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Retirees Are Firing Their Financial Advisors—Here’s the Surprising Reason Why

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In an unexpected trend sweeping across retirement communities nationwide, financial advisors are being shown the door by their long-term clients. This shift isn’t happening because of poor investment returns or high fees—though those factors certainly play a role. The surprising catalyst behind this exodus reveals a fundamental change in how today’s retirees view their financial futures and what they expect from professional guidance. Understanding this phenomenon could save your retirement strategy from costly missteps and help you determine whether your current financial relationship is truly serving your needs.

1. The Trust Gap Is Widening Between Advisors and Retirees

The relationship between financial advisors and their retired clients has historically been built on a foundation of trust and expertise. Many retirees are discovering their advisors have been operating under outdated models that prioritize product sales over genuine financial planning. According to a recent survey by Vanguard, nearly 60% of retirees who switched advisors cited “lack of transparency” as their primary motivation. Technology has empowered retirees to verify information independently, making it easier to spot discrepancies between what they’re told and what research reveals. The generational shift toward self-education means today’s retirees are more financially literate than previous generations, enabling them to ask tougher questions. This knowledge gap closure has exposed situations where some advisors simply cannot justify their recommendations when pressed for evidence-based reasoning.

2. One-Size-Fits-All Retirement Strategies No Longer Satisfy

Modern retirees are rejecting cookie-cutter financial plans that fail to address their unique circumstances and goals. The traditional “4% withdrawal rule” and other standardized approaches are increasingly viewed as outdated oversimplifications that don’t account for longer lifespans and changing economic conditions. Personalization has become non-negotiable, with retirees expecting strategies tailored to their specific health situations, family dynamics, and lifestyle aspirations. Many advisors still rely heavily on age-based asset allocation formulas rather than developing truly customized approaches based on individual risk tolerance and objectives. Retirees are increasingly seeking advisors who demonstrate genuine curiosity about their lives and develop financial strategies that reflect their personal values, not just mathematical formulas.

3. Fee Structures Are Finally Coming Under Scrutiny

The veil has been lifted on the true cost of financial advice, prompting many retirees to question the value they receive relative to fees paid. Traditional percentage-based advisory fees that seemed reasonable during wealth accumulation phases can represent significant dollar amounts when applied to retirement portfolios. According to a study by NerdWallet, the average American pays between $502,407 and $936,390 in investment fees over their lifetime. Retirees are increasingly gravitating toward fee-only fiduciaries who eliminate conflicts of interest inherent in commission-based models. The rise of low-cost robo-advisors and digital platforms has established new benchmarks for what basic investment management should cost. This fee awareness has forced many retirees to ask the uncomfortable question: “What exactly am I paying for, and is it worth it?”

4. Communication Styles Are Creating Generational Disconnects

Today’s retirees expect advisors to communicate in ways that respect their intelligence and technological competence. Many advisors still rely on intimidating jargon and technical terminology that creates unnecessary barriers to understanding. Retirees report frustration with advisors who speak condescendingly or assume limited financial knowledge based solely on age. The frequency of communication has become another pain point, with many retirees expecting more regular updates than quarterly meetings or annual reviews. Digital natives entering retirement expect advisors to leverage technology for more efficient communication while still maintaining the personal touch that builds relationship trust.

5. Retirement Goals Have Evolved Beyond Simple Wealth Preservation

The definition of retirement success has fundamentally changed, leaving some advisors struggling to adapt their approaches. Modern retirees increasingly prioritize experiences over assets, seeking financial strategies that enable active lifestyles rather than merely preserving wealth. Environmental and social impact considerations have become important factors in investment decisions for many retirees, who want portfolios aligned with their values. Healthspan—not just lifespan—has emerged as a critical planning factor, with retirees seeking advisors who understand the financial implications of longevity and wellness. Many advisors remain fixated on traditional metrics like portfolio size rather than the more meaningful measure of how finances support quality of life. Retirees are seeking professionals who understand that money is merely a tool for living rather than an end goal in itself.

Finding True Financial Partnerships in Retirement

The exodus from traditional advisory relationships doesn’t mean retirees are abandoning professional guidance altogether—they’re simply becoming more discerning consumers. The most successful retirement planning relationships now resemble partnerships rather than the paternalistic models of the past. Advisors who thrive in this new landscape demonstrate genuine empathy, technological competence, and a willingness to collaborate rather than dictate. Transparency has become the cornerstone of trust, with successful advisors proactively disclosing all fees, potential conflicts of interest, and the reasoning behind recommendations. The future belongs to advisors who position themselves as retirement lifestyle designers rather than merely investment managers.

