Hear from the winner of this year's FP Top 40 Brokers Under 40 Ameriprise discuss how to recruit, support and advance young brokers.
Event transcript
Tobias Salinger:
Hi, I'm Toby Salinger. I'm the chief correspondent at Financial Planning. Welcome to Leaders. It's a forum that brings together innovators and senior executives to share their experiences and perspectives on the most pressing topics. Now, the subject of our discussion today is our annual listing of the Top 40 Brokers Under 40. We've got two great guests whose firm had the most advisors on our list of the Top 40 Regional Brokers. We'll start with Jennifer Ibarguen. She's a private wealth advisor with the Davis Ibarguen and Morehead group of Ameriprise, um, based in the DFW metroplex and Plano. Our other guest is Pat O'Connell. He's the executive vice president of the Ameriprise Advisor Group and the Ameriprise Financial Institutions group. He's responsible for the overall leadership of the firm's employee advisors. Welcome to our panelists. Thank you so much for joining us.
Pat O'Connell:
Thanks for having us.
Jennifer W. Ibarguen:
Thank you,
Tobias Salinger:
Absolutely. And as a reminder to our audience, of course, you can find the full Top 40 Under 40 feature in our February issue on our website at Financial-planning.com. One more quick programming note, please feel free to chime in with questions at any time. I'll be sure to pose some of them to our panel as we go. So let's get started, um, a couple of questions, um, and if we could just go in order to avoid any zoom fatigue, if possible, for Jennifer, when did you realize you wanted to become a financial advisor and what do you think other advisors can learn from your experience as one of the Top 40 Brokers Under 40, and then for Pat, how do you try to set up advisors for that level of success?
Jennifer W. Ibarguen:
Well, thank you so much for the question, and it's an honor to be invited to this discussion today. So thank you, financial planning. Some brief background on how I came into the business. I'm originally from California, the bay area specifically, and I went to the university of Arizona where I completed, um, a double major and economics and political science. And after a double major in four years, I was really just ready to get to, to get to work. My parents were too, so <laugh>, um, I moved to Dallas, Texas and attended a career fair, funny enough for pharmaceutical sales and American express at the time, which later became Amer price financial, um, was there. And unlike Pfizer and Johnson and Johnson, there was no line, you know, to speak with a hiring manager. So the manager I spoke with really helped me understand the opportunities within financial services and specifically really the flexibility control and impact I could have.
Jennifer W. Ibarguen:
Um, you know, one of the things that totally stayed with me is he shared with me the best advisors have the mind of a capitalist and the heart of a social worker. And it really spoke to me. Um, you know, one of my core core values both then and now is meaningful work. And I felt like in this career and in this business, I could uniquely combine, um, you know, my, my desire, eight something big and unique, um, while also making a difference in the lives of others along the way. So it was really just a win-win and the rest is history.
Pat O'Connell:
And then Toby, uh, to your question, uh, and again, I appreciate you and financial planning having us, uh, as part of the discussion today and, and just terrific to see Jennifer and others build, you know, wonderful practices, serving clients in a, you know, in a great way. And, you know, the question you asked about it, you know, what do we do to set up, set up our advisors for success? I, I think the way we think about it is it's, it's the firm every day and our advisors every day have to differe shape themselves in the marketplace. And it always takes a, a big team effort and it takes a, a commitment, um, a soundness, a, a level of financial resource to really help advisors to, you know, to differentiate themselves and serve their clients at an exceptional level. You know, when I think about specifically, um, what are those differentiators, I think, um, an elevated, uh, client experience, one that you can deliver, uh, at a really high level consistently and, and at scale, uh, can be, and is a differentiator for advisors.
Pat O'Connell:
And, uh, you know, as I've seen Jennifer, you know, build her practice and other advisors like Jennifer, that, that commit commitment that, um, just that passion for delivering that client experience is incredibly important. Um, I, I also think, you know, as a firm, you know, we're committed to helping advisors, uh, and committed to advisors like Jennifer, you know, things like marketing support. I, I know as a, a leader that's been in this industry for 30 years and ran a successful practice for six plus years and been in all different types of roles that when we can get advisors like Jennifer in front of clients and prospective clients, um, whether it's face to face or virtually really good things happen, and it takes the firm committing resources to, to do that. And the third one I would point to is, is operate, which you wouldn't think kinda marketing and operations are connected together, but I think they are because again, you know, when I think about advisors that are running, you know, really great practices, serving clients well, like Jennifer does every day, um, that operational support that they have in place is incredibly important.
