Four Reasons Mature RIAs Can Expect The Best Is Yet To Come
Mature registered investment advisors in their late 40s to mid-60s have a lot to look forward to. I believe that the fourth quarter of our careers can be our best. You might be surprised to hear me say this. Over the past decade, I’ve worked with and coached numerous mature RIAs. The overriding sentiment for many of these people was that their best days were behind them, not ahead of them. Why did they feel this way?
A metaphor I like to use is that of a mountain climber. To achieve long-term success in the financial services industry, a person has to be patient, methodical and consistent, just like a mountain climber. It requires practice and discipline to climb actual mountains and career mountains. In truth, it takes everything you’ve got.
There are times of adversity and moments of euphoria. Market crashes throw us into a tailspin. Winning new clients is a thrill.
For many mature RIAs who have climbed that mountain, as they peer toward the horizon, it kind of looks dull. The highs and lows, the thrill of the climb and the uncertainty of outcomes—these certainly wear people out. But they also give us?a sense of mission ?and purpose. They make us want to keep climbing.
But once you’ve arrived at that apex, what else is left to achieve? Is it pretty much over? Is there nothing to look forward to? If you’ve been feeling that way, I’d like to give you an alternative perspective. I believe there are four very good reasons to believe that the best is yet to come, both for your work life and home life.
You Can Assign Work The Place You Want It To Occupy In Your Life
RIAs who are growing their careers pretty much have no choice. Work will occupy most of their waking hours and most of their life’s energies. Those with small children at home, as they’re climbing their mountain, will often feel torn between work commitments and spending time with family.
But a mature RIA has the luxury of choice. You can choose to work just as hard or harder as you did while building your practice. Or you can choose to take it easy and maybe only work part time. You can probably also choose your work schedule and make it fit around other priorities in your life.
You are, or at least should be, in control of work, unlike when you were younger. You get to decide how much of your life’s energy you’ll give to it. That’s a nice position to be in.
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Being The Elder Statesperson Can Be A Lot Of Fun
Mature RIAs have something younger RIAs lack: experience. This is valuable not only for you and your clients, but it’s also valuable for colleagues around you. The role of the elder statesman or stateswoman is important for any organization. But in the RIA space, it can be game-changing.
The financial service industry offers outstanding rewards but also tough challenges: market volatility, difficult clients, unexpected regulatory changes and complex financial situations that require careful analysis and planning. Younger professionals who’ve not faced these situations very often can benefit from the experience and insights of a mature colleague.
My company loves to tap into the wisdom of our mature professionals. It makes them feel important, and it helps us realize better outcomes. I would wager that you have a lot more wisdom than you might realize. Being a good listener and offering solid counsel to a young professional or other colleagues can be really impactful for them and fun for you.
You Probably Have A Lot To Look Forward To In Your Family Life
Most of the mature RIAs I’ve worked with had something really exciting to look forward to: grandchildren. Many of these colleagues worked long hours when their children were young. While they did their best to be in their children’s lives, work made that rather challenging. Even when they were physically present, their minds were often preoccupied with work.
But by the time grandchildren came along, things were different. They had more time. They were more confident and less stressed about their careers. They could be fully present with their loved ones. One mature RIA kept a picture on his desk of him and his grandson going fishing together. Every time he looked at that picture, he couldn’t help but smile. A lot of the stories he told us were about the funny things his grandson said and did.
While I don’t yet have grandchildren, I know how important these relationships have been to my mature colleagues. That’s a lot to look forward to.
You Have The Opportunity To Go Out On Top, On Your Terms
Most people don’t end up in this field by accident. By our nature, we are planners and strategists. I submit to you that your biggest career opportunity is yet to come, and it’s probably more meaningful—and more challenging—than you probably realize. It will require all your experience, wisdom and analytical skills.
Please do not make the mistake of believing that your pending industry exit will take care of itself. It won’t. Just as you have been methodical in planning for your clients, you now need to be methodical in planning your industry exit.
Many of?my articles ?have focused on the topic of industry exit. There is so much to think about: getting the best?payout ?on your book,?transferring ?your clients, planning for what comes?next . If you thought going up the mountain was challenging, just wait until you try going down the other side.
If you feel like your biggest opportunities are behind you, I suggest you rethink that notion. When you take control of this part of your career and effect the outcomes that matter most to you and your family, you feel powerful. In fact, you might just feel like the ultimate mountain climber.