we not only secure the future of our industry, but also open the doors for a new wave of professionals to discover a career fulfilling that really makes a difference.”
1 Cerulli Associates, Asset and Wealth Management Report, https://www.fa-mag.com/news/the-financial-advice-industry-has-a-rookie-advisor-problem–report-says-73708.html
Advertising – For professional financial use only
Sigma Financial Corporation, Member FINRA/SIPC. Parkland Securities, LLC, Member FINRA/SIPC. Sigma Planning Corporation, A Registered Investment Adviser.