Pat O'Connell:
And, uh, the firm's commitment to, to investing. And in some cases, compared to the industry over investing there is, is really important. And then the last one I would call out is technology and having a, an end to end call and advisor experience, um, that is driven by, uh, and supported by technology is incredibly important. It's been a mindset of ours for years. You know, just if I think about just the last, you know, few years, we've invested over 500 million in different technology initiatives, uh, always important. And especially during the pan, when, you know, doing meetings like this face, uh, face to face was not an option. And this environment virtual was that technology experience is incredibly important to help advisors to serve their clients and ultimately grow their practice,
Tobias Salinger:
You know, and along the lines of, um, operational questions, um, as you pointed out, um, those really, uh, have become even more important, uh, after the, the past couple of years. Um, I wanted to ask you, pat, um, what are the, the main differences in setup and structure, uh, for the bank and credit union based teams, uh, that, uh, the work with Ameriprise, um, as compared, uh, to the, uh, the employee branches that you have across the country as well?
Pat O'Connell:
Yeah. Interesting question Toby. And it's a, it's a space that I've become very involved in over the last, um, you know, 5, 6, 7 year. And, you know, there, there definitely are some differences. So, uh, those advisors that are working in banks and credit unions are in most cases, the majority of cases employed by those banks and credit unions they're, um, working, um, in those local bank, uh, branches and credit union, uh, offices, and, um, really are there, uh, working very closely with the, uh, the clients, the employees, the executives, uh, affiliated with those banks and those credit unions. Um, so in, in that regard, that that is different than an advisor like Jennifer, anyone else that's working out of a, a branch office, right? With, uh, whether it's a sole practitioner or a group of advisor working together with a, a dedicated focus. Um, and the relationship is between the advisor and the, and the firm in this case, me price.
Pat O'Connell:
But, uh, I would also, uh, emphasize there are, um, I think a, a longer list of similarities. And there are differences in that, you know, my experience has been that those, those financial institutions, um, are looking for the same thing that we're trying to deliver every day, and that is they wanna serve their clients exceptionally well. They want to do it consistently. They want to be able to do it at scale, meaning, you know, beyond just a, a, a small network of clients, but across, in many cases, hundreds, if not thousands of different relationships. And, um, and they want to, to deliver in this case of wealth management, uh, a value proposition connected to advice, a value proposition, connected to planning. And, uh, and I think that's why as, as we've really worked over the last 5, 6, 7 years in this space, we've been able to differentiate ourselves and grow that part of the business because of that client experience and the support we provide to the advisors to deliver that client experience.
Tobias Salinger:
Excellent. And then moving from that kind of macro level down to, uh, down to the, to the practice, uh, level for, for Jennifer, um, when did you begin working with, with your current, uh, partners, um, at your office and, you know, what what's brought that, that team together? Because I noticed in speaking with several of our great group of winners this year, that that team has really been essential to their success. Um, so how did the, how did you and your, your partners come together and, um, how is that really figured in, in, uh, in your success?
Jennifer W. Ibarguen:
Yeah, so thanks for the question. Um, you know, over my 16 and a half or 16 and a half, almost 17 year career, I've had several roles in leadership within the firm, um, including helping experienced advisors come to the firm, recruiting and training, um, both, both experienced and novice advisors, and those experiences really were invaluable. Um, as I now lead my team of four, four advisors, including myself and two staff, um, the, this team kind of began around two years ago when one of the advisors, uh, try transition to Ameriprise from another firm. He and I really wanted to create kind of a firm within the firm, um, with a mission, uh, to provide very high touch, always accessible kind of institutional class experience to every client, really every time. Um, and we wanted to create a value proposition that was compelling for clients, advisors, and staff in thinking about the vision for the team, and specifically my role in leading the team.
Jennifer W. Ibarguen:
Um, I did hire an external coach. He's been instrumental, uh, in helping me create the vision, define the mission and values and tie everything we do back to this. Um, so he and pat and my local leaders have really challenged me to think bigger, um, and begin to think more like a CEO. Um, so I'm, you know, working over the last say year and a half on, um, focusing on three kind of main components. And so that's the client service strategy and the overall experience that we deliver every day, um, that clients are always understanding the value for the service that we provide. And then overall, and probably most importantly, honestly, is the growth strategy. So how do I continue, um, to, to keep up the growth that we've been blessed with the last couple years?
