“Experience is the best teacher. But only a fool learns by no other.”
This is a slight misquotation of Benjamin Franklin. But the idea is sound: We all can and should learn from the mistakes and experiences of those who came before us.
And advisors are certainly making mistakes! Somewhere between 70 and 90 percent of financial advisor trainees are out of the business by their fourth year. And too many of those who survive aren’t thriving.
So we asked some veteran financial advisors what they wished they knew when they first started out in this business, or what they would do differently if they could start over. There was a lot of variation in the details, but most of them had these themes in common.