Gen Y

Courting the Gen Y Advisor
Scott McKenzie, B.Comm (Hons.)
Director, National Marketing
Investors Group
June 7, 2012
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Gen Y
 Play video
Gen Y
 Gen Y Defined
ME Generation
Generation Next (some say this is X and Y)
Net Generation
Echo Boomers
Definitions vary between late 70s and early 2000s
StatsCan definition is a little restrictive - 1981-1990
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Gen Y
You know this…right?
Feel they’re entitled
Disrespectful of authority
Operate on their “own time”
Gotta make some money
When do I get your job
Work is a social experience (pack / herd)
Multi-tasking (with difficulty priorizing and focusing, easily distracted)
Tech savvy
Meaningful work
No shootout – a tie? Time, money, friends, Jag Bomb
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Gen Y
Baby Boomers:
1. Work Ethic
2. Level of Respect for Individuals
3. Values and Morals
Gen Next (X,Y):
1. Technology
2. Music and Pop Culture
3. Liberal and Tolerant
4. Self Confident
Pew Research, The Millenials, 2009.
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The Legacy
Gen Y
Why should you care
 Our traditional target recruit
 45-year-old career changer
 The Gen X candidate today
 50+, women, business owners, professionals…Gen Y?
 Gen Y / Millenial Generation
With the exception of Boomers 45-49 / 50-54, every 5-yr age
bracket in front and behind is smaller
 For those 20-49, 25-29 is the fastest growing age group
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Gen Y
What they want
Is there a disconnect?
What industry offers
 Connection – Networking 2.0  Networking 1.0
“I don’t go online. I am online.”
“You can build a network.”
 Influence
 Money
“I am making a difference.”
“You have the potential to make a lot
of money.”
 Stability
“I feel supported.”
 Entrepreneurship
 Variety
“You can be your own boss.”
 Risk and Reward
“I hate monotony.”
“You can be a part of a high-risk, high
reward proposition.”
Source: LIMRA, Choosing Careers they Love
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Gen Y
Back off traditional themes
 Independence
 Unlimited income potential
Gen Y
Bridging the gap
 Connection
 More ways than ever to leverage and build a network
 Company leaders who become models for innovation will
inevitably attract top talent, paving the way for the next
 Influence
 Gen Y need continuous two way feedback.
 Need to know they are having an impact on the office, team,
 Expect to be the central figure in their growing network
 Need company support systems to help them toward selfimprovement
 Mutual interaction with others
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Gen Y
Bridging the gap
 Stability
 Long and stable financial services company histories
 Stable training, mentoring path to higher levels of comp and selfdiscovery
 Team – wrap your arms around them
 Variety
Gen Y value work/life balance over high income
Companies need to allow flexibility
Multicultural appealing
Underscore the variety of the financial advisor career – its not
cubical life
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Gen Y and the Opportunity
 Play video (1:52 – 2:31)
The Financial Services Colleges and
Investors Group’s Experience
 There is no silver bullet!
 Hire from most major colleges since we have
offices and recruiters where the colleges are
 Grads go to:
 Banks
 Call centres
 rookie hiring financial services firms
“Its another channel. No more or less successful.” –
Regional Director, Toronto
The Financial Services Colleges and
Investors Group’s Experience
Do the schools prepare the students
 Knowledge wise they are ahead of the average rookie…they are
more well rounded…shorter learning curve
 They come knowing more about the industry structure and make-up
than the average rookie…they are already convinced a financial
services career is a good thing
 Licensed!
