The question might be considered as only provocative but in fact is of importance because the world is changing fast.
In front of profound changes will a 50 years old advisor be better, act wiser, than a younger advisor? As myself a 50+ whom believe to be “young inside” I wanted to define a practical approach to answer this question.
50+ years old advisors ‘s disadvantages
- Currently in frozen mood being paralyzed by Covid constraints and by the worries they have for their kids and relatives.
- Tendency to believe that they can still press the lemon and keep the same attitude for ten more years before retiring.
- Know- it- all attitude, lower interest for changes impacting their businesses.
- Tendency to reject what they don’t understand and to reject new approaches which are not part of their values chain, I will not accept to work like this – kind of mentality.
- Less aggressivity in pursuit of money/profits
25 + years old advisors ’s disadvantages
- Tendency to be candid, believing that the first marriage they are in will be the last, that their best friend will always remain the same.
- Rejection of the older generation, often with good reasons but too broadly, lack of discernment.
- Lack of overview, difficulties to identify the next issues and to project themselves in the next 5 years.
- Adepts of short-cuts with disdain for the consequences, never get caught and had to deal with their mistakes.
- Not taking enough time to listen and enough time to share, very direct and requesting immediate results.
50+ years old advisors ‘s advantages
- 25 more years of errors and mistakes, real experience about what NOT to do.
- More protective of privacy and business freedom than the new generation, not born with Facebook and so many regulations and laws.
- Faced multiples changes the last 25 years with more or less resilience.
- If worried enough, not leaving on their savings, could be more impactful when acting on behalf of their clients, more street minded when necessary.
- Pragmatics with soft skills simply from life experience.
25 + years old advisors ’s advantages
- DIGITAL, not only they master the principles but they create and transform the business world with it.
- Better informed, sharing experience and acquiring skills a lot faster.
- Without borders, geographically as they still do travel and mentality as they forget to be afraid of everything.
- DREAMERS, they still believe in their creativity, they are not frustrated by their environment.
- Last but not least, whatever the considerations, they are the FUTURE
So, should you change your advisor of 50 years old by two of 25?
This will depend on your goals, if you would like to create a brand, promote products and services, develop your business, change the world etc..: choose the YOUTH.
If you want to protect your wealth, mitigate your risks, manage competition you should go for the older version but this only after a fast an efficient:
HAS-BEEN DETECTION METHOD, just do not engage with:
- Advisor speaking one language only
- Someone wearing a tie (leave him at the bank)
- An individual mentioning his/her diploma acquired 25 years ago
- A potential advisor not making you laugh or smile during the first call (no sense of humor is no sense of business)
- A cheap offer: whom pay peanuts get monkeys
This was written by a 50+ enjoying working from Hong Kong with digital kings and other smart entrepreneurs. Without borders geographically and mentally.