Q&A with Lindsey McKay, McKay Wealth Management, Cetera Financial Group
We sat down with Lindsey McKay from McKay Wealth Management (affiliation: Cetera Financial Group), to pick her brain on the state of the financial services industry. Where are we now? Where are we headed? Who will lead us into the future? Lindsay offers her insights on some of the burning questions facing the industry.
Cetera is sponsoring and Lindsey will be speaking at the upcoming Diversitas Symposium, taking place Wednesday, November 3rd, 2021. The virtual event is free to attend and will dive into the future of the industry and opportunities for young professionals looking to succeed in financial services. Register to attend here.
What impact do you anticipate the aging workforce will have on the advisory industry in the coming years if we don’t see an uptick in next generation advisors joining the industry?
The aging workforce of the industry creates huge opportunities for the next generation of financial advisors. An obvious opportunity is more advisors exiting the workforce than entering. A shrinking pool creates less competition and opens the door for younger advisors. Knowledge transfer is another area for opportunity. The business we are in is constantly evolving and there is tremendous value in having weathered decades of change. The next generation are uniquely positioned to learn from the experience that exiting advisors have learned over their careers and combine that with their fresh perspective.
Recruiting is a major issue for wealth management firms. What do you think the industry can do to bring more young people into the financial advisory profession?
The industry has come a long one way in being positioned as a viable career path. When I was studying for my degree in finance, I was the only person in my class that was considering a career as a financial advisor.
Today, there are many universities that have programs and courses specifically centered on financial advising. Internships are another opportunity to raise the profile of the industry. It provides great insight into the field of advising and highlights the rewarding nature of the work we do with clients. We have had great success with our interns finding a passion for career in financial advising.
What the industry could and needs to do better is create more opportunities for individuals to enter the workforce that provides structured growth and development. Creating training opportunities to help put advisors on the right path and find their niche within the field is an investment that companies can and should make in their next generation of advisors.
How do you suggest young professionals find mentors, and how should they leverage that relationship to their advantage?
I believe that everyone should have a mentor and that it is particularly important in our industry. Beyond guidance, encouragement, and development, a successful relationship can open the door to partnering as an advising team and accelerating your career growth.
Identifying the right mentor is key and it really comes down to networking. Ask your professors, your parents, family friends, and network groups if anyone knows of a person in the financial services industry that would make a good mentor. When you are interviewing for internships or jobs, ask if the company has a formal mentorship program. Expressing interest in being mentored is the first step.
Once you find a mentor, work together to agree on the structure of your meetings and define what you each what to accomplish in the mentorship. Always be prepared to your meetings, with areas that you want to improve and suggestions on areas you feel you could help in your mentors’ business. A mentorship is a two-way street, you will get the most out of the relationships where you give the most!
Why did you choose to speak at this year’s Diversitas Symposium?
I am honored and excited to have been asked to participate in this year’s Diversitas Symposium. As a woman who has spent my entire career in wealth management, I am passionate about creating opportunities for the next generation, especially those underrepresented in our field. When I think about the future, I am filled with excitement for what is to come and strive to help others see the possibilities that our industry holds.
I am both inspired and encouraged by the impact that Diversitas, and other organizations like it, are making in our field. A career in the financial planning profession is uniquely rewarding and I hope that this year’s symposium will energize more young people, and career changers, to aspire to become the next generation of advisors.
Lindsey is an owner and principal advisor of McKay Wealth Management. She focuses on building and implementing financial plans for individuals and families seeking sound financial futures.
Prior to joining McKay Wealth Management, Lindsey earned her Bachelor of Science in Finance from the Leonard N. Stern School of Business at NYU and went on to work at Merrill Lynch at the World Financial Center in New York City. Since 2007, Lindsey has been an integral part of the McKay Wealth Management team, working alongside her father, Jeff, to help grow the firm to what it is today.