The Fate Of Financial Advisors Part II: Financial Advisors’ Daily Digest
ETFGuide laments that DOL and the SEC are not protecting the public, just burdening advisors. Max says advisors can make a good living and gain professional satisfaction if they take the trouble to understand the nitty gritty around the financial concerns of niche professionals. For the average advisor, though, Six forecasts a homogenized, (lower) salaried future. Yesterday’s advisors’ daily digest generated a few, but quite pointed and intelligent remarks about “the fate of financial advisors” (our topic of discussion). ETFGuide ‘s main point is that the policies of public agencies, while meant to protect the public, generally have the effect of making business life intolerable. This is a widely shared view among advisors today. The next two comments — and this is the great thing about SA’s community of advisors — offered hope, perspective and practical ideas in the face of this reality. Max @mcorder.net sort of rolls up his sleeves and explains that while investors’ lives grow more complicated, there remains a paucity of competent advisors who have versed themselves in the day-to-day concerns of various niche clienteles. If you’re willing to in turn roll up your sleeves and learn about the personal financial issues of say, dentists, read dental trade magazines and perhaps contribute to them, you’ve got yourself a niche business which, as he says, doesn’t “need a whole lot of…clients to earn a decent living.” Underscoring the appeal of this proposal is the informed prognostication of another commenter, Six , who offers reasons why trends are heading toward salaried advisors at fewer and bigger firms with compressed compensation. Six anticipates an increasing standardization of highly vetted fiduciary advice. Advisors already weighed down under the yoke of a rules-burdened corporate environment might therefore want to work harder and sooner to foster the kind of practice Max described. There’s always room for a good advisor, right? Check out their detailed comments, and let us know your thoughts here! Herewith today’s advisor-related news and views: