Canada’s wealth advisory industry needs new, young talent. The average age of advisors is 53, with many already in the process of selling their books of business. This is happening at the same time as the largest intergenerational wealth transfer in the country’s history is in progress.
Still, research shows the industry’s severe talent shortage in the face of an overall soft labour market isn’t enough to attract the next generation. Few finance and business students and graduates want to become wealth advisors and not all firms want to hire young talent. Part of the problem comes down to a lack of understanding about what a career in the wealth advisory space can look like and what Gen Z has to offer.
“Many high-quality candidates view advisory professions as largely sales-oriented, dissuading them from wanting to work in the industry,” says Josh Brothers, lead investment counsellor at Winnipeg-based Value Partners Investment Counsel (VPIC). “Wealth advisory is the intersection of finance and psychology. In family offices, it’s important to understand family dynamics, and the different levels involved in providing holistic advice. As an industry, we need to do a better job to raise awareness about the opportunities that exist.”
When it comes to the multi- and single-family office space, which tends to be focused on experience, Brothers believes the onus is on firms to develop young talent. “If you are not willing to grow them, where are you going to find them?” For its part, VPIC runs a successful summer internship program and regularly hires co-op students. “I am one of them, albeit many years ago,” says Brothers. VPIC has also created specific training to prepare young talent to support ultra-high-net-worth clients.
What young talent are looking for in employers
Natalie Serebrennik, a certified executive leadership coach, built her career on the trading floor and now works with clients across financial services, including family offices. She has identified four key elements young talent have prioritized in an employer.
- Career growth. This includes a clear development path, access to leadership and mentorship, ongoing, active feedback, and roles that offer exposure to different segments of the business: “They want a dynamic experience and to feel like they are always growing, learning and elevating themselves both professionally and personally.”
- Meaningful work. “Younger talent is motivated by the concept of why. Why am I doing what I’m doing? How does it tie back to the bigger strategic vision of the company? They want visibility into the greater impacts of what they are doing and what building influence can look like.”
- Flexibility and humanity. “Having the flexibility of a hybrid work model is really important to the younger generation. They want to enjoy what they’re doing. They want healthy boundaries and to work for employers who can help them do their job well and support their wellbeing,” says Serebrennik. “It’s not that they don’t want pressure, they are just more aware of the long-term consequences of stress and burnout because they’ve seen their parents’ experiences and they want to build their careers differently.” This focus on wellbeing can also be a benefit to family offices and their clients, says Brothers. “It creates a more holistic view to how we should think about money, investments and wealth management for families.”
- Transparency. “Gen Z wants to feel trusted and they want to trust their managers. They want partnership with leaders and clear expectations,” says Serebrennik. “When I worked on the trading floor, I never knew where leadership saw my potential, or how to gain those data points and insights without feeling like I was doing something wrong.”
What family offices are looking for in next-generation talent
When interviewing young talent to grow and develop, Brothers is focused on qualitative attributes that cannot be taught: attitude, intelligence, and integrity.
He is looking for people who have a genuine desire to learn and improve both in their professional and personal lives, a team mentality, and quiet confidence.
“In the family office space, you’re dealing with families that are generally older, wealthier, smarter, more sophisticated than you are. If you don’t have a natural humility and ability to engage with them without insecurity that’s a real challenge,” says Brothers.
VPIC also wants to understand how potential hires at all levels think about investing, and presents every candidate with the same situation and question. “You have to put 100% of your net worth into one or two companies and you can’t look at it for 10 years. What qualities of those businesses are you looking for to make that decision?” There is no right or wrong answer. “What I love about that question is that people pause and start working out the logic flow,” says Brothers. “The more you can see the thinking process out loud, the more we get excited about how they might be a fit.”
What Gen Z bring to the table
“Family offices want talent who can build relationships, work cross-functionally, and collaborate with different stakeholders. Here’s a generation that wants to talk and understand,” says Serebrennik.
It’s also a generation that has grown up with technology as a cornerstone of daily life. “In the age of AI, being curious and comfortable with not just specific pieces of technology but with adapting and learning new technology is a major advantage,” says Brothers.
Another major advantage: a strong entrepreneurial mindset. Many of the candidates Brothers sees have already started their own businesses. “The hustle culture is prevalent,” he says. “They work hard and are not afraid to grind.”
Serebrennik sees the next generation as a pool of untapped strategic thinkers. “They are willing to be innovative, to try new things,” she says. “Employers should encourage that and ask for their input on how to improve processes, evolve with change, and what they think the business could look like in 10 years.”
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Mary Teresa Bitti is an award-winning journalist, content creator and entrepreneur who works with media, corporate and not-for-profit organizations to tell their stories.
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