Collaboration over Competition and Managing Expectations of Next-Gen Advisors, with Thomas Pargett of Carson Wealth

“On the Circuit” is a podcast where conversation sparks innovation, hosted by Johnny Sandquist from Three Crowns Marketing. This season, his guests include industry conference attendees from across the country.

How do you view other advisors? It’s natural to view them as friendly (or not-so-friendly) competition. But according to our guest this week, the true power lies in collaboration. 

As Vice President of Advisor Development at Carson Wealth and Financial Planning Association (FPA) of Nebraska President 2023, Thomas Pargett, CFP®, has made it his mission to promote collaboration over competition. 

“We’re all trying to work with people,” he said. “We’re all trying to help people, and this is our community and this is how we can get better together.” 

Membership in a regional group such as FPA Nebraska allows opportunities for advisors both young and experienced to seek and offer mentorship. 

Thomas focuses on next-gen advisors in both roles, allowing him to pay forward some of the help he got when he was just starting out.

He struggled in the industry during his 20s and was thankful he found the right people to help guide and mentor him. Individuals starting in the industry need the same access to mentorship. 

Otherwise, it’s easy for them to start in the wrong role, become jaded and ultimately leave the industry.

“If you want to get in this industry, we’d love to have you, but do not be under the impression that you need to start as an advisor day one,” Thomas said. “It is okay to start in an administrative role, in a planning role [and] work your way up.”

When we nurture the next generation, we ensure longevity for the future of the industry. Succession plans are obsolete without next-gen advisors.

Thomas talks more about his initiatives to create an inclusive community for young and experienced advisors alike in episode 39 of “On the Circuit.” He joins “On The Circuit” host Johnny Sandquist in a conversation recorded at the Nebraska FPA Wealth Management Conference in October 2023 in Omaha.

Click “play” above to listen to the full episode. To hear from more industry friends and experts, subscribe to “On the Circuit” wherever you listen to podcasts. 

Key Takeaways

1. Young individuals interested in joining the industry shouldn’t expect to immediately become an advisor right out of college — mentorship is crucial as is working your way up through administrative and financial planning roles.
2. Many firms don’t have a second-generation plan in place, and regional industry groups like FPA of Nebraska are great networking opportunities for young advisors to develop and experienced advisors to discover the right fit. 
3. Competition is natural, especially in the financial industry, but shifting toward collaboration instead will benefit the industry and its individuals.

Key Timestamps and Topics

• 00:00:28 – What initiatives is the Financial Planning Association of Nebraska focusing on to create a more inclusive community of planners? As FPA Nebraska President, Thomas Pargett gives us the scoop.
• 00:02:18 – How is FPA Nebraska attracting next-gen and more diverse advisors and what are the common challenges they face?
• 00:05:38 – How did Thomas and the board creatively reinvigorate numbers and engagement for FPA of Nebraska after lulls caused by Covid-19?
• 00:08:29 – Developing next-gen advisors is also a goal of Thomas as VP of Advisor Development at Carson Wealth

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