“They come licensed.” – Regional Director, Markham
“Some are about a month away from their CFP” – Regional Director,
Cambridge, ON
The Financial Services Colleges and
Investors Group’s Experience
Key differences in programs across the country
 Admission requirements
 Focus of opportunities
Call centre
Financial advisor role
 Demographics of their students
 Length of programs – 1 to 3 years
“The colleges are getting better at recruiting.” – Regional Director,
The Financial Services Colleges and
Investors Group’s Experience
Gaps in the programs
 Sales skills, sales skills, sales skills
 Are they confident
 Are they undershooting their potential – thinking beyond call centres,
banks, industry needs to influence the student career goal
 Financial knowledge is broad but shallow
 How is the financial knowledge geared - Insurance, financial planning, bank
 Co-op / Work Experience:
“If there is one thing that needs to improve, it’s the co-op program. I was an
admin person and did not get any real experience” – Program Grad &
Investors Group Associate Consultant, Markham
“We’ve spent some time working with the college so they understand
there are many career choices beyond call centres.” – Regional
Director, London
The Financial Services Colleges and
Investors Group’s Experience
How does industry fill the gaps
 Students to some extent actually choose their employer of choice based on
their assessment of the firms ability to fill gaps:
Fear of commission
Team environment
Training, mentoring, coaching
Stability - We’ve been at this since 1926
 At Investors Group, this is what we do best…training, mentoring, coaching,
support, give them the tools…mold them…they want to be coached
 But be honest with them…selection is key
“I worked at an MGA…and I could not see myself at 22 tackling this with no
support. The way to go for a young person is through teams and support.” –
Program Co-op student & Consultant, Markham, ON
The Financial Services Colleges and
Investors Group’s Experience
Some Challenges
Multi-cultural – Can your firm match the demo of the candidate
Immigrant candidates – tend to prefer salary & mobility
Candidate mobility – are you national, candidate might be
Maturity of grad
Can they sell
Lower retention of the candidates can result in a sour taste, negative industry
and firm connotation
 Generally, professor taught, not industry taught…
“I thought the sales training in the college was adequate, until I got out there with
prospects” – Program grad & Investors Group Consultant
“Potential down the road. Path to the role goes through banks then financial
advisor role. Maturity is key.” – Regional Director, Calgary
“We are re-evaluating our involvement due to poor retention.” – Regional Director,
The Financial Services Colleges and
Investors Group’s Experience
 …More Challenges
 Colleges overstate value they bring to table on knowledge
 Limited tax planning components for example
 Colleges differ in their channel neutrality
 Focus on banks
 Focus on financial advisor role
 The gatekeeper at the college and the commission role
 Students are influenced by program as a lot of students don’t have a
clear vision on career path
“Don’t want to step on anyones toes, so its hard to get into the
program…gatekeeper neutrality” – Regional Director, Cambridge
“ ‘Great career, just gosh that commission thing’ “ – paraphrasing
college administrators paradigm
The Financial Services Colleges and
Investors Group’s Experience
Maximize your experience
 Are you recruiting from the college or are you involved with the
 Teach, Scholarships, Awards, Partnerships, Give more to get more, Advisory
Councils, Engage both the institution and the student body, Career fairs,
presentations, fireside chats, your client events, Mock interviews, Be involved
throughout the year, get beyond putting up a job posting in February
 Know the matrix of success:
 Candidate Maturity,
 Candidate knowledge and sales skills
 Firm fit and ability to convey the match
“You can do a lot to create a partnership by just having a presence. Student
groups for example are always looking for speakers…even instructors like a
day off once in a while.” – Regional Director, London
“Get in on a consistent basis and fight the commission question. Don’t squash
the dream.” – Regional Director, London
How do colleges get better?
 Emphasize partnerships with broad crosssections of the industry
 Student recruiting and maturity - require post
secondary diploma / degree for admittance (ie,
 Integrate sales, marketing into curriculum
 Work experience program – standards and
How do we get better?
 Better position what industry offers to match what Gen Y
 Continue to partner with the colleges
 Look within – can you honestly say you offer what they want
– do you have the stuff they need once hired
Study, performance groups
Pairs, marketing teams, support, wrap your arms
Social activities, engaging, fun
Not your Boomer / Gen X work week…blurring of the work week
“In the last 3 years, five hires, 100% retention so far.” –
Regional Director, Cambridge, ON
Gen Z
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Thank You!
Boomers can Write or Call me at:
[email protected]
204-956-8646 | Fax 204-943-1835
Gen X can Read or connect with me:
Gen Y Follow / Like us at:
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