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How Younger FAs Can Land Older Clients

July 13, 2017

Younger financial advisors often face skepticism from older prospects who are unsure of their experience. But confidence, demonstrated expertise and listening can help turn even the most wary of prospects into clients, Investor’s Business Daily writes.

It also helps reminding older prospects that hiring a younger advisor means they won’t have to look for a new one in retirement, according to the paper. That’s worked for Draper, Utah-based financial advisor Jay Wells, who started landing clients almost twice his age while in his early 30s, and New York financial planner Michelle McKinnon, currently just 28, they tell Investor’s Business Daily.

Wells also likes to demonstrate that he’s knowledgeable by showing his prospects something in their portfolio they haven’t noticed before, according to the paper. Many older prospects, for example, have annuities but often decide they don’t want them once Wells explains what they entail. Talking about ways to deal with annuities is then a good way to bring them on as clients, he tells Investor’s Business Daily.

Attitude also plays a role: it’s important to come across as not just knowledgeable but confident, 28-year-old Zach Conway, an advisor in Parsippany, N.J., tells the publication. Conway also blogs and writes articles about finance to ramp up his credibility, Investor’s Business Daily writes.

McKinnon, meanwhile, hosts a podcast — and narrows her niche to women, she tells the publication. But Conway and McKinnon warn against talking to much. The goal, Conway tells Investor’s Business Daily, “is to talk as little as possible and listen as much as you can, not constantly sell yourself and go through bullet points of your credentials.”

By Alex Padalka
  • To read the Investor's Business Daily article cited in this story, click here.