{"id":29772,"date":"2017-06-09T11:23:14","date_gmt":"2017-06-09T15:23:14","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=29772"},"modified":"2017-06-09T11:25:18","modified_gmt":"2017-06-09T15:25:18","slug":"financial-advisors-predicament-getting-younger-people-interested-becoming-cfps","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/06\/financial-advisors-predicament-getting-younger-people-interested-becoming-cfps\/","title":{"rendered":"Financial Advisors Has Predicament Of Getting Younger People Interested In Becoming CFPs"},"content":{"rendered":"
\"\"
Anthony J. Capobianco, president, CEO of Capobianco Financial Advisers of Clifton Park.
Courtesy Capobianco Financial Advisers<\/figcaption><\/figure>\n

By Susan E. Campbell<\/p>\n

The aging population may signal a predicament for the investment advisory industry.<\/span><\/p>\n

On one hand, more and more people are requiring expert management of retirement assets. On the other hand is a question of attrition: Who will replace retiring financial planners?<\/span><\/p>\n

\u201cOur industry is getting older,\u201d said Anthony J. Capobianco, president and CEO of Capobianco Financial Advisers of Clifton Park. \u201cI have seen studies that less than 5 percent of financial professionals today are age 30 or younger.\u201d<\/span><\/p>\n

These professionals include registered brokers, financial advisors and certified financial planners, all designations that indicate that certain levels of education and proficiency have been achieved.<\/span><\/p>\n

When this issue was posed to Steven Bouchey, CFP, he recalled that it was not that many years ago that anyone could hang out a shingle and call themselves a financial planner. Today the regulators demand higher standards and the public demands more experience. <\/span><\/p>\n

Bouchey, who is president and CEO of Bouchey Financial Group based in Saratoga Springs and downtown Troy, said that with today\u2019s technology, anyone can go online and write their will. But with a do-it-yourself financial plan and no experience backing it, the plan won\u2019t stand the test of time.<\/span><\/p>\n

\u201cThe beauty of this industry is that it will never go out of style,\u201d he said. \u201cEverybody needs financial planning guidance, especially for retirement. But experience is very important.\u201d<\/span><\/p>\n

\u201cOur industry, like many, is continually evolving,\u201d said Capobianco. \u201cMany people try to figure out financial management on their own. But it takes time and expertise.\u201d<\/span><\/p>\n

\u201cClearly more people with gray hair are leaving than young are entering this profession,\u201d he said. \u201cThe future could be a problem.\u201d<\/span><\/p>\n

A 70-year-old whose main focus is portfolio protection and outliving his assets may find it difficult to put full trust in a newcomer who has not experienced a major market drop. <\/span><\/p>\n

\"\"
Steven Bouchey, president, CEO of Bouchey Financial Group based in Saratoga Springs.
Courtesy Bouchey Financial Group<\/figcaption><\/figure>\n

\u201cThe trust issue is huge, plus new ones don\u2019t know what it\u2019s like to lose money,\u201d said Bouchey. <\/span><\/p>\n

\u201cThere are people who are very good at what they do in this profession,\u201d said Hal Allen, president and CEO of Allen Financial Consultants of Clifton Park. \u201cThose individuals have integrity, put customers first, and truly care and are passionate about the industry. And some don\u2019t.\u201d<\/span><\/p>\n

\u201cClients are scrutinizing the individual planner more now, and that\u2019s a good thing,\u201d said Bouchey. <\/span><\/p>\n

But there\u2019s a rather small talent pool for the next generation of planners and advisors. <\/span><\/p>\n

\u201cAbout 96 percent of college students have heard about financial advisory, but only 7 percent are actually interested in pursuing this as a career,\u201d said Capobianco. <\/span><\/p>\n

\u201cIt\u2019s hard especially for a young person to come across as a wealth manager and capture trust,\u201d Bouchey said. \u201cHe or she needs to get as much experience wherever and whenever possible, put in extra time, and work two or three years on a CFP, the certified financial planner designation.\u201d<\/span><\/p>\n

Capobianco himself got his start in the insurance industry. <\/span><\/p>\n

\u201cI was 22 years old and not from the area. zero experience. I didn\u2019t know any warm prospects or doors I could knock on,\u201d he said. \u201cIt was a cold-calling business then, but not so today. Today there is often no soliciting so it is difficult to reach a business owner in person, plus there\u2019s the National Do Not Call List.\u201d<\/span><\/p>\n

\u201cThe industry has changed in such a way that a young person could be affiliated with the senior advisor in an established firm and be mentored,\u201d Capobianco said. <\/span><\/p>\n

This junior advisor would then mine the senior\u2019s book of existing business for prospecting. Perhaps these were individuals the senior advisor did not have time for.<\/span><\/p>\n

\u201cJust making an appointment would be a win, an opportunity to sit in at the meeting and learn,\u201d Capobianco said. <\/span><\/p>\n

Bouchey said even finding CFPs is challenging. \u201cEvery time I build out my team, it gets more difficult to find qualified professionals, especially women,\u201d he said. \u201cI\u2019ve been searching for a female CFP for eight years.\u201d<\/span><\/p>\n

\"\"
Hal Allen, president and CEO of Allen Financial Consultants of Clifton Park.
Courtesy Allen Financial Consultants<\/figcaption><\/figure>\n

He said the industry \u201cdoes a great service\u201d because people do need financial guidance and hand-holding to stay on track.<\/span><\/p>\n

\u201cOur value comes in especially when there\u2019s volatility,\u201d he said. \u201cClients love to hear from us and learn what we\u2019re doing\u201d to navigate the course.<\/span><\/p>\n

\u201cRetired clients have made their money, and it\u2019s our job to help them keep the money they have, \u201c said Allen. \u201cThey should be prepared with a portfolio make-up to ride out the storm and be able to sleep at night. People want management and their money to be protected.\u201d<\/span><\/p>\n

\u201cWe cannot avoid market downturns, but we can prepare, not necessarily through the investments per se, but through the architecture we design for the individual\u2019s portfolio,\u201d said Allen.<\/span><\/p>\n

Along with the aging population comes \u201ca lot of wealth that will transfer to children and grandchildren,\u201d Capobianco said. <\/span><\/p>\n

\u201cThere are good opportunities ahead to get into this business. In fact, opportunities are endless,\u201d he said. \u201cGood, solid investment advice is always in demand.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By Susan E. Campbell The aging population may signal a predicament for the investment advisory industry. On one hand, more and more people are requiring expert management of retirement assets. On the other hand is a question of attrition: Who will replace retiring financial planners? \u201cOur industry is getting older,\u201d said Anthony J. Capobianco, president […]<\/p>\n","protected":false},"author":89,"featured_media":29773,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-29772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-planning-investments"],"yoast_head":"\r\nFinancial Advisors Has Predicament Of Getting Younger People Interested In Becoming CFPs - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/06\/financial-advisors-predicament-getting-younger-people-interested-becoming-cfps\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Financial Advisors Has Predicament Of Getting Younger People Interested In Becoming CFPs - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Susan E. 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