Tobias Salinger:
Excellent. And, um, just, uh, one reminder to our audience, um, please don't be bashful, uh, you know, feel free to, to ask any questions. I certainly have enough questions to bounce off both of our excellent panelists, um, but, uh, I don't need to the whole whole time with all of my questions. Um, so, so please feel free to, uh, to chime in, um, if you have something you'd like to ask, um, but moving on, um, and, and this is for both of you, I'll ask Jennifer to begin on, on this one. Um, and then we'll go to, to pat. Um, so we, we're kind of talking about this industry and this, this profession, wealth management is a very competitive industry, but it's also a really rewarding profession. Um, it's led by many older advisors who are going to be retiring someday. Um, so how can the industry really best recruit, support and advance the next generation of financial advisors? Jennifer? What do you think?
Jennifer W. Ibarguen:
Yeah, so I would answer this question in three, in three ways, really. Um, the first, you know, over the last 16 and a half years, it's been wonderful to be a part of a firm. That's always had the structure, the training and the, and the support to hire new advisors into the business. Um, one of the leadership opportunities that I had, and I, I did for several years was lead our new advisor, training our new advisor training program in Dallas, which is where I, which is where I live. Um, I'm passionate about the business, I think, as you can tell, and I love the opportunity really to share the vision with people that are considering the career. So I, one of the things I always tell clients, um, you know, if I could do this at 22 years old with no natural market or centers of influence in a brand new city, uh, you can too <laugh>.
Jennifer W. Ibarguen:
So, and then second, um, I think it's important to build a team where advisors and staff really can clearly understand the value proposition, um, and understand the leadership and growth opportunities within our firm. Um, and so two examples of this are in the last year, we added a new advisor to our team, actually a product of our new advisor training program. And then actually both of our registered staff members have entered into a program within Ameriprise, which will give them the flexibility, uh, to actually support us and the advisors in both service and sales activities, which is really unique. Um, and we're super excited about. And then finally, you know, as pat mentioned, we have an incredible women's empowerment network, um, that offers incredible mentorship and training opportunities for women. It's been really wonderful to bring together so many dedicated and talented women focusing on growth of their businesses while also kind of ushering in the next generation of women advisors. Um, so that's been fabulous. We just had our, um, for the first time, since the start of COVID, um, all gathered together here in Dallas locally. And so it was, it was so refreshing and wonderful to see everyone in that, in that forum.
Tobias Salinger:
Excellent. And, and to, yeah,
Pat O'Connell:
So Toby, what, what I would add is, I mean, and I think if I think about your question right, where, you know, your, your spot on right wealth management is a very competitive industry. Um, and, and it's also a, um, a really rewarding profession. And the, the way that I think about it is, um, from, from the seat that I sit in, um, I think as an industry, we need to commit to advancing the, the next generation. I mean, as, as, as a senior leader in the industry, I, I have a huge responsibility to, to get that right. And I think it does start with, um, belief and it starts with, with commitment, you know, I think nice help personally, my, my oldest, uh, daughter, um, she's 25 years old and when she was coming outta college a few years ago, both my wife and I said, this is a great industry to be in, and she's been in and out for three years and, and just loves being a part of it.
Pat O'Connell:
So I think it does start with, with commitment. And then, you know, as an industry, I think we need to focus on bringing in, you know, more advisors, more women advisors, um, more people of color with, uh, with diverse backgrounds, um, into this industry, you know, and as a, as, as an organization, as a firm, you know, some examples of that commitment, which I think, um, you know, it's, it's a commitment has to be made, um, year in and year out, you know, uh, Jennifer just mentioned one, right? We have a, an incredible, um, women's empowerment network at the firm, um, that, that offers all kinds of, you know, sometimes small groups, individual larger group, you know, mentorship opportunities, um, which is great for people that are inside the organization, but a very, um, good way for people to also learn about, uh, what we do, how we operate the career itself.