Have you noticed changes in your relationship with your financial advisor as you’ve approached or entered retirement? What qualities would make you reconsider your current financial guidance arrangement?

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In Defense of Financial Advisor Fees

10 Things Financial Advisors Wish You Would Quit Trying to Tell Them About Their Job

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Financial advisors play a pivotal role in guiding individuals toward their financial goals. However, they often encounter misconceptions about their profession that can hinder effective communication and planning. Addressing these misunderstandings can lead to more productive relationships and better financial outcomes. In this article, we explore ten common assumptions clients make about financial advisors that are simply not true. Read on to uncover the myths and learn what advisors really do.

1. “You Must Be Great at Stock Picking”

Many believe that financial advisors spend their days selecting the next big stock. In reality, their focus is on comprehensive financial planning, which includes budgeting, retirement strategies, tax planning, and risk management. While investment advice is a part of their role, it’s more about aligning investments with clients’ goals and risk tolerance than chasing market trends. This holistic approach ensures long-term financial health rather than short-term gains. Understanding this can help you appreciate the full spectrum of their expertise.

2. “Your Job Is All About Numbers”

While numbers are integral to financial planning, the role of an advisor extends far beyond mere calculations. They also invest significant time understanding clients’ values, goals, and emotional responses to financial challenges. Effective financial planning combines both quantitative analysis and a deep understanding of human behavior. This dual focus ensures that strategies are tailored to the unique needs of each individual. Recognizing this human element fosters a more trusting and productive relationship.

3. “Financial Advisors Are Just Salespeople”

There is a common misconception that advisors exist solely to sell products for commissions. Many advisors, however, operate under strict fiduciary standards that require them to act in the best interests of their clients. Their primary goal is to provide guidance that aligns with your personal financial situation, not to push unnecessary products. This ethical framework distinguishes professional advisors from typical sales roles. Understanding their commitment to your well-being can help build a strong advisor-client relationship.

4. “I Can Get the Same Advice Online for Free”

While the internet is full of financial information, generic advice cannot replace personalized planning. Financial advisors take the time to understand your unique circumstances, risk tolerance, and long-term objectives. Their tailored approach ensures that recommendations are specific, actionable, and relevant to your situation. Generic online advice may overlook nuances that could be critical to your financial success. The personalized service offered by advisors can lead to more sustainable financial outcomes.

5. “Financial Planning Is Only for the Wealthy”

A common myth is that only the affluent need professional financial planning. In truth, individuals at all income levels can benefit from sound financial advice. Advisors help with everything from budgeting and debt management to investment strategies and retirement planning. Early and ongoing financial planning is key to building wealth over time. Recognizing that financial guidance is accessible and beneficial for everyone is an important step toward financial security.

6. “Once the Plan Is Set, We’re Done”

Financial planning is an ongoing process rather than a one-time event. Life changes, market conditions shift, and personal goals evolve, necessitating regular reviews and adjustments to your plan. Advisors work with you continuously to ensure your financial strategy remains aligned with your current situation. Regular check-ins and updates help navigate changes effectively and keep your financial goals on track. This dynamic process ensures that your plan adapts to the inevitable changes in life.

7. “Advisors Have a Crystal Ball for the Market”

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Some clients expect advisors to predict market movements with certainty. While advisors analyze trends and use data to inform their strategies, they cannot guarantee market outcomes. Their role is to help manage risk and develop a diversified portfolio that can weather market volatility. Emphasizing long-term planning over short-term predictions leads to more stable financial outcomes. A realistic understanding of market unpredictability is essential for sound financial planning.

8. “All Advisors Are the Same”

The financial advising industry comprises professionals with diverse specialties and approaches. Some advisors specialize in retirement planning, while others focus on tax strategies or estate planning. Understanding an advisor’s area of expertise and their approach to financial management ensures a good fit for your specific needs. It’s important to choose an advisor whose philosophy and experience align with your financial goals. Taking the time to find the right advisor can significantly impact the success of your financial plan.

9. “I Don’t Need an Advisor Because I Have a 401(k)”

While employer-sponsored retirement plans like 401(k)s are valuable, they represent only one piece of a comprehensive financial strategy. Financial advisors help integrate various components of your finances, including savings, investments, insurance, and debt management, into a cohesive plan. Their holistic approach ensures that all aspects of your financial life work together toward your goals. Relying solely on a 401(k) might leave other critical areas unaddressed. Comprehensive planning is essential for long-term financial success.

