What No One Tells You About Being a Financial Advisor

What No One Tells You About Being a Financial Advisor

In my opinion, there has not been any better time to be a financial advisor. At a time when the world is inundated with chaos and hyperbolic media noise, financial advisors are proving their worth. An increasing number of people are seeking guidance and clarity beyond the cookie-cutter world of robo-advisors and financial pundits.

Those who seek a career in helping people achieve their life ambitions with personalized advice have the chance to be very successful and personally fulfilled. However, with less than 300,000 practicing financial advisors in a country of 330 million people, relatively few people are choosing that path, and even fewer are succeeding.

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Priceless Lessons for Financial Advisors from George Bailey

Priceless Lessons for Financial Advisors from George Bailey

“Each man’s life touches so many other lives. When he isn’t around, he leaves an awful hole, doesn’t he?” Angel Second Class, Clarence

For many of us, it took these words, proffered by a fledgling angel to a despairing George Bailey, to realize one of life’s most enduring truths. The timeless movie, It’s a Wonderful Life, is full of valuable lessons. But its central theme – that each of us is a hero in waiting – should remind us that it’s through our challenges that our superpowers and unique gifts are eventually revealed.

For me, the essence of the story is conveyed in a scene not usually associated with the classic moments people remember about the movie.

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For Great Financial Advisors, the Profit is in the Relationship

For Great Financial Advisors, the Profit is in the Relationship

The industry pressures that have weighed on financial advisors over the last few years will continue into 2021 and beyond, especially with the lingering effects of the pandemic. Fee compression, increasing regulation, heightened competition, and the commoditization of services are all part of an inevitable trend that threatens the survivability of many advisors. From now on, advisors who fall short of clearly differentiating themselves will have a difficult time bucking the trend, and advisors who fail to put their entire focus on their client relationships may be doomed.

Unfortunately, many advisors learn too late in their careers what I have stressed numerous times—that this isn’t a money business. It is a people business! For the first several years of an advisor’s career, the focus is almost solely on acquiring product knowledge, investment expertise, and planning skills. While that is essential for building necessary competencies, too few advisors come to realize that money management is not the lifeblood of their business—their clients are.

For financial advisors, the profit is not in the financial analysis or the transactions they conduct; it’s in the relationship.

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