Training the Next Generation

WealthManagement.com - Deena, Katz, an associate professor of personal financial planning at Texas Tech University, says that traditional FA training programs we’re mostly about production—just getting trainees to open new accounts. “The goal here is to work with knowledgeable students who can become well-rounded advisors,” she says.

Craig Pfeiffer left his job as Morgan Stanley Smith Barney’s Director of Marketing and Client Experience in 2011 after 30 years of holding numerous executive positions. The long tenure made him aware of a significant failing within the industry. A financial advisor shortage was looming due to the aging of financial advisors and relatively low success rate of broker trainee programs. Pfeiffer, like so many others in the industry, knew that current approaches to finding and grooming the next generation of FAs had to change.

...

Deena, Katz, an associate professor of personal financial planning at Texas Tech University, says that traditional FA training programs we’re mostly about production—just getting trainees to open new accounts. “The goal here is to work with knowledgeable students who can become well-rounded advisors,” she says. Students at Texas Tech, which has partnered with Advisors Ahead, are already studying personal finance. Even though an internship is required for graduation, the students aren’t just shadowing advisors before being set loose on their own. With Advisors Ahead, the firms get the chance to see if they want to work with these students when they graduate—and vise versa.

Read the rest of the story at WealthMangement.com