Inspiring Leadership

Generational Differences

Now, more than ever, is the time to address the generational differences between senior and junior professionals to inspire both leaders and proteges.

I've seen business leaders, CEOs, high net-worth financial advisors who just, at some point in their career, decide they're going to turn the dial down. They're going to throttle back the effort - and I don't necessarily want to expose it as "complacency" because I don't think that's what it is. 

I think they hit a point where they think "I did the work. I'm here, now I want to turn the throttle down and enjoy the fruits of my labor." But there's a problem when you're in a leadership role and have that mindset. I'm seeing this now with what I do at First Trust, travelling with all the wholesalers all across the country.

I was just out in Southern California for a week. I'm in Orlando tomorrow, I'm out in Houston the week after that. So, you know, I'm not just regional, in seeing how culture affects leadership styles. It's national, and what I'm seeing is that some people that have been in this business for a long period of time - who have cut their teeth on the innumerable changes in how the business itself functions - their SOP is that the tactics have changed and they've throttled down. They're not pressing on the gas as much. I think the big challenge I'm seeing is that these people - who have this immeasurable amount of wisdom and past performance to lean on to inspire the next generation - they're just not doing that very well. 

Demographics of Age

The other component I'm seeing is that there's such a difference between the generations of professionals. It's not a subtle difference. I think the demographics of the age groups - the generational differences - are so profound. Those senior leaders that have this wisdom, there's this profound communication gap. How do you get through to this young FA or young analyst that's coming up? How do you inspire them? How do you show them what the actual work looks like?

A lot of what I'm hearing is, "I just don't want to drive like I did 20 years ago." I'm also hearing, "I can't communicate with these people. They don't know what hard work is." Those are some of the big things I'm seeing right now that we need to address to inspire both leaders and proteges.