Source/Contribution by : NJ Publications
We apply numerous strategies for growing and strengthening our business, we continuously engage ourselves in activities directed at evolving ours into a successful practice. But have you ever thought about growing your business in-house, that is by engaging your kin with you. Surely, many advisors, at the back of their mind wish that their sons or daughters support them and down the line take over the legacy. So, to actualize your figment of imagination, you must take concrete steps in this direction.
It's great if you have someone from within your family to carry on the legacy, you will have someone to support you in taking your business to newer heights, you will have enough time to groom and train him/her and develop a perfect fit for taking over the business. Moreover, in case of your untimely death or permanent disablement, you can rest in peace as there is someone who will look after your business and will ensure uninterrupted flow of income for your family.
They are likely to be more tech savvy, since they belong to the millennial or the Gen – X era, and their love for technology can contribute significantly to your practice, since it is an undeniable fact that to grow in our business, technology is your best friend.
And it's not just about you and your business, Financial Advisory is a great career option for your kids to pursue. As per a recent Cafe Mutual press release, “Of the total 134 crore people in the country, the mutual fund industry has 2 crore unique PAN indicating that the industry has 2 crore investors.”, and these numbers are after the spectacular growth the industry has witnessed over the last few years. So, the penetration of Mutual Funds in India is really very low, and it has just started to grow, clearly outlining the opportunity lying ahead. By involving your kids with you, you are setting a terrific career path for them and preparing them to capitalize on the opportunity.
So, we will share with you insights on how you must go about nurturing your kids, so that they evolve into ace financial advisors.
Start Grooming them from Adolescence: First thing to do in this direction would be to start mentoring them from an early age, like between 12 to 15. At this age, kids are capable of understanding finances, basics of savings and investing, life goals, etc. and are generally more receptive. If you postpone the process to when they are in their early twenties, chances are they may have developed an inclination towards a different career option. The idea is not to keep them from pursuing engineering or MBA, but to at least extend the opportunity for cultivating an interest in and pursuing financial advisory as a career. Starting early can also help kids in choosing their subjects and courses, which can tune in with their career later.
Educate them: Knowledge is probably the most indispensable component of financial advisory, along with sales skills. A 15 year old may not be able to go out and sell investment products, but you can equip them with the required literature and prepare them for the time to come. You can educate them about the basics, like importance of investing, concept of planning for life goals, inflation and real rate of return, the basics of Mutual Funds and why investors should invest in them, etc. You can also give them financial magazines, books, links to financial blogs, etc., and amidst this training you must encourage them to ask a lot of questions, so that they have a clear thought process about the products and the industry.
Relationships: Try to establish a relationship between your kin and your clients. You can take them along for client meets, so that they are live witnesses to the queries and concerns the investors may have, and how do you address them. You can take them to your office sometimes. The idea is to make them comfortable in the business environment, acquaint them with the ways and techniques of work, and also gradually introduce your clients to their future financial advisor. These activities will also give you an opportunity to assess the progress of the kids to ensure that their activities are in alignment with your ethics and vision.
So to conclude, sculpt your kid into one who shares the same passion for advisory as you do, understands and can imbibe the values and ethics with which you conduct business, to be your Partner in your growth. Nobody is born a businessman, most of them have to struggle to make way for themselves. Your kid is born with a golden spoon, he/she has the leverage of a set business, which he/she has to grow, and not start with zero, while you have their back all the time keeping them from falling.
