CEO suggests younger generation believes they're owed success
When a man whose firm manages billions of dollars of assets rebukes a generation, people are certainly going to sit up and listen. Entrepreneur Chris Ball (pictured below, inset), CEO & founder at Hoxton Wealth, didn’t hold back when he took to LinkedIn to suggest to his audience – including mortgage brokers – that younger professionals in finance are complacent.
“Most of the younger generation coming up is entitled,” Ball asserted. “It's just one of those things bosses are thinking but are too afraid to admit. I see young IFAs today who think because they've put in a year at a company, they should be allowed to work from home in their pyjamas five days a week, or because they worked late a couple of times they deserve a raise, or try and hack the system by switching jobs every 18 months to reach the highest salary possible as quickly as possible. When I was coming up in this profession, I was focused on one thing, getting really good at my craft. Only then, when I'd achieve mastery, which takes patience, discipline, and years of consistent effort, could I venture to think I was owed any amount of success.” He added: “A lot of young people today want things handed to them, and aren't prepared to graft to go out and get it. Success isn’t owed to you - it’s earned!”
While Ball’s words certainly don’t pull any punches, are they actually fair? Surely you can’t tar a generation with the same brush? Louis Levine (pictured left), senior mortgage broker at Orton Financial is seemingly unimpressed. “It's too nuanced of a subject for anyone to make such sweeping statements,” Levine told Mortgage Introducer. “Our generation is aspirational not entitled. It would be a shame if this were to be criticised. We are lucky to work in an industry where financial contribution to the company from an individual can be measured through proc fees and broker fees. A broker being young should not limit their salary or commission, otherwise companies risk losing their best talent. It is easy for the older generation to point to social media as giving the new generation unrealistic standards. While there is certainly an element of truth in this, the younger generation lives in a climate of stagnating wages and increased cost of living. Our industry risks losing the most skilled graduates and young professionals if wages do not catch up.”
Specialist property finance broker, Megan Atkinson (pictured second from left), of Layline Financial, believes that social media does have a role to play in shaping the way that young people approach their careers. “My biggest thought on this is comparison is the thief of joy,” Atkinson observed. “With social media, the instant access to insight into other people’s lives provides a massive expectation of what people want, but the real graft and effort is never shown. I think this generation has more visibility of job types. My dad, at 16, got a job with his neighbour’s forestry company and 41 years later, that is still where he works now. The world his generation saw was as far as the next town, not the entire world. Success is being redefined, and we as the younger generation have different goals.”
Intriguingly, Sam Hutchins (pictured centre), specialist property finance advisor at Blueberry Specialist Lending supported the criticism of his generation. “Personally, on the whole, I agree with the post and actually reposted it,” Hutchins said. “Many people my age are very entitled in this day and age. I do think this comes from a shift in the modern day world, with an increase in social media. If you work hard, are dedicated and have clear goals I believe you can achieve a lot and at a very young age. However, as Chris stated, many young people have a sort of entitlement and believe the world owes them something.” He added: “Western societies, in general, have a growing issue with instant gratification - you can order fast food online and it be with you in 15 minutes, scrolling through social media, gambling, the list really is endless. I believe this has had a knock-on effect on people’s work ethic and what they expect from little work.”
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How ambitious are young mortgage staff?
Amy Davenport (pictured second from right), who is responsible for business support and operations at The Mortgage Mum Specialist Finance, acknowledges that being in her mid-30s she is likely not in the demographic highlighted by Ball, but has some fascinating insight. “I would say that young staff are hungry for money,” Davenport declared. “They want to earn well and quickly but without a doubt are willing to learn, be moulded, and put in the work to get there. I think that firms that want to pay 18k a year but require five-years’ experience are not going to get the calibre they require, and paying a younger staff member a really decent salary will encourage a fantastic work ethic. However, I think that so much now also revolves around what else you can offer. Work-life balance is thrown around a lot, but it really is key.”
Broker Luther Yeates (pictured right) founded his own successful business, Orton Financial at a young age, and is mindful that the people who work for him are justly paid. “There is always going to be a balance on pay and progression, but I wouldn’t expect anyone to work for less than I was paid for the same role,” Yeates said. “When I entered the market, I started on a salary of £20,000. Adjusted for inflation, this would now need to be from £26,000. Most advertised trainee broker roles fall below this level, which means the living standards and quality of life for the future financial advisers is declining. For context, administrators at Orton earn more than the adjusted salary for my starting role in the industry. I want to reward performance and won’t cap the earning potential of an employee.”
