To the Next Generation of Advisors,
I believe being a financial advisor is the best job in the world because the work goes far beyond managing wealth. We are often trusted counselors to families, helping them articulate their goals and create a path forward for themselves and future generations. Being part of that process and building strong relationships with my clients gives me a deep sense of purpose.
Financial services was not the original path I chose. I started my career in law school. However, the study of law did not “speak” to me the way that the stock market did. Over time, I realized financial advising is so much more than stock and bond allocations, and I have discovered my true calling, being that sounding board for families and guiding them through important life decisions.
Knowledge of investing and the markets remains essential. However, investing is only one part of a comprehensive financial plan that accounts for a family’s needs, goals and priorities.
Two important questions to ask yourself:
Why do you want to work in this industry?
What do you expect to learn along the way?
There is no “right” answer, but your responses can provide useful insight into what drives you. As advisors, we help clients define their purpose and vision for the future, but it is important to do so for ourselves.
I have a client who retired comfortably, only to go back to work as a storefront greeter. Another, a doctor, still wears a beeper, but since he’s “retired,” he won’t take it with him on vacation anymore. These clients did not continue working for the money, but rather for the connection and sense of engagement it provides.
Whether your joy comes from guiding people to the right aisle, applying your medical expertise, or helping the next generation of advisors, we all do our best when guided by a clear sense of purpose.
Obstacles Will Find You
When you can align your passion and your job, your career becomes more than a paycheck and more fulfilling. Of course, no career is without challenges, but I have found that having my “why” has made these challenges easier to navigate.
Ironically, I have had this passion ever since I was a child. After a grueling first year in law school, I was struggling to find something that motivated me. My father showed me what I had written as my dream job at 10 years old: "stockbroker.” Even at that young age, I had been drawn to markets and working with people’s wealth.
After I left law school, I joined a well-known firm where my first days on the job involved endless cold calling. While extremely testing at times, I would not give up. That first job taught me grit and determination.
The industry is different today. We have do-not-call lists, realigned business models, and better technology. As a new advisor, you won’t face the same setbacks that I did, but you will have others. If you have taken the time to understand your “why,” you too will have the determination to succeed just as I did some 30 years ago.
Connections Will Be Your Keys
One of the most impactful gifts I ever received was a Dale Carnegie public speaking class. At the time, I did not fully appreciate it, but it changed the trajectory of my life.
What I gained went far beyond public speaking. I learned how to connect with people, to communicate effectively, to read body language, and to become more confident in my interactions. These skills are foundational to my role as an advisor today.
Our work depends on trust. Clients rely on us not only with their financial lives, but with their goals, aspirations, and often complex family dynamics. Building strong relationships is what makes the work meaningful. I highly recommend this course for anyone seeking a relationship-driven job. My sons have already signed up!
Be Intentional
As I approach the last third of my career, a career that’s seen major shifts in terminology, business models, and technology, one thing has remained constant: the need to understand your calling.
To the budding advisors out there, including my son, be honest with yourself. It is that clarity that could set you up for success, whatever path you choose.
This is a career of constant evolution. You’ll always be learning, adapting, competing and reflecting. If that is your purpose, then I believe you are setting yourself up to be successful and fulfilled.
As a new advisor, you’ll have to learn more than just names and timing. You’ll need to know when to put bashfulness aside and seek out a referral. Asking for an introduction is still one of the best ways to get one.
The years ahead will transform you, just as they transform those around you. Always remember that everyone has their own story.
Good luck!
Monish
TradePMR and all third parties mentioned are unaffiliated.