As boomer-era advisors retire books of business are being handed off, a whole new set of challenges follow.
An easy assumption to make about young advisors "inheriting" sizable books of business is that they have it easy. The clients are already there, the contacts made, the prospecting down. So no worries, it’s a fast lane to easy street.
But making such an assumption overlooks the real challenges facing young advisors being handed off books from the boomer generation. According to one young advisor who finds himself in this situation, inheriting an existing book of business is not as easy as it seems.
The latest edition of Wealth Professional has a story about a Laurent Massa, an Investors Group advisor, who has bought his mother's book of business. Many in the industry could find themselves green with envy, assuming the young gun will not have to do the hard work of prospecting an entire book. Not quite. Though the challenges may differ, there are, nevertheless, challenges.
“I may not have any grey hairs, but there are no shortcuts in life and buying a book certainly isn’t one. There are very high standards that have been set, and I need to make sure my work meets those standards,” says Massa in the latest issue of WP.
It is true, Massa doesn’t have to build a book. But that just means his energies are focused at a different level. “For me the challenge that comes with that is I’ve never experienced the hunger of building my own book. But if I can bring the same drive to an existing book, I really believe I can help grow this business considerably.”
But making such an assumption overlooks the real challenges facing young advisors being handed off books from the boomer generation. According to one young advisor who finds himself in this situation, inheriting an existing book of business is not as easy as it seems.
The latest edition of Wealth Professional has a story about a Laurent Massa, an Investors Group advisor, who has bought his mother's book of business. Many in the industry could find themselves green with envy, assuming the young gun will not have to do the hard work of prospecting an entire book. Not quite. Though the challenges may differ, there are, nevertheless, challenges.
“I may not have any grey hairs, but there are no shortcuts in life and buying a book certainly isn’t one. There are very high standards that have been set, and I need to make sure my work meets those standards,” says Massa in the latest issue of WP.
It is true, Massa doesn’t have to build a book. But that just means his energies are focused at a different level. “For me the challenge that comes with that is I’ve never experienced the hunger of building my own book. But if I can bring the same drive to an existing book, I really believe I can help grow this business considerably.”