Pat O'Connell:
Uh, we, uh, we participate as an, in a number of different, uh, groups like the national black MBA conference, again, it's way just to go out there and, and talk to people from diverse backgrounds about the organization and about the industry. And then the, I think the last thing I would share with this is, is that when we think about, um, a commitment to hiring, you know, across our, our different platforms, we we'll hire, um, give or take 500 novice advisors a year, many of those advisors, um, joining teams, but, um, it's, it's focusing on bringing in that next generation that will take, you know, I think about my 30 years in the business and starting as an advisor and running a successful practice for, you know, six plus years before running branches and things like that, um, it's that opportunity someone gave me 30 years ago to come in in this industry.
Pat O'Connell:
I think, um, all of us, regardless of what firm we we're with, regardless of how we affiliate, um, have a commitment and responsibility to give that same opportunity to people, um, that, uh, we were given years ago. And, um, I know as I said earlier, you know, it's my role as a senior leader to get it right. And I'm proud that as an organization that, uh, will hire 500 novice people in of the organization that, um, it's not a short term commitment, those commitments take, um, years to, to have a payoff, so to speak. But when you get a chance to see advisors that are 3, 5, 10, you know, someone like Jennifer 17 years into the business that are not only successful, but most importantly, serving clients exceptionally well in making a difference in their lives. I think that's why, um, the commitment needs to be there because the payoff long term is good for everybody involved.
Tobias Salinger:
Absolutely. And, um, we had a really good question, uh, come in from the audience. Um, I wanna kind of take it in, in two angles, uh, for, for, for each of you. Um, since we had Jennifer start on the last one, I'll ask you first hat, um, for, you know, as you brought up the trainees, coming in the novices, coming into the profession and supporting them, um, what ha what is usually the, the biggest challenge of, for advisors just starting out in their career. Um, and then after that for Jennifer, what was your biggest, uh, challenge, uh, coming into, into this profession?
Pat O'Connell:
Yeah, so I I'll start, I, I think the, it's a, it's a good question that the challenge is, um, that people face. I mean, I, I I'll rattle of a couple, but they're, I, I think they really come down to the individual person. So lemme give you an example of what I mean by that, you know, some candidates when they come into the industry. And, um, you know, I, I think about the, the hiring that we do for novice advisors, people are coming in from all different walks of life. You know, I was, I was having to be one of the people, well that came in the industry, you know, right outta graduate school with not a lot of career experience. And we have people today that have some career experience, a lot of career experience, or we still hire some people, you know, right.
Pat O'Connell:
Outta college, but sometimes licensing for some people can be a very easy thing. And for other people, it can be their biggest challenge. They faced their first couple years in the big business. So having, you know, so how do you help with that challenge? You've gotta make sure you have robust systems and process and people in place to help people get, you know, past the licenses and PA and pass those exams so they can actually get into the business. But like I said, for some people, that's an easy challenge to overcome for other people that challenge kind of kicks in when they have to start maybe generating leads or scheduling appointments, um, or acquiring clients for other people that could become, uh, that that's not that big of a challenge that comes more naturally to them. And so I, I think as I think about the first year, two years, three years in the business, it's our responsibility again.
Pat O'Connell:
And what we focus in on as an organization is, is putting the right structure in place and the right systems in place and the right people in place so that what some people might come into as a challenge, or look at as a challenge, we can and help them work their way through that and learn that skillset, pass that hurdle. Um, so they can, they can build that, uh, that next level of success. And I think sometimes in building a practice and, you know, so many people that are watching today and listening have have lots of experience in the business and have built successful practices. Sometimes the most important thing is having people focus on, you know, what's important right now, there's so much to learn in this industry and so much that you have to, to figure out over time, but it doesn't all have to be done now. Um, so sometimes just being able to break things down into smaller pieces, and then, like I said, not just hoping or believing people figure it out, but really investing in the tools and the technology, um, the training, as well as the resources people, um, to teach coach and support, that's what can help people to overcome those challenges and ultimately grow successful practices. I'm interested in Jennifer's perspective as well on it.
Jennifer W. Ibarguen:
Yeah. It's, um, you know, know, as, I think almost 17 years ago, I can still say emphatically, my biggest challenge was just not giving up. Um, so I tell new advisors and I talk to them all the time. Um, and that, that are coming into the program here in Dallas that, um, you know, it's totally normal to wanna quit pretty much every day, probably for the first, at at least a year, if not two, and then maybe it's once a week and then maybe it's once a month. And finally you get to a point where you actually don't feel like you wanna quit anymore. Um, it's the resiliency, it's the tenacity, that's the hardest part, you know, this job, um, there's a lot of nos. And so as, as much as you know, it so wonderful and gratifying to help clients and, um, and really provide that compelling value proposition, there's equal amounts of nos and disappointment.
