Why Financial Advisors Need a Coach

Why Financial Advisors Need a Coach

For challenging endeavors in which people seek to achieve a level of performance beyond their current capacity – such as sports, weight loss, or running a business – they have a better chance of getting over the top by working with a coach. Even successful business executives and sports figures recognize the significant gap that separates a plan from action, theory from practice, and activity from results.

For most people, it often takes an external force to push them beyond their comfort level. That’s what a coach does. The top athletes in the world hire a team of coaches because they know they can’t get to the next level without them. In complex and vital endeavors, we could all use a coach to keep us detached from our emotions and accountable to our goals when our discipline fails.

Ask any professional athlete, corporate executive, or entrepreneur why they hire a coach, and they’ll tell you they want to increase their earnings by improving their performance. It’s no different for financial advisors.

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How Much Do Financial Advisors Make?

How Much Do Financial Advisors Make

The simple answer is easy: According to the Bureau of Labor Statistics, personal financial advisors, on average, made $121,770 in 2018. Translated into an hourly figure, the typical financial advisor made $58.54 per hour, assuming a 40-hour work week.

That’s a mean average, though, which is skewed significantly higher by a few highly successful advisors at the top of the profession. The median average is much lower: $88,890 per year in 2018, or – again assuming a 40-hour work week — $42.73 per hour. “Median” means half the advisors surveyed earned more than that figure, in that year, and half of them made less.

The lowest 10% nationwide made $41,590, or $19.99 per hour – assuming a 40-hour work week. The top quartile of the profession earned $157,710.

But few of them became that successful by working a mere 40-hour work week in their early years!

Here are a few factors to consider to maximize your earning potential.

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