Fi360

Fiduciary Links: The New Wave of Financial Advisors

Posted by fi360 Team on July 14, 2014

>>>The current face of the financial industry can be a challenging one for new advisors. Joe Birkofer, a financial planner from Legacy Asset Management in Houston, also teaches a CFP class. Many of his students are changing careers, and their path isn’t always easy. In this article he explores the options available to these students. In many cases they face a severe pay cut, and the challenge of finding a salary position. Birkofer offers interesting advice, that these financial planners find a niche market that combines something they have experience in, with their financial planning practice. One example are former NASA engineers that cater to aerospace employees once they’ve earned their credentials.

Another challenge new advisors face is that the improving economy means more veteran advisors are staying in their current positions. In this article, industry recruiters are admitting that there is little movement, and therefore, less opportunity for new advisors. A calm market means firms may be reaching their thresholds and staying steady in the number of advisors on staff.

Finally, if you have some Millennial generation advisors on staff, you may want to consider this article, which addresses four generalizations commonly accepted as true about Millennials. It includes the notion that they want more work-life balance, which is somewhat true, and the idea that they want more purpose at work, which is found to be false.

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