Canada wealth managers struggle to entice Gen Y advisers

Thu Nov 15, 2012 1:50pm EST
 
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* Gen Y advisers needed to bring in young clients

* Many new financial advisers quit during first two years

* Industry needs tech-savvy new blood to replace baby-boomers

By Andrea Hopkins

TORONTO, Nov 9 (Reuters) - Tammy Oribine was a financial planner for just a couple of months when she realized it was not the job for her. She did not like sales, did not feel confident enough about the products and hated the face-to-face contact that is a staple of the business.

"A lot of it has to do with personality -- I don't find I'm the most personable person, and I'm bad at small talk," Oribine, 29, said with a laugh.

But there were other reasons the job did not appeal. The salary was based in part on sales, and thus unstable. She was afraid clients would not trust her because she was young.

So she took her Certified Financial Planner designation and became an assistant to a top adviser in London, Ontario - a role that would not require her to sell anything.

Oribine's desire for a steady paycheck is a hallmark of Generation Y, the so-called " M illennial" generation born after 1980 and coveted by marketers and employers alike.   Continued...