Jennifer W. Ibarguen:
And it's, how do you come back from those, um, and get up every day and keep wanting to do it more, right. I, I always use the, um, analogy. It's like pushing a snowball up a, up a hill really, really hard for like the first three to five years. And then all of a sudden it gets a little bit easier. The ball's getting bigger and it's, then all of a sudden you're at the top of the hill, then you're pushing it down the hill and you actually don't even have to do much work as far as marketing or going to get new clients because the value proposition that, that I've been able to bring thanks to Ameriprise is compelling enough. It, my phone rings, right, but it takes some time to get there. And I think just the, the fact to not give up is, is the hardest part.
Tobias Salinger:
I love that. And, um, I, I hope, and I believe we probably have some aspiring, uh, planners on the, the call. So I hope, uh, I hope that, and, and definitely some who will watch this recording later, um, who can hopefully hear, uh, one of the most successful advisors in the country telling you that there are going to be hurdles in this business, and there can be things to, to navigate and ever everyone goes through it on their road to success. Um, so I, I think that's such a valuable message for our audience to hear from you. And we've got a few more questions. Uh, so I'm gonna bounce these, uh, off each of you individually. Um, for, for Jennifer, we've got a good question here. Uh, what and skills, um, do the best novices possess, uh, do they all need to have gone to the university of Arizona and be wild cats or, uh, are there openings for Longhorns Aggies, uh, Mustangs, maybe some horn frogs or some cougars or, or other, uh, other other teams, uh, as we think about March madness being over finally, um, what are the best qualifications and skills for, for novices to possess?
Jennifer W. Ibarguen:
Yeah, so definitely don't have to be a Wildcat, but, but props to anyone that is for sure. So, um, and I get this question a lot, honestly, actually my stepbrothers wanting to come into the business and he asked me, what should I major in, in college? What should I focus on? Should I become a CPA? Should I go into accounting? And honestly, I think if I look at the, the top advisors, um, in the business that I know, and many of them are mentors of mine, um, it's communication, right? So being able to affect a, communicate the value, the value proposition, um, it's also just being, uh, empathetic, right. And being, uh, really caring and listening, being a good listener. Right. So understanding that a client's coming to you with their unique goals, um, and things that may be that may stand in the way, and it's your job to be a really good listener and help provide solutions to help, you know, take their, take their life to the next level. Um, yeah. So, I mean, I think communicate really more than it is being smart. I mean, I was certainly not the smartest person to Pat's point. Um, I struggled with the exams, um, that test taking was never something that was, that came easily to me. Um, and don't let that be a barrier. So mostly most of the top advisors, and I think pat probably agree would, would actually say themselves, they're not the smartest person in the room, but they care a lot. Um, and they really can effectively communicate.
Tobias Salinger:
Yeah. And, and pat, did you have some thoughts on that as well? Uh, for the, um, the, the, the best qualifications and skills for, for incoming novices?
Pat O'Connell:
Yeah, I, the, the thing I would add is to, to build on what Jennifer shared, um, I think as you come into the industry, um, I I'd have the mindset of being a, you know, a student of the business, a relentless learner. So if, if you think about our industry, there are certain kind of minimum barriers to entry that, that everybody has to, to, to meet in order to get into the industry. So think like your series seven, your sir, 60, your life acts and health, right. But then once you've met the minimums, then, um, everything else is coming down to you being a student of the business and wanting to continue to, um, to advance and, and bring more and more expertise to the table. So I, you know, I'll give you an example, things like becoming a, a certified fit financial planner, or, you know, passing the CHFC or the CRPC, or, you know, any type sort of continuing education or going to conferences to learn from other advisors.
Pat O'Connell:
I mean, those are all just simple examples of things that people can do that, um, you know, you're not gonna learn everything in any of those things, but my, my experience has been, you know, I think back to when I first started the business, I used to go to every meeting I could go to and, um, listen to and learn from the, the people that were the best, the best at the time. And, um, I didn't necessarily adopt everything I heard, but there were certain things based on what I was building in my own foot, financial planning practice that, that really resonated with me that I thought I could leverage and use. And so I would just encourage, um, whether it's a veteran advisor looking to, to bring someone under the team or it's somebody that's listening, that's early on in their career. I would make that commitment to be, um, a, a student of the business, this and someone who's really gonna focus on on listening and learning consistently. And, uh, over time, it, you know, and things, this is a business where success is always paid in full, um, and in advance, right? That over time, if you make that commitment, that, uh, that, that experience you can deliver to client keeps getting better and that'll just pay often in more and more, uh, success with your own personal practice.
