Has anyone here switched and gone into advising, ether through wealth management, investment advisor or financial advisor?
I feel I keep seeing articles about people a lot of advisors will be retiring soon and there are not enough younger advisors to replace them. I only know a handful of people who have gone into this field, but I feel its somewhat a gray middle. As in, most people are striving to go into a "smarter" banking route or take a "safer" route in accounting. Would like to get others insights.
Based on the most helpful WSO content, it seems that the role of a financial advisor or wealth manager is indeed a unique one. It's a role that requires a strong focus on sales and relationship building. If you're not comfortable with these aspects, it might not be the best fit for you.
However, it's also a role where you can create tremendous value. For instance, some estate planning law firms have a formal client succession program where they bring in the client's family each year for updates. This allows them to continue providing trust services and bring the kids into their practice for a long time.
On the other hand, there are concerns about the future of the profession. Some believe that the days of financial advisors/wealth management making 200k-500k are probably behind us due to government regulations. There's also the fear of technology, like robo-advisors, taking over.
In conclusion, while there might be a need for younger advisors to replace the retiring ones, it's important to consider all aspects of the role and the industry before making a decision.
Sources: Financial Advisor making 200k+ leaving for MBA/Investment Banking, Financial advisor vs investment banker, Calling all Financial Advisors: What products do high net-worth people use to manage their wealth?
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