While young advisors say they want and need technological support, one in three are hampered by the fact their companies' restrict or prohibit the use of social media.
A study conducted by industry research group LIMRA shows that providing support to advisors early in their careers can make a significant contribution to their long-term success. Today's advisors face many of the same challenges as previous generations — such as finding leads, asking for referrals, and developing skills to run a business — but they are using new technology to address these problems. Their firms, however, are sometimes more of a hindrance than a help.
"Currently, 7 in 10 young advisors use social media for their business and to potentially generate connections, yet more than one third of their companies restrict or prohibit the use of social media," notes LIMRA. "78% of young advisors rated technology tools as important support, yet more than half of these advisors said they are not receiving enough support in this area."
Besides technology, LIMRA's study also revealed that mentorship can play an important role: 75% of successful young advisors said that they have benefitted from having a mentor. Some companies have formal mentoring programs, but 57% of the respondents said their mentoring relationships developed naturally.
"Early career support can provide a return on investment for companies in the form of retention," concludes LIMRA. "91% of young advisors who have been in the career for at least two years are satisfied in their career, with three quarters saying they will definitely stay for the next three years."