Tobias Salinger:
Excellent. Um, and I've got a, a, a good, uh, highly specific, um, question here that I, I think would, uh, apply to a lot of people around the country. And I'll, I'll be interested to, uh, to hear your thoughts on, on this pat. Um, we have an audience member, um, who's asking, uh, what advice do you have for small or rural market practices to attract and recruit new young advisors who often want to live and work in larger markets? Um, working remote is the obvious answer, but that isn't always an option, uh, when you have small town clients, uh, who might transition over to this newer advisor and they want to meet face to face, uh, to, to build confidence in that relationship. So what advice would you have for, for recruiting, um, at these practices that are located in smaller or rural markets across the country?
Pat O'Connell:
Um, yeah. Good question. Here's couple, couple thoughts that I have on it. Um, and I have, you know, I think about, you know, thousands of advice that I work with we've, you know, branches that are like the one Jennifer works in, um, in Dallas that, you know, has, you know, lots of people in it. And then some smaller markets that might have 1, 2, 3, 4, 5 people in them. Um, so, you know, I had a leader once, uh, tell me years ago that that leaders are like Eagles. They don't fly in packs, they fly, I, you know, kind of one at a time. And, uh, that leaders are the same way. You're, you're finding people one at a time. And I think it's the same thing with talent that you're trying to add to your team. I would tell you that the question around, uh, kind of virtual, I, I think once we get beyond the pandemic fully, personally, I think that, that we'll, we'll wanna interact with clients a lot more like we did prior to the pandemic than, than during the pandemic.
Pat O'Connell:
And, and as we do today, which is more of a hybrid approach, um, I think the really good conversations are better in person. I think the more challenging conversations are better in person. And I think the virtual environment is a good one, uh, and a more of a hybrid approach probably, uh, fine for a lot of clients. But I do think the face to face element is really important in terms of talent, um, acquisition. I would just have you think about something, uh, to the person who ask the question or anybody else that's, that's really in the business of bringing talent at people into your organization, whether it's you leading a team or a large organization, um, more broadly, um, I've joked with people and said, I only hire PhDs. And, um, what I mean by that is people that are poor, hungry and driven, not necessarily economically poor, um, but people that really want more that are willing to, um, to really lean into something and commit to something.
Pat O'Connell:
And you heard Jennifer talk about this about, you know, the, the time, the effort, the sacrifice it took for the first few years to build it. That's the type of talent you wanna look for. And the good news is, uh, and I see that, um, you know, the younger generation, there are lots of people that, um, that wanna build something unique, wanna be a part of something unique, want to contribute in a unique way, but like leaders in leadership, you have to go out and, uh, interact with those people and find them one at a time. So I, I would be, if you're in a rural market, I think it's less about what career do people come from. You're trying to identify the people that, um, that really have that in internal drive that fire, um, and want to be a part of something and contribute in a really meaningful way.
Pat O'Connell:
And, uh, again, the reason I'm very optimistic about our industry and about, um, our ability to, to grow the business. Um, it does take a commitment, like I said earlier, it does take the, uh, the organization, you know, committing the time and the resources and the people. But I, I personally see every day, uh, people like Jennifer that really want to, um, to use what she said, that, that have the heart of a social worker to mind a capitalist and wanna make a difference in people's lives and, and achieve their own goals by doing it. So I, I would just encourage you, uh, that, that person ask the question source talent, based on the, the less about their backgrounds and more about, uh, do they have that, that track record of really wanting to do something unique and challenging, and if they do, they, they probably have a good opportunity to be successful as a part of your team.
Tobias Salinger:
<affirmative> excellent. And, um, I did have an audience member who actually was, was weighing in as well, uh, who suggested, um, expanding the target audience and maybe foregoing the CPA or outside sales experience, uh, to those who do possess those communication skills that, that we were just talked about. Um, and, you know, Jennifer, I was, I was also kind of, I, I was interested to ask you the, the same question. Uh, you're a recruiter as well. You mentioned you BR you brought in a, a new teammate, uh, recently, um, you know, for, for those advisors who might be based in a, in a smaller town in, in Texas, maybe NADOs or new Brauns or, uh, or Lukin, Texas, uh, showing my, my lone star state knowledge here. Uh, what advice would you have, uh, for advisors recruiting to practices located in a smaller town or a rural area?
