For this month’s In Focus, IFA Magazine is exploring business development in financial services, looking at how leadership, workplace culture and strategic growth are shaping the future of firms across the sector.
In this Q&A, we speak to Sharath Jeevan OBE about the leadership behaviours advice businesses need to build stronger teams, deepen client trust and prepare for the next generation of financial planning clients. Sharath believes that advice firms which want to grow successfully need to think cross-generationally, not only in terms of their clients, but also in how they structure and empower their own teams.
What are your top three tips for leaders of financial advice businesses when it comes to building strong team dynamics?
Sharath Jeevan OBE: Think cross-generationally. We are in the midst of the biggest wealth transfer in history, with eight trillion dollars being transferred over the coming years. This shift is already underway and will continue to reshape client relationships and expectations over time. You should ask yourself:
A. Do you really understand the needs of different generations of clients? Both those in power now, as well as the rising generation that will increasingly take on more influence?
B. How strong is the trust the next generation of clients has in you? Are you working actively to maintain and strengthen that trust?
C. Have you yourselves got team members from different generations? And do rising generations in your organisation have the ability to share their perspective on the world and question how you do things?
Where are the potential banana skins? What are some of the common mistakes you see when it comes to team management?
Sharath Jeevan OBE: I think a major risk is assuming that things have to stay the same simply because they have always been done in a certain way.
It can be easy to become comfortable with established ways of doing things that work well for the current generation of clients. But this can lead to blind spots.
The next generation of clients wants us to think more radically, often rooted in first principles. They look for new forms of communication and engagement and want to feel genuinely involved in decision-making that counts.
They also want to be more authentic and purpose-driven. If you don’t get this right, the consequences can be serious – studies suggest that up to 70% of wealth advisors are not retained by the next generation within a family.
When it comes to strong leadership and team dynamics, how important is curiosity?
Sharath Jeevan OBE: Curiosity is absolutely critical – and this is a highly valued attribute in the next generation.
You have to see the world through their eyes and centre your thinking from that perspective. If you are a parent yourself, think about how different the world is for your children compared to your own childhood – from social media, to the pandemic, to geopolitics and beyond.
You don’t need to get everything perfectly right, but if you show you genuinely care about the next generation’s perspective, you will already be streets ahead. If you can, try to informally play the role of mediator and help different generations of the family build their future plans together, ensuring there is space for each voice to be heard. If you can do that, you will build trust and respect for generations to come.
Looking ahead
For advice firms, the challenge is not just to serve today’s clients well, but to stay relevant to the generations that follow. Sharath’s view is that this starts with listening: to younger clients, to different voices within the team and to the changing expectations shaping the future of advice.
As firms think about business development, that cross-generational approach could prove increasingly important, helping them build stronger relationships, avoid blind spots and create businesses that are better prepared for long-term growth.
About Sharath Jeevan OBE
Sharath Jeevan OBE supports organisations at inflection moments to build a bold, authentic, and enduring legacy. He supports a wide variety of organisations from the Tate and King’s College London to pre-eminent family businesses and foundations. He is the author of “Inflection: A Roadmap for Leaders at a Crossroads” and is a comedian, novelist, and pickleball ambassador.
