DALLAS -- Focusing more on developing a family-first atmosphere is one approach the financial services industry can take to attract the millennial advisors it desperately needs, a speaker told a NAILBA audience Friday.
Aaron Bartlett, 35, a "technology evangelist," said millennials have different expectations from the workplace than earlier generations had. Bartlett led a session Friday at the National Association of Independent Life Brokerage Agencies (NAILBA) annual conference in Dallas.
In an industry where the average insurance agent is about 57, millennials are needed. With a population numbering 75.4 million, "millennials make up more of our workforce today than any other generation," Bartlett said.
According to a Bentley University study, 84 percent of millennials said it's important to them to make a difference in society. That is information the industry can use to make itself more attractive, Bartlett said.
"Are we actively engaging with our community in a meaningful way?" he asked. "Are we doing a turkey drive or something like that? These are the types of things that millennials are attracted to."
Likewise, millennials have ambitious goals and don't spend a long time in one job, he added. Surveys show that 70 percent of millennial men and 61 percent of millennial women want to be the boss someday.
It would be wise for companies to engage is frank discussions with millennial advisors, Bartlett said, and help create a plan to fulfill their career goals. It is especially important in an industry such as financial services, where it can be tough for a young advisor to get established.
"If I find a place that I can't plug into and I'm not feeling it, I'm out of there," Bartlett said.
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at firstname.lastname@example.org.
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