The Baby Boomer Advisor as a Student

We are all familiar with the Baby Boomer Phenomenon and how it will affect the products and services needed for our clientele, but I would like to present a concept that I have never heard presented as it relates to our baby boomer agents and managers.  This very concept was recently raised as a byproduct of a breakout session for an annual convention this year; consuming the entire 30 minute question and answer period.  A well-respected industry group also did a survey recently that showed that a very high percentage of our industry associates not only offer advice and services to the baby boomer cohort, but also fall within their ranks personally. 

This issue arises for us at The American College, as professional developers of advisors, industry managers, and executives; that a large percentage of these boomer advisors are not eager to continue their professional development due to a long held belief that people seek education as a young adult and not as they mature.  Please remember, this does not apply to everyone but it does apply to a large segment of us.  In other words, we go to college and get a degree or designations between the ages of 18 to 28 then use that education throughout our working life. 

I cannot tell you how many times I hear, “I have been in the business 15 years, I have my CLU or RHU or REBC designation/s, my BA degree, and I am through studying.”  This life development plan may have served our parents well, but with the increased speed of change in today’s business community and the increased span of years that now make up our working life, what one learned ten years ago may not prove of value in their work surroundings of today. 

We are all facing changes in areas of strategic views, new and innovative product lines and dynamic new processes effecting every aspect of the Healthcare industry, from the very basics of how we prospect and contact potential clients to the ever changing technological devices and concepts that did not even exist 5 years ago.   Each of these elements demands general training and education for their individual basic use, delivered brilliantly by companies during the initial rollout process. 

For those people whom have enjoyed rising to the pinnacle of their company or industry heights they must seek education at a higher level that brings all of these moving parts together into a well choreographed work of art.  They did it once, when they were in the peak learning years and now finding themselves back in the same position years later.  These leaders are finding or will find very shortly, that the old paradigm mentioned earlier must be shifted or they may find success will be a harder goal to maintain.  Without this ingrained age-old conception being addressed on a long-term basis we will see a marked decrease in our leaders ability to effectively advise our insurance and business clients. 

Let’s look at a number of examples. 

Many factors contribute to the professional development of people in our industry.  In 1990, a baby boomer advisor or manager would have been at their peak in the traditional “learning years”.  They probably studied the necessary course material to earn the knowledge, competence, and confidence needed to give sound respected professional advice.  Studying came easy and, frankly, was expected by their associate and clients alike.  The environment was more conducive to mentor relationships often found in the multiple agent office arrangement of the time.  Mentors acted as guides toward professional development.  With the transition away from the career distribution system, agents are now finding themselves void of the mentor relationships and the benefits these relationships provided. As far as the knowledge, we learned, today, the tax laws that companies operate under are largely different than they were then and will more than likely be even more antiquated by changes just around the corner.  Are those advisors as up to date today as they were back then? 

In 1990, the health insurance environment was one of employer paid premium contribution plans with low or no co-pay requirement.  My have we changed!  With the climate we find ourselves in today, much more change is expected and will likely result in changes that will transform this entire segment of our industry by the year 2014, regardless of the laws of the land.  The market also impacts change and will do so with a vengeance in the years to come.  

Clients that make up the baby boomer cohort are changing as well.  Survey after survey of client groups show that baby boomer clients want their advisor to educate them.  They are taking the initiative like never before to learn more about their own financial and insurance portfolios with the broad access to basic knowledge available through the internet.  The remarkable thing is they expect their advisor to have a higher level of education that can only come from a trusted well-developed professional advisor.  Managers and executives, your advisors want the very same from you as well.  The problem that this raises feeds at the root of this whole query.  You see, the information they learn online is at a very basic level, not a level to provide a professional level of knowledge.  A question arises, “How many of our baby boomer advisors and managers are using this very basic level of education found over the internet as their method of professional development?”  After all, we are in essence who they are.

These are the best of times; these are the worst of times! 

When I think back over my 28 plus years in this great business, I truly believe there is no better time to be in this great profession.  The markets have never been riper with so many needing our knowledge, services and products.   As we age in this exciting fast-paced world, we need to make that shift away from the concepts of professional development being only for the young planners and advisors.  It is refreshing to see a baby boomer advisor surrounded by younger advisors in some of our classrooms.  What wisdom they bring to discussions and can add passions of long held concepts that never need to be lost to future generations.  Since we truly care about our clients and the fact that we, as industry veterans, have control of the bulk of our industry’s clients, we owe them the best we are, not the best we used to be.

Anthony “Tony” Boquet, CLU, ChFC, CASL, LUTCF, FIC

  Vice President, Sales and Marketing,

The American College

About The Author

Anthony F. Boquet, CLU®, ChFC®, CASL®, CLF®, LUTCF

For 28 years, he has been a leader in the insurance and financial services industry, much of which has been as a fee based Estate Planner. He has extensive training in needs based insurance analysis and financial security planning using his knowledge of multiple product lines.

He has served as an expert witness in insurance related court cases and he is currently a Vice President at The American College