10. “Financial Advisors Are Too Expensive”

Concerns about cost often deter individuals from seeking professional financial advice. However, many advisors offer flexible fee structures, and the value they provide can far outweigh their expense. Effective financial planning can lead to significant savings and wealth accumulation over time, making it a worthwhile investment. Discussing fees and understanding the cost-benefit relationship upfront can clarify any concerns. In many cases, the benefits of personalized financial guidance prove to be a smart investment in your future.

Building a Productive Partnership

Understanding the true role of financial advisors and dispelling common misconceptions is essential for a fruitful partnership. Recognizing their comprehensive approach and the personalized value they bring can help you make more informed financial decisions. Open communication and mutual respect form the foundation of a successful advisor-client relationship. Embracing this partnership can lead to a more secure and prosperous financial future.

Have you held any misconceptions about financial advisors? Share your experiences and thoughts in the comments below!

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These Financial Advisors Are Working to Keep You Broke: Here’s How They Hide It

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When seeking financial guidance, we trust advisors to act in our best interests. However, some employ subtle tactics that prioritize their earnings over clients’ financial well-being. Recognizing these lesser-known practices is crucial to safeguarding your assets and ensuring your financial growth.

Exploiting Vulnerable Clients

Some advisors take advantage of clients’ vulnerabilities, such as cognitive decline or lack of financial literacy, to recommend unsuitable investments. For instance, there have been cases where individuals with dementia were coaxed into complex financial products that were not in their best interest. Such unethical behavior can lead to significant financial losses and emotional distress for clients and their families. It’s essential to ensure that your advisor understands your financial situation and respects your capacity to make informed decisions.

Misleading Qualifications

Not all certifications are created equal. Some advisors use impressive-sounding but lesser-known credentials to appear more qualified than they are. This tactic can mislead clients into trusting advisors who may not have the necessary expertise to manage their finances effectively. Always verify an advisor’s certifications, education, and experience to ensure they meet industry standards. ​

Inadequate Record-Keeping

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Proper documentation is vital in financial advising. Some advisors fail to maintain accurate records of client communications and transactions, which can lead to misunderstandings and financial losses. Such negligence not only breaches regulatory requirements but also undermines trust. Ensure your advisor practices diligent record-keeping to protect your interests. ​

Covert Discrimination

Some advisors may engage in covert discrimination against certain clients, offering them less favorable terms or services based on biases. This unethical practice can lead to unequal financial opportunities and outcomes. It’s crucial to be aware of any signs of discrimination and seek advisors who treat all clients equitably.

Potential Conflicts of Interest and Hidden Practices

While many financial advisors operate with integrity, many have other ideas that may not align with your financial goals. Understanding potential conflicts of interest and hidden practices empowers you to make better financial decisions. Always ask for clear disclosures, comprehend fee structures, and ensure your advisor upholds a fiduciary duty. By doing so, you can protect your assets and work towards achieving your financial goals.

Have you ever felt uncertain about the advice your financial advisor provided? What steps did you take to ensure your financial interests were protected? Share your experiences in the comments below.

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The Financial Advisor Hall of Shame: 10 Moves That Scream “Don’t Hire Me”

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A good financial advisor can help you build wealth, plan for the future, and avoid costly mistakes. But not all advisors are created equal. Some are more interested in lining their own pockets than protecting your financial well-being. Others lack the knowledge, experience, or ethics needed to manage your money responsibly.

If you’re trusting someone with your finances, you need to know the red flags. Here are 10 warning signs that a financial advisor is not the right person for the job.

1. They Push High-Commission Products Over What’s Best for You

Some advisors aren’t truly “advisors” at all—they’re salespeople in disguise. They push high-commission products like annuities, whole life insurance, or proprietary mutual funds, not because they’re the best option for you, but because they earn big commissions from selling them.

A good advisor should be fee-based or fee-only, meaning they get paid for giving objective advice—not for steering you into investments that pad their own wallets. If an advisor seems more interested in selling than strategizing, walk away.

2. They Can’t Clearly Explain Their Fees

Financial advisors should be transparent about how they get paid. Some charge a percentage of assets under management (AUM), while others work on a flat fee or hourly rate. The problem? Some advisors hide fees in fine print or use complex jargon to confuse clients.

