3 Characteristics of All Financial Advisors

For nearly six years I have worked in the financial industry. My degree is in English with a concentration in Creative Writing. I am not licensed, I have no idea what types of investments you should make, and I certainly cannot help rollover your 401(k) — unless of course your dog’s name is 401(k). In that case, I could probably teach him to rollover.
My responsibilities in the industry have included content creation, editing, advertising, video production, and getting advisors to understand that digital marketing is their friend, not foe.
Over the last few years I have worked closely with many intelligent and successful financial advisors and learned that they all have a few very specific things in common. While I certainly can’t speak to the bad eggs of the population because I honestly haven’t met many (Madoff was before my time), of the advisors that I’ve had the pleasure of meeting, I can honestly say that the following traits run rampant.
1. Succession planning. According to various news sources, there’s a big problem in the financial industry: older advisors are retiring and the younger generation isn’t stepping in to fill the gaps. We’re apparently going to be left in a sea of investors with no one to steer the ship. Personally, I’m curious as to where these retired advisors are located? In my experience, if you ask any advisor when they plan to retire, you will be met with a laugh and some elaborate response that boils down to, “Never.” Ironically, a huge chunk of an advisors job is talking about, and planning for others retirement. Whether they are certified workaholics, or truly just love their profession, I have never met a financial advisor that wants a gold watch and a permanent spot on the golf course. Make sure you do as they say, not as they do.
2. Relationships, not sales. If an advisor does not feel a connection with a potential client, they simply won’t pursue that person. In almost every other industry, a customer walks in, asks for a service or product, and the professional delivers. The doctor treats the patient, the plumber unclogs the shower drain, and the cell phone giant sells you the Smartphone. Advisors understand that money is emotional (more on this in a minute), and that having a real connection is the most important part of their profession. That’s probably why you constantly hear of advisors attending client’s weddings, hosting client events, and receiving holiday cards and birth announcements.
3. Emotions and money. Whether you have too much of it or too little, money can certainly cause problems. Money has been known to break up marriages, ignite wars between siblings, and tends to vanish just when you really need. Any advisor worth their merit understands that money and emotions do not mix. In fact, this — in large part — is why advisors exist. They have learned to listen and understand while still being able to check their emotions at the door. It’s not to say that they are coldhearted, but when it comes to investing your money, they don’t panic if the market dips, and they don’t get too excited when it rises. They know that you’re going to feel many different emotions about your money, so they learn to keep theirs in check.
Of course, I can’t speak for the entire industry, these are my own musings about the profession and what I have encountered personally during my short career. However, I challenge anyone to find me an advisor that wants to retire, or calls their clients crying when the market dips.
