- Yes (66%)
- No (27%)
- Not sure (8%)
The majority of advisers have signalled their support for an ‘elder statesman’ or ‘custodian’ concept as one solution for mature age advisers seeking an exit strategy from the sector.
Responding to our latest poll that asks whether older advisers should be re-licenced as ‘elder statesmen’ assisting younger advisers to grow their business, 62% have lent their support to this idea. However, 28% are against this option, and 10% are on the fence.
Comments that have been registered in favour of this proposition have mostly waxed lyrical on the broader question of whether existing experienced advisers should be required to achieve a minimum educational qualification in future:
“Will gaining a general degree help me help my clients with their insurance in any way? Will completing in a course on TTRs … help me help my clients with their insurance in any way?”
Stop trying to hold on to the past…
While in a minority, the comments from advisers voting against the question addressed the issue in a more specific manner. Their argument is that if experienced, mature-age advisers can serve the industry as custodians and mentors, they should charge a fee for sharing their expertise, rather than continue to access renewal commissions:
“If people with insufficient qualifications are so valuable, they should change their business model and become consultants to the qualified advisers who have no ‘soft skills.’ They should charge a fee for this work (because people value what the service they provide) and they can use this income to transition to retirement.”
And this:
No. It’s called consulting. They can charge fees for their service and advice in guiding advisers if that is what they want to do and how they add value. Stop trying to hold on to the past.
Where do you sit in this debate? Does Paul Tynan’s proposition hold merit? Tell us what you think, as our poll remains open for another week…
It’s a worthwhile concept – absolutely. All the experience which older advisers bring can benefit our industry greatly. Our business isn’t all about social media, techno-savvy and university degrees. Life-risk and financial planning has been, is and always will be about relationships and the ability to build and maintain such.
Older advisers were taught these skills in their introductory training. It seems to have gone by the board now. As well, knowing the strengths and weaknesses of life-risk contracts is fundamentally important so as to offer the best product solution available.
Finally, a methodology to fit it all in and still have time to see clients/prospects is needed. Working on the business, rather than it in day-to-day, is where older advisers can deliver coaching to help younger ones, not just ride out but prosper, in this very challenging time in our industry.
Of course experienced Advisers should be valued.
This issue seems to be dividing Advisers rather than seeing the common sense.
If experienced Advisers choose to move on, rather than gain further qualification to do what they are already doing, it will be a huge loss to the Industry at large & the problem will remain that there will still be nobody will be available to mentor/assist the younger, less experienced, lesser abled soft skilled Advisers..
It’s not a competition between us all.
But I can see that there may well be losers all round.
This shouldn’t be about younger advisers with educational skills rather than years of experience against older advisers being grandfathered in.
It should be about whats best for the clients!
Younger advisers are like the bull at the gate and think they know everything and are raring to go without consideration to those who have already done the hard yards.
You can’t put an old head on young shoulders, and for many in financial services, all were younger at some stage. Once the experience is lost, it is too late to get it back for those who lack the skills.
Education and knowledge on it’s own is worth nothing without experience. Not everything in this world revolves around apps and smartphones. Skills are honed over years of first hand experience rather than text books and brochures.
Every industry has been built on the experience of those in it, and the younger generations will have the opportunity to further mold it for the future.
You don’t throw out the baby with the bath water.
Technology can replace machinery and equipment, but experience can never be replaced.
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