Jamie Hopkins, President of FinServ Foundation, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss the need for mentors for young financial advisors.
FinServ Foundation is a charitable organization founded with the goal of developing the next generation of leaders. Almost 200 volunteers have worked with 600 students from 40 universities who have participated in the two-year FinServ fellowship program. FinServ provides a six-month structured mentorship, two years of practice management coaching, and access to professional conferences. Hopkins emphasizes the importance of attracting the new generation of leaders to financial services, as other careers, such as those in artificial intelligence, are also appealing to new graduates.
The FinServ Foundation aims to engage financial advisors in its mentorship program, which primarily serves students in financial planning programs. Many of the students participating in the program are hired by their mentor’s firm. The foundation provides materials that guide advisors through specific topics to be covered during the mentorship process. Hopkins encourages advisors to interact with students when they are attending conferences.
The foundation was established to address the high turnover rate in the industry, as Cerulli notes that between 18% and 25% of new advisors are still in the business after five years. While university programs teaching the CFP educational program do a great job teaching the technical skills required for the profession, they do not fully develop the skills required to be a salesperson and a business owner. The mentorship program specifically addresses the practice management gaps commonly found in university programs. Advisors who are unable to support the foundation through mentorship can make a financial donation to the 501(c)3 foundation.
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