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									                  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

  http://youtu.be/49pWxrOhepM
              Gen Y

     Gen Y Defined
         Millenials
         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”
       Lazy!
       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                                                                     The Legacy

    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. http://pewresearch.org/pubs/1437/millenials-profile




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                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
       15-19         2.2-m
       20-24         2.4-m
       25-29         2.4-m
       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
      StatsCan http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/demo10a-eng.htm




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                Gen Y                                 Is there a disconnect?
What they want                                        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
 Stability                                             of money.”
“I feel supported.”                                    Entrepreneurship
 Variety                                             “You can be your own boss.”
“I hate monotony.”                                     Risk and Reward
                                                      “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
        generation.


     Influence
       Gen Y need continuous two way feedback.
       Need to know they are having an impact on the office, team,
        clients
       Expect to be the central figure in their growing network
       Need company support systems to help them toward self-
        improvement
       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 self-
        discovery
       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)

  http://youtu.be/DcGbP4CpPxM?t=1m52s
        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
      Insurance
      Call centre
      Bank
      Financial advisor role


 Demographics of their students

 Length of programs – 1 to 3 years

“The colleges are getting better at recruiting.” – Regional Director,
  London
          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,
    Hamilton
        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
  college
    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 cross-
  sections of the industry

 Student recruiting and maturity - require post
  secondary diploma / degree for admittance (ie,
  Seneca)

 Integrate sales, marketing into curriculum

 Work experience program – standards and
  structure
           How do we get better?
 Better position what industry offers to match what Gen Y
  wants

 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

 Play video

http://youtu.be/x0fB2abhtYo
         Thank You!

Boomers can Write or Call me at:

  Scott.McKenzie@investorsgroup.com
  204-956-8646 | Fax 204-943-1835

Gen X can Read or connect with me:

  www.investorsgroup.com
  http://ca.linkedin.com/in/rscottmckenzie

Gen Y Follow / Like us at:

  www.twitter.com/valueoftheplan
  www.facebook.com/InvestorsGroup

								
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