The Different Pros And Cons Of Financial Advisors
Based on statistics from the Bureau of Labor Statistics, the number of financial advisors in the United States has a projected growth rate of 15% from the period 2016 to 2026. While this is not as high as in previous years, it is a faster growth rate than in other areas of the financial sector. One of the reasons why growth is higher is that financial advisors have opportunities not available to other career fields. Moreover, by offering investing for income to clients regarding their finances, the individual reaps personal rewards with unlimited potential income. Of course, there are cons to being a financial advisor; therefore, it is important to take into account both the benefits and drawbacks of being a financial advisor before pursuing this career.
The Benefits Of Investing For Income:
1. Offering Advice
Despite financial advisors rarely entering the field to offer meaningful advice to clients, this is often the most rewarding aspect of the position. Clients can feel overwhelmed when dealing with investments and the greatest role a financial advisor plays is offering information to help the client make an informed choice. Success in the client’s financial situation typically equates to success for the financial advisor.
2. An Unlimited Potential Income
For the majority of financial advisors, there is no limit regarding their potential income. The financial services industry tends to employ advisors using a commission basis; therefore, the income is based on the amount of recurring revenue or new clients created per annum. While bones structures and payout rates differ from firm to firm, the financial advisor has the chance to earn as much as they want to – if they are willing to work hard for it.
3. A Flexible Work Schedule
Finding and maintaining a balance between one’s personal life and work can be difficult, particularly when beginning a new career; however, once you have a client base, your career can be more flexible regarding working hours. An experienced financial adviser is able to schedule client meetings around their personal schedule and, in time, will work less than forty hours per week.
4. Creativity In The Workplace
One of the greatest advantages for financial advisors is the opportunity to use creative methods to build a client base. While some advisers choose to focus on the baby boomers, others are now paying attention to the millennial generation. Firms will provide advisers with different resources to assist them in assisting clients, such as investment management, financial planning, retirement plans, and life insurance; therefore, providing the adviser with control over their services.
1. Increased Stress
Despite being a profitable industry, the financial services industry is a highly stressful one and advisers tend to experience a great deal of stress in their early days. Financial services are deeply entrenched with the performance of domestic and global markets; therefore, when an economy is performing badly the financial adviser is the first person a client will contact. The emotions of the clients can be difficult to manage, which contributes to career stress.
As can be seen, the career of a financial adviser is a beneficial one; however, the high-stress lifestyle is a drawback to be considered. By using this information you can decide if this is a career you are willing to pursue.
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