Council Post: Four Reasons Mature RIAs Can Expect The Best Is Yet To Come

If you thought going up the mountain was challenging, just wait until you try going down the other side.

Council Post: Four Reasons Mature RIAs Can Expect The Best Is Yet To Come

Todd Sixt is CEO of Strait & Sound. He is a seasoned and successful leader of financial services teams.

Getty Mature registered financial advisors aged between 40 and 60 have much to look forward too. The fourth quarter of our careers could be our best. This might surprise you. I have coached and worked with many mature RIAs over the past decade. Many of these individuals felt that their best days were behind and not ahead of them. What made them feel this way? One metaphor that I enjoy using is the mountain climber. A person must be patient, consistent, and methodical in order to achieve long-term financial success. To climb real mountains and career mountains, it takes discipline and practice. It takes all you have. There will be times of adversity as well as moments of joy. Market crashes can throw us into a tailspin. It is thrilling to win new clients. Many mature RIAs have seen the mountain from their vantage point. It almost seems dull. These highs and lows, as well as the excitement and uncertainty of the climb can wear out people. They also give us a sense if purpose and mission. They inspire us to climb higher.

Once you reach that point, what are the next steps? Is that it? Is there anything to look forward too? If that's your feeling, I have an alternative perspective. There are four reasons I believe the best is yet to be achieved, in your personal and professional lives. You can assign work to the place you want it to be in your life

RIAs who are expanding their careers have little choice. Their waking hours will be consumed by work, as well as most of the time and energy they expend. As they climb their mountain, parents with young children will feel torn between family time and work obligations. A mature RIA has the freedom to choose. You have the option to work as hard or as hard as you did when building your practice. You can also choose to work less and perhaps only part-time. You have the option to choose your work schedule so it fits around your priorities. In contrast to when you were younger, you are now in control of your work. You decide how much of you life you will give it. This is a great position.

It can be a lot of fun to be an elder statesperson

Experience is something that mature RIAs have that younger RIAs don't have: it's their experience. This is not only valuable for your clients but also for the colleagues around you. Any organization can benefit from the role of an elder statesman/sister. It can also be a game-changer in the RIA sector.

Financial services offer great rewards, but also difficult challenges. Market volatility, difficult clients and unexpected regulatory changes can all make it a challenging industry. It requires careful planning and analysis. These situations are not something that young professionals often have to deal with, so it is a good idea to get the advice and experience of a senior colleague.

My company enjoys listening to the wisdom of our senior professionals. It makes them feel valued and helps us achieve better results. You probably have more wisdom than you realize. It can be very impactful to listen and offer solid advice to young professionals and other colleagues.

There is a lot to look forward to in your family life

Many of the mature RIAs with whom I worked had something to look forward to: grandchildren. Many of these colleagues worked very long hours while their children were still young. Although they tried their best to be there for their children, it was often difficult because of work. Their minds were always preoccupied with work, even when they were physically present.

However, the times were very different when they had grandchildren. They had more time. They were more confident in their career and less stressed. They were able to be fully present for their loved ones. One RIA was able to keep a photo of his grandson and him fishing together on his desk. He couldn't help smiling every time he saw that picture. Many of the stories he shared with us were about his funny grandson.

Although I don't have any grandchildren yet, I know how important these relationships were to my older colleagues. There's so much to look forward too.

You have the opportunity to go out on top, at your terms

This field is not something that happens by chance for most people. We are strategists and planners by nature. Your greatest career opportunity lies ahead of you, and it is likely to be more rewarding--and even more challenging--than what you think. This job will require all of your knowledge, wisdom, and analytical skills.

Do not believe that the pending exit from your industry will be easy. It won't. It won't.

My articles often focus on industry exit. There are many things to consider: getting the highest payout for your book, transferring clients, and planning for the future. Just imagine how difficult it would be to climb the mountain.

You may feel that your greatest opportunities are behind, but I recommend you reconsider this notion. You will feel empowered when you take charge of your career and make the decisions that are most important to you and your family. You might feel like the ultimate mountain climber.

Forbes Finance Council is an invitation only organization for successful accountants, wealth managers and financial planners. Do I qualify?