News & Press: FPANJ NexGen News

Highlights from our June 9th NexGen Meeting

Tuesday, June 21, 2016  
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All eyes - and all hopes - seem to be on younger advisers to help grow FPA, and the profession in general. The profession has seen a higher than average exodus of advisers who are opting for retirement. Most experts say this has been due to the high demand for tech tools they can’t keep up with, or the recent Department of Labor Fiduciary Standard ruling changing the way business has been done for some advisers.

Financial Planning Association of New Jersey (FPANJ) therefore has developed a NexGen group to entice and engage those who are 36 years and younger to network together. Their first event was held June 9, just prior to the national FPA NexGen conference. Co-chair Larissa Mehlfelder, CFP®, CAIA with Massey Quick, said the turn out was encouraging.

“We were really happy not just with the number of people who attended, but the age range as well. There were advisers in their mid 30s as well as those who were seniors in college, just about to join the profession,” Mehlfelder explained.

The kickoff networking social was designed to be very informal but aimed to get a read on what this important group needed from their peers as well as from FPANJ.

“We found the answers were really centered on educational sessions, preferably in a roundtable setting, to talk with each other and learn from our shared experiences and become better planners for our clients,” Mehlfelder said. “The other area we heard mentioned most was related to the use of technology and planning tools to use for our clients.”

This response seems to line up with what most in the industry are seeing: The newer adviser is more apt to seek out and learn about tech tools in helping their clients manage and build their wealth, but still needs to learn from their peers and have a strong network to gain wisdom in building client relationships.

“We are hoping that we can build our numbers from this first meeting, which drew about 25 - 30 people,” Mehlfelder said. “Everyone works with a colleague who isn’t a part of FPA, and it just takes an invitation to a meeting to get them started.”

The next event will not likely take place until early fall, as the summer months tend to pull attention away from members, but Mehlfelder said they are still eager to hear from anyone who is interested to join, and get input on future meeting topics and events. With partnerships between FPANJ and universities like Fairleigh Dickinson and William Paterson, there is also opportunity to involve Financial Planning students in future NexGen events.

To learn more about the NexGen Networking group, contact Larissa Mehlfelder at larissa.mehlfelder@masseyquick.com or the group’s other Co-Chair, Gerald Korey at gkorey@regentatlantic.com.

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