What I Discovered About the Millennials Can Make Them Great Entrepreneurs
(The following are personal thoughts, views and opinions of Eunice Yuen)
During the course of my work, I have had the opportunity to meet many millennials. They may be my clients who seek my advice on wealth management and financial independence, or colleagues who provide professional financial advice to others. They are mainly in their mid-20s to early 30s.
Over the last two decades, I noticed that the financial industry is changing. It is fostering a completely new environment and a new breed of advisors (made up of the millennials!). In the past, financial consultants’ job was simply to sell products to their clients to meet sales targets. However, things are no longer the same now.
What financial consultants really do
Now, we are not only salespeople but can be seen as experts in our field of specialisation. Our job is to understand the needs of our clients, and tap on our knowledge and experience to provide advice and recommendations that can guide them to achieve their financial objectives.
We are in turn rewarded by our clients for our services, rather than the products we sell. We act like doctors or lawyers who are typically seen as advisory-based.
Think like an entrepreneur
This change is partly fuelled by the ease of access to information on the internet. People are now more educated and aware than ever before, resulting in this evolution of the financial industry. However, this new environment acts as a perfect platform for those who think like entrepreneurs, and this new breed of entrepreneurial financial consultants have to operate with a different mindset.
Instead of perceiving our careers as based on sales or meeting quotas, we will act like entrepreneurs, concentrating on being consultants who can create value for our clients rather than focusing on sales or fitting into a broader financial workplace. This gives us more flexibility and “room to play” when partnering our clients to impact their lives. Reaching sales goals are secondary in helping our clients make the best decisions for their future.
What makes millennials great entrepreneurs?
They are often labelled as individuals who are self-entitled, lazy or too liberal, but my interaction with this unique generation actually surprises me. I have had the chance to clear my misconceptions about them and understand them deeper.
And guess what? I actually discovered some qualities that make them great entrepreneurs or even great entrepreneurial financial consultants!
1. Keen sense of purpose
Millennials are not simply looking for a respected title in an organisation, but also how he or she can contribute in a bigger way to society. If they find that the work they are doing is not satisfying their needs of their career development, it will be difficult for them to find a reason to stay. As an entrepreneurial financial consultant, their mission is to help clients facing financial difficulties or help them achieve their financial objectives. The desire to create a purposeful product or service marries well with millennials’ need to find meaning in the things they do.
2. Working smart
Some may say that millennials are lazy but I feel that they somehow just manage to find ways to accomplish their goals with the least amount of effort and time. They will think out of the box to diligently find ways to do things that can create impact and deliver results. They will take the shortest path and use as much leverage as possible to work smart, and sometimes hard, to efficiently achieve the goals they set.
3. Driven and willing to learn
Contrary to what people believe, millennials are not afraid of criticism. They actually want feedback. They are looking for personal development, and seek the opportunity to learn and grow. They reject status quo and push themselves to become better. They are never comfortable settling with what they have, instead they constantly question themselves on what can be improved. This enables them to respond well to changes, ensuring that they stay relevant and knowledgeable.
4. Social and tech-savvy
Many millennials are digital natives and savvy in social media. They understand that influence is currency, and know how to tap on the channels where this new currency is most valuable. Using social media is second nature to them. They can easily use social platforms to build both business and personal branding, which is an essential skill for success in today’s world.
Why become an entrepreneurial financial consultant?
Personally, I feel that there has never been a better time in the history of business for financial consultants. The beauty of being an entrepreneurial consultant is the flexibility. You choose the target market you want to serve and manage your own branding. What we provide is the platform that gives you the training to handle the target market of your choice. You no longer need to fit into someone else’s “box” to succeed in the financial world. It is all about your clients.
You will be free to serve as a true consultant, and not simply advising on which financial product they should buy. When you focus on advice and guidance, you can really learn how to become an expert on people. You can slowly craft your skills and gradually, you will find that sales come naturally, while you are busy helping your clients become happier, more fulfilled individuals.
You may soon find yourself advising clients on new nutrition to try, books to read or ways to improve concentration training. How great does that sound?
Our business is about making you successful.
Contributed by Ms Eunice Yuen
Eunice is a Group Agency Manager with Prudential, leading a group of over 100 financial consultants and a team of 10 agency leaders. She recently clinched the Top Group Agency of the Year Award and she remains committed to bring out the best in you and help you achieve your financial success.