Jennifer W. Ibarguen:
Yeah, a great question. And I would tell you, cuz I totally agree with, as we get to this kind of return to work environment, um, there's a handful of clients that wanted to meet face to face as soon as I was permitted to be back in the office. And I was back in the office to meet with them face to face, and there are lots of clients, um, that are still not comfortable. And so we meet screen to screen. And so what I would tell you is I work with clients all over the country, some of which I've actually never met in person, if you can believe that. Um, so don't, don't let, um, your geographic lo you know, location limit you, I would say, think big, think outside the box, maybe it's a coaching opportunity or a mentorship opportunity where you can ask for, Hey, what's your feedback on this, right. Do you think that would work if I hired a new team member or an advisor or a staff member that maybe wasn't in your location all the time? You know, I have friends, uh, that have done that as well at Ameriprise. So, um, I think it, my, my, um, recommendation would be to kind of keep your options open, think bigger, um, and be flexible. Right. And that's one of the we've really learned over the last two years, right. Is being flexible to what's coming at us on a day to day basis.
Tobias Salinger:
Great, great. Um, we are kind of getting close to, to time, um, but, uh, you know, I still, uh, have some great audience questions, uh, to, to go through. Um, but I think it's an important question, uh, you know, to this, this point of recruiting, um, and attracting top talent, uh, to Ameriprise, um, pat, they're putting you on the spot little bit, uh, they're asking you, how do you see Ameriprise effectively differentiating itself, um, when trying to recruit top, um, experienced advisors out there in the marketplace, and how do you show those successful advisors, the, the benefit of Ameriprise and, uh, please restrict your answer to about five minutes if you can.
Pat O'Connell:
No, I'll keep it, uh, very brief Toby. So, I mean, I think I appreciate the question, it's it. Uh, and I speak to people from other firms all the time about, you know, who we are and what we do and what makes us different. Um, you know, we're, uh, I, I think things like strength and stability and soundness are incredibly important and that's been a hallmark of this organization for, you know, decade after decade. Uh, I mentioned earlier the value proposition that we, um, deliver, uh, to advisors, you know, driven by supported by the technology investments we've made is, is incredibly important. And I think at the end of the day, you know, one of the numbers I'm most proud of is we run a retention rate of 95% year in, year out. And that's, you know, everybody, the, the long term veteran and the, the brand new advisor in our program.
Pat O'Connell:
And I think part of that is culture. Part of that is support, and those things need to lead to growth. So if you're able to help, uh, advisors, you know, like Jennifer and others to grow their practices and take it to that next level, uh, it's ultimately a differentiator. It's nice to talk about growth, but you actually have to be able to have to show people that the investments you make, the commitments you make actually turn into a differentiated, uh, experience. And that is why, you know, if I think about the last, you know, 10 years, for example, we've hired over 4,000 experience advisors from other organizations. And I think a, a big part of that is because of the strength and the soundness of the organization, the investments that we make, the culture that we have, but at the end of the day, that that leads to a, a differentiated experience for, uh, advisors. And most importantly, I'll emphasize that experience. Uh, that's being delivered to clients being one that is, uh, best in class in the industry. So that's in a, in a two minutes or less, just some simple things that I think make us different in the marketplace.
Tobias Salinger:
Absolutely. And, uh, Jennifer, how would you, uh, answer a fellow advisor? Who said, you know, I've got, I've got firms, uh, uh, calling me every day. I've got recruiters on the phone all the time, uh, from what I hear, it's, uh, a lot of phone calls that advisors will get from recruiters or, uh, potential acquirers as well. Um, but, uh, you know, what would you say about how Ameriprise is different, uh, from a lot of the other, uh, firms that are, that are out there and available as options to successful advisors like you?
