{ "media_type": "text", "post_content": "Can anyone else just admit that being a financial advisor kind of sucks?", "post_id": "5eb1d35cacfe48001ac66ba4", "reply_count": 23, "vote_count": 8, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

Can anyone else just admit that being a financial advisor kind of sucks?

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So sorry you feel that way. I was in high tech sales for 20 years and a financial advisor for 12. I finally feel I am off the sales train and get to have long term relationships with people I care about. It so nice not to be on a quota any more. I rarely have conversations about my fees past the initial client acquisition. I charge 1% and reduce for larger clients. But I have lots of reviews without “selling” anything. In fact, I am not very good at selling but pretty good at educating. So I stick to that and it works out. I hope this career works for you but I understand that any career can suck every once in a while.

likesmart

I love my job! If you do it right you should never feel like that, nor would any intelligent client pay an advisor who acts like a “used car salesperson”

likehelpfulfunny

Thanks for the response. I personally dont act like a used car salesman but I see it a lot in the industry and I feel like it's made a bad name for FAs in general. I'm glad you like your job, people who enjoy it are important.

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Totally get the sentiment. It happens and it’s a natural feeling in times of stress like we are currently enduring. The crowd that says they never feel anything but sunshine and rainbows is unhelpful (and maybe a bit delusional). There are ups and downs. I think one thing to consider right now is how to make things better when we return to normal. I’d suggest identifying if there are a few problem relationships that account for most of the aggravation. If so, think about firing them. Maybe one to start and see how it goes. I’ve found it liberating and empowering. Puts a spring in your step for months. Finally, remember that most people will make grave mistakes and derail their best laid plans without a good advisor. We provide multiples more worth than the cost of our service. You can take that to the bank

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I love this career! I was a teacher first and now I educate adults. I have a book full of people who are glad to hear from me. I rarely need to defend fees, service, or returns. I'm transparent about fees and don't take anyone who flinches. I've had several prospects come running to me during the downturn because they realized they don't know crap. I provide planning at no cost to all clients who want it, and they love me for it. I'm open platform so I can use only the best products and funds. In the end it comes down to communication and relationships. Never sell. This is what I do. If you see value, sign up. If not, Vanguard is over there.

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I charge 1%. When I was at W&R I had to charge for planning, so few people did. Those that did, didn't care about most of it. Now I do targeted planning on 1 or 2 issues, use goals based planning, and can get it done in a 1 hour meeting. Every once on a while I hit a harder case that takes more time, but that's ok... they need it. No client is stickier than a planning client!

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Maybe it's an unpopular opinion, maybe I'm in the wrong field, or maybe the job just sucks. I feel like being a FA is like being the used car salesman of the finance industry. Clients can be so very difficult and demanding. I started out with a true passion of helping people and this was my dream job 8 years ago, but nothing is ever enough for anyone. If you aren't defending your worth/advisory fees, then you're defending your investment performance, if you aren't defending that then you're trying to sell why you're "different" in a room full of people who are all the same, yet all claim to be the "different" guy.

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You might be in the wrong field, or you might be at the wrong firm. I agree that there are a lot of salespeople trying to maximize their income at the expense of the client. But there are also some great people too. You need to find the right fit firm with the right culture. Done properly, your clients will appreciate you and that feels great.

Comp, work/ life balance, helping others, how on earth can that suck?

likesmart

I work in the bank channel. I never miss any of my kid's events. I never work weekends. Home for dinner every night with the exception of two evenings per month I make myself available for late appointments. I take, well, took, my 6 year old to the bus stop every morning. Meet my wife for lunch occasionally. I've punched a clock in my past life, also did 9 years active duty, I don't believe there is anything else in the world that allows the flexibility of this job.

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Dude... this is the best job ever... are you kidding me! You definitely need to figure out why you’re not enjoying this job. I can’t think of many jobs that you can start with no start up costs and build a successful practice making 400-600k without having to deal with too much BS. I literally work 20 hours a week and love my clients. Man, I thank Jesus everyday for the opportunity to have such a great job. I use to do manual labor growing up and this beats that for sure lol I’ve never had another real job though, this is my first and last job.

likesmart

5.5 years with my current firm, amazing work/life balance, bring in over 200k/year

Completely agree, that’s why I got out of the industry. P/E is a better fit.

likesmart

It’s definitely easy to feel that way, especially in the bank channel. RIAs don’t always appreciate the difference of a bank client vs RIA or wirehouse client and having worked in both roles I can say that bank channel is definitely the hardest client to deal with. They are usually less sophisticated, more irrational and faster to overreact. Wire/RIA clients can be a pain for being petty and spoiled, which is a separate issue, but usually easier to handle. It does mostly feel like a thankless job, especially at the beginning. The good news is that the longer you do this, the more you can shape your book into working with ‘your kind of client’. In the beginning you take just anyone since you need to build a foundation to get a paycheck and probably silence your manager. As time goes on, I got better at recognizing who isn’t a good fit long-term and then sending them off to a colleague or other solution.

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I agree you could be at wrong firm. I know I am. Overworked and underpaid. Not valued. And lining the pockets of from owners for little payout

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It can be challenging at times like this when clients are afraid for a bunch of reasons, but I love it and take a proactive approach by reaching out to my clients before they reach out to me.

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Be picky about your clients! The client relationships need to be a good fit for you and the client.

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I agree with you but man it is helpful to read other people’s responses to this... I’m also an associate FA on a team and I can’t tell if it’s my firm or I am just straight up not meant to be an FA.

Independent RIA, good revenue, pick and choose clients, highly customized fin planning and investment management. Love it!

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