What Today’s Aspiring Advisor Must Learn
Rianka shares her expertise on young advisors with Barrons
Experts say aspiring advisors should understand how business models are evolving. Retainer fees and subscription models are catching on, for example, says Kate Healy, managing director of Generation Next for TD Ameritrade Institutional.
Advice delivery is also evolving. Younger advisors are embracing technology to host virtual meetings, where they chat with clients on the phone or via webcam. Of course, the personal touch still matters. Even students in internships can benefit from connecting with clients, said David Demming, an advisor in Aurora, Ohio. “It is trite but true: Trust is not handed to you, it is learned,” he says.
Meanwhile, young planners should study psychology, according to Rianka Dorsainvil, head of advisory firm Your Greatest Contribution, in Washington, D.C., who spoke during a recent TD event.