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I believe it’s become more competitive and advisors are doing less to build up the industry and more to bash others.
Industry reputation has also suffered from too many firms hiring like crazy and doing very poor training. Amateur advisors are talking to the public and hurting the client experience and turning people away. Robo-advisors and DIY platforms have taken middle market sophisticated clients away from advisors and left a race for the HNW clients.
Since I’ve started, there are very few firms who have focused on diversity and inclusion. I’m a white male. The industry looks too much like me (and older). I believe it’s a bad business decision to not find ways to serve more diverse client audiences and find that I encounter discriminating hiring practices across the board. Minorities and women are drastically underrepresented as both advisors and clients.
Top talent is also not attracted to many of the opportunities the industry is offering. 100% commission jobs are antiquated in a world where the best college grads are getting $75k + salary offers from big 4 accounting firms and pharma corps (at least in the northeast).
I’ve only been in the business for 7.5 years but that has been my experience so far.
7 years in, young white male, I agree with everything said above.
Mentor
Yes. It’s no longer reasonable supervision, it’s now perfect supervision which has caused firms to go crazy in covering their ass for everything