The retirement industry cannot wait for tomorrow’s talent to show up at the door, a panel of advisors, academics, and young professionals told NAPA 401(k) Summit attendees. It has to go find them, bring them in, and give them a reason to stay.
Moderator Jay Washington, vice president and client advisor at Workplace Retirement Solutions and co-chair of the American Retirement Association’s Diversity Committee, opened the session with a sobering snapshot. The average CFP professional is 48 years old. The average financial services advisor is 42 years old. And among male CFPs, the average age climbs into the upper 60s.
Jania Stout, president of retirement and wellness at Prime Capital Financial, offered a practitioner’s view shaped by 30 years in the industry and an internship program she now considers the most rewarding part of her career.
Stout said her first experience hiring an intern came before Prime Capital, when she was running her own small firm. Money was tight, and an intern was an affordable way to add capacity. But she made a conscious choice to bring the young hire fully into the work, including client committee meetings.
She still remembers an intern named Keith, who spoke up in a meeting with a major client while still in college.
“I was like, oh no, oh no,” Stout said. “He’s still in college. Does he know what he’s saying?” He did. He is a rock star in the business today, she said.
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