Jennifer W. Ibarguen:
Yeah. So, you know, if I had to think about why I've stayed, right, because to your point, there are certainly options. Um, it's the commitment to the client advisor business, right? So Ameriprise pack and site the exact percentage, I'm sure, but the, you know, that's, our business is supporting exactly what I do, which is help clients achieve their goals, which then all of, you know, or most of their time effort and energy and dollars get spent towards enhancing that ex that, that exact experience, which is what's important to me. Um, the technology's been incredible. Um, the, the platforms that I'm able to you, um, build a presence for myself and for our team on social media, I think are really unique. Um, I'm rolling out a, a, you know, a, basically a video series, um, that's coming up soon, but being able to market on Facebook then, you know, in LinkedIn and having those capabilities, um, has really been awesome. But I think know by and large, um, the, the commitment that, that, that pat and his team and my leaders and the firm in general have to the business that I'm in is why I stay
Tobias Salinger:
Excellent. Excellent. And then I'll just kind of wind it up with, with one, uh, one last question, uh, for, for each of you, um, uh, to, uh, put our attendees, uh, on their way for, for the rest of a productive, uh, day out there in the industry. Um, I'll start with, with you, Jennifer. Um, what lessons, uh, do you think the industry has learned well in recruiting and supporting advisors? Um, and what are the reminders of, of the challenges that you see?
Jennifer W. Ibarguen:
Um, so if I, I mean, I think about it not being, um, like a fad, right? So at, to Pat's point, we have always, since I started in the business and long before me hired new advisors into this business, it's never been something we did and we didn't do, um, there was never taken any breaks. Um, and so the commitment and the consistency to, to hiring both new advisors and, um, you know, experienced advisors to the firm has always been there. Um, I value and, and really trust in that consistency. Um, so I think that's the, the kind of lesson the lesson learned. What was the second part of the question Toby?
Tobias Salinger:
Well, what are some of the reminders of, uh, of the challenges, um, ahead that are, that are still there as we think about this next generation of
Jennifer W. Ibarguen:
Advisors? So I think the two biggest ones, right, is the, um, the aging population, right. Of existing advisors, and maybe the lack of people coming into the business for opportunities to help transition those advisors out of the business. Um, and that's a huge problem. Every, every, uh, new advisor that, that I, that I, you know, talk to male, female, um, I say, this is probably the most incredible time to come into this business, honestly, because we've got an aging advisor population that are looking for succession opportunities, right. And teaming opportunities. So, um, and I, I, I think the, um, the biggest kind of takeaway there is, right. How, how do you capitalize on that opportunity? Whether you're at a firm that's bringing experienced advisors or not, then how can you go out on the kind of be take the op, you know, go on offense, right. And, you know, recruit yourself. And so I do that partially, um, you know, here locally looking for opportunities, um, as well as just being a part of my, and the people that are coming in.
Tobias Salinger:
Excellent. Excellent. And pat, any final thoughts on, on those two points?
Pat O'Connell:
No, just real quickly. I would just add, um, I mean, listen, in the last few years, we, we all know this right. We've experienced, you know, so much geopolitical, uncertainty, COVID, um, choppy markets, inflation, you know, I think people right now are assessing and everything about their lives and, and, um, all of us. Right. And I think about my role every day in Jennifer's role is, you know, we've gotta always be thinking about adding talent at people to organization, not just advisors, but operations, people, leaders, and part of that is, you know, um, what are you doing, uh, every day to different differentiate yourself? You know, I think about a me prize we've, we've weathered all these storms incredibly well and continue to, to recruit both experienced advisors and novice people into the business. And Jennifer talked about it, that consistency, I think about how you operate every day is, is incredibly important.
Pat O'Connell:
And in order to be successful with recruiting, uh, you know, we need to have, have people need to have a, a differentiated value proposition that can be delivered, um, consistently at scale. And when you can do that, right, that's ultimately what attracts talented people to you as a leader of your business. It's, what's attracted, you know, thousands of people to us. And it's what, uh, helps people to see that we're do we get it right all the time? Not right all the time. I think over a longer period of time, when, as a leader and as an organization, you make lots of good decisions that are driven by serving clients and advisors exceptionally well. That's what can differentiate you. Um, that consistency, uh, is really, really important.
Tobias Salinger:
Excellent. I think it's a great note to on, um, everyone, please give another virtual round of applause to our outstanding guests, Jennifer Ibarguen of Ameriprise and Pat O'Connell of Ameriprise as well. Um, if you haven't already, don't forget to check financial-planning.com for the top 40 under 40 feature and all of FPSs wealth management news. Go ahead and subscribe while here there for financial planning and I'm, ER, thanks again to our panel and everyone have a great, a.
