I recently had the pleasure of discussing the future of Wealth Management with two Providence College connections. Joseph Casellini is currently a sophomore at PC (double majoring in Finance & Management) and Ian Broderick is a recent Friar grad (who also double majored in Finance & Management).
Although I've been having these conversations with young alumni and students for longer than I can remember (🙋♂️ PC Class of '96), right NOW is probably the first time that this age demographic is finally in a good position to break into this business. 25 years after I was able to do it, the current environment is finally in their favor again.
It reminds me a lot of the Malcolm Gladwell book "Outliers" where Gladwell discusses the notion that there are more variables involved in an individual's success than society cares to admit, specifically many factors we have zero control over. A lot of success comes from timing and "being in the right place at the right time."
Circling back to the current state of Wealth Management, we are on the verge of THE largest asset transition that our county has ever seen...yet, the average age of a Financial Advisor, is 56. In fact, at age (almost) 50, I'm considered young...however, I like to refer to myself as "in my prime."
When the more than $90 Trillion of wealth eventually passes from one generation to the next, and this newly-minted group of millionaires needs sounds financial advice, where will they turn?
Although #AI will be readily available, it is my experience that person to person direct contact is paramount, especially when it comes to the emotional factors that money can have on people's decisions. My clients are certainly capable of managing their finances on their own, but they are also savvy enough to seek help so that they have time to live their lives to the fullest.
The path to becoming a Financial Advisor is definitely different than what I had to do to get started (this is certainly not a Bud Fox - Gordon Gekko moment), but the opportunity to build a long-term #career in this field is definitely ripe with opportunity. #chopwood
Janet M. Letourneau, MBA, CPBA thanks for the intro! #GoFriars
#BooneMacalusoGroup
University of Cincinnati | Lindner Business Honors | Kolodzik Business Scholar | Incoming Financial Planning Associate at Bartlett Wealth Management
3wBeen a great semester, very excited for to keep learning and growing at Bartlett!