24 years ago this Spring, I entered the “real world” after college. I had my degree, was eager to succeed, and had a good work ethic. I had no experience. Did my earliest clients receive good value? I believe so. Do my clients today receive more value? Absolutely. There is no comparison between the advisor I am today and the advisor I was two decades ago. This significant difference is very apparent when I coach younger advisors in my industry. However, like everything in life, there are benefits and limitations to the value of experience.
Experience related to circumstances which will repeat, particularly often, is very valuable because many situations or problems can be anticipated. Experience may also be relied on too often and detract from someone’s appetite to learn or take a “fresh look” at opportunities or problem solving. Ask yourself this question; If you were going in to have important surgery done, would you prefer the surgeon to be 35, 50 or 65 years old? There can be a balance between experience and innovation and there is no wrong answer to the question I pose. It really depends on what you value. Strong integrity and committed work ethic are difficult to train or learn through experience. Ideally, you work with experienced professionals which are still passionate about their work and continually challenge the status quo.
