This is genuinely sad, but also true what you say. The model was built for the corporations and focused on sales. And only fairly recently with the development of technology financial and wealth advisors started going private and then the service changes (often, not always) because then the financial advisor is no longer bound by the requirements and quarterly/annual sales targets, the main focus is on client and helping the client resolve the issues and to create wealth. When you happen to find a qualified, genuine person, you very likely stick for a long period. Beyond financial advisory many other life areas come into play, not solely related to the finances, and it great when your counselor has multidisciplinary qualifications.
The first major step toward progress, for current or would-be advisory clients, is separating the idea that financial advice is synonymous with investment advice or investment management.
So many people still operate under the mental framework that advisors only "do investments". In reality, "doing investments" is very little of what most true advisors really do. Your conversation with Jason sounds like it reflect this.
As the wealth of those 50 and under grows, I expect migration toward the independent RIA space will continue accelerate among both clients and practitioners.
Absolutely agree! It's a matter of people taking a minute to educate themselves. And even when we mention 'holistic', people ask, yeah, but what does holistic financial advice actually look like in real life?
It's hard to get away from the jargon, even when it doesn't feel like jargon. It's a major turnoff for a lot of potential clients. One of the benefits of the social media-ificiation of advice is the chance to show rather than tell. The advisors that can do that well earn never struggle to find clients in need of help.
This is genuinely sad, but also true what you say. The model was built for the corporations and focused on sales. And only fairly recently with the development of technology financial and wealth advisors started going private and then the service changes (often, not always) because then the financial advisor is no longer bound by the requirements and quarterly/annual sales targets, the main focus is on client and helping the client resolve the issues and to create wealth. When you happen to find a qualified, genuine person, you very likely stick for a long period. Beyond financial advisory many other life areas come into play, not solely related to the finances, and it great when your counselor has multidisciplinary qualifications.
Agree -- now it's up to us, as professionals within this 'industry' to make people aware they have options. Really GOOD advice options.
The first major step toward progress, for current or would-be advisory clients, is separating the idea that financial advice is synonymous with investment advice or investment management.
So many people still operate under the mental framework that advisors only "do investments". In reality, "doing investments" is very little of what most true advisors really do. Your conversation with Jason sounds like it reflect this.
As the wealth of those 50 and under grows, I expect migration toward the independent RIA space will continue accelerate among both clients and practitioners.
Absolutely agree! It's a matter of people taking a minute to educate themselves. And even when we mention 'holistic', people ask, yeah, but what does holistic financial advice actually look like in real life?
It's hard to get away from the jargon, even when it doesn't feel like jargon. It's a major turnoff for a lot of potential clients. One of the benefits of the social media-ificiation of advice is the chance to show rather than tell. The advisors that can do that well earn never struggle to find clients in need of help.