Younger advisers and professionalism – Part 2

08 June 2022 Myra Knoesen

Beverly Flaxington is a practice management consultant. She answers questions from advisers facing human resource issues.

We thought it would be interesting to share this article, sourced online on Advisor Perspectives, with our readers on some of the issues facing advisory practices. 

Find myself getting bored

Dear Bev,

I have been running a successful practice for about two years. I’m not quite 35 and already find myself getting bored. I know I should have a target market and focus on growing the business in a defined way. But I like change. I like trying new things and seeing what works. Am I destined to fail because I can’t stay focused?


Move toward your ultimate goals

Dear A.R.,

If there is one thing I have learned in doing this work for as long as I have, it’s that there is no one right way to run an advisory practice. I do a lot of work with behavioral styles and you are describing what I refer to as a “low-S” style. These are people who crave change, enjoy juggling a lot of balls at one time, can move quickly from activity to activity, and get bored very easily. Have I seen a lot of very successful advisers in my career who are wired this way? You bet I have!

You can succeed with this style. Over time you might find that you have developed a client base that is a mish mash of different types and you’ll have different approaches to managing them. Sometimes leaders will wake up and realize if they want to scale, this isn’t the best formula for managing a book of business. You might want to hire someone as your “right arm” who is more COO-oriented and likes process, procedures and finding ways to scale. This is often the path the entrepreneurial person takes – use your talent for moving quickly to grow quickly, but eventually put structure and predictability in place to continue to grow the firm in a consistent and manageable fashion.

Of course, you might decide you don’t want to scale and grow, and you just want to run the firm the way you enjoy and continue to be active and change-oriented for many years. This could work out just fine too.

It’s all about your long-term goals and your vision for your future. I’d start by identifying that, and then make decisions and changes in order to move toward your ultimate goals. The more you think about where you want to be in three, five, or ten years, the better able you will be to answer these questions for yourself.



Bookmark and Share


Quick Polls


We have watched with interest as each of the country’s large life insurers report their 2021 life claims statistics, with soaring claims and claims values. That got us thinking: how do the big life insurers compare against one another, from an IFA perspective?


An insurer is an insurer is an insurer
All are excellent: would not deal with them otherwise
There is one insurance brand that stands out for me
Tied agent: but my brand is the best out there
fanews magazine
FAnews June 2022 Get the latest issue of FAnews

This month's headlines

A free smoothie does not make a loyal customer
Consequential loss policy court cases
Everything you need to know about death, disability and severe illness cover post-emigration
Are advisers doing all they can for clients’ portfolios?
Financial advisers need help - navigating the complex ESG fund environment
Subscribe now