If an advisor dodges questions about fees, downplays costs, or makes their compensation structure unnecessarily complicated, assume the worst. Hidden fees can drain your portfolio faster than a bad investment.

3. They Promise Unrealistic Returns

No one can guarantee a specific return on investment. The stock market fluctuates, and even the best investments come with risks. Yet some shady advisors make bold claims about doubling your money or promising returns that sound too good to be true.

If an advisor makes big guarantees without discussing risk, market conditions, or long-term strategy, they’re likely scamming you or using high-risk investments that could cost you big in the long run.

4. They Push You to Act Fast

A good financial decision takes time and research. But bad advisors use high-pressure tactics, telling clients they must act immediately or risk missing out on a “once-in-a-lifetime” opportunity.

If an advisor pressures you into a decision without giving you time to think, they’re not looking out for your best interests. A reputable professional will provide information, answer your questions, and give you the time needed to make a well-informed decision.

5. They Avoid Talking About Risk

All investments come with some level of risk. A good financial advisor should explain the risks and potential downsides of any investment they recommend. If they only talk about potential profits but never mention risk, volatility, or market downturns, they’re either inexperienced or intentionally misleading you.

Understanding risk is just as important as understanding potential gains. If an advisor downplays risks or ignores them completely, that’s a serious red flag.

6. They Have No Credentials or an Unverifiable Track Record

Would you trust a doctor with no medical license? Then why trust a financial advisor without proper credentials? Reputable advisors should hold certifications like CFP (Certified Financial Planner), CFA (Chartered Financial Analyst), or CPA (Certified Public Accountant) if they give tax-related advice.

If an advisor can’t provide proof of their qualifications, has no verifiable experience, or has a history of disciplinary actions, they don’t deserve access to your money. Always check their background on FINRA’s BrokerCheck or the SEC’s Investment Adviser Public Disclosure (IAPD) website before making a decision.

7. They Don’t Offer a Customized Financial Plan

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A quality financial advisor will tailor their advice to your specific needs, considering your income, goals, risk tolerance, and lifestyle. Bad advisors, on the other hand, take a one-size-fits-all approach—offering the same cookie-cutter advice to every client.

If an advisor pushes a generic financial plan without asking detailed questions about your financial situation, that’s a problem. Your money deserves a personalized strategy, not a prepackaged sales pitch.

8. They Ignore Tax Implications

Taxes can eat away at your profits if investments aren’t structured properly. A good advisor should discuss tax-efficient investing strategies, such as tax-loss harvesting, Roth conversions, or tax-advantaged accounts.

If an advisor never mentions tax implications or acts like they don’t matter, you could end up paying far more in taxes than necessary. A real professional should help you maximize after-tax returns, not just gross earnings.

9. They Overcomplicate Investments

If an advisor speaks in jargon-filled riddles and makes investing sound overly complicated, they might be trying to confuse you on purpose.

Some unethical advisors use intimidating financial language to make clients feel like they’re not smart enough to manage their own money—which keeps clients dependent on them. If you can’t get a simple, clear explanation of how an investment works, it’s best to walk away.

10. They Discourage You from Learning About Your Own Finances

The best financial advisors empower their clients to become more financially literate. Bad advisors, however, discourage questions, act defensive, or tell you to “just trust them.”

Your money is your responsibility. If an advisor doesn’t want you to learn, ask questions, or be actively involved in decisions, it’s a major red flag. You should feel confident and informed about where your money is going—not left in the dark.

A Bad Financial Advisor Could Jeopardize Your Future

A bad financial advisor can cost you more than just high fees—they can wreck your finances and jeopardize your future. The best way to protect yourself is to do your homework, ask the right questions, and never ignore red flags.

Have you ever had a bad experience with a financial advisor? What warning signs did you notice? Share your story in the comments below.

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The Financial Advisor Playbook: What They Don’t Want You to Google

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Financial advisors have extensive knowledge about money management, but not all of them share everything they know. Some information is kept quiet because it could empower clients to take more control over their finances. The more you know, the more you can avoid unnecessary fees and make smarter investment choices. Here are some of the biggest secrets financial advisors would rather you not Google.

Many Advisors Make More Money When You Do Less

Some financial advisors earn money based on the assets they manage, which means they make more when you leave your money with them. While they may suggest that staying the course is the best strategy, they may not always encourage you to seek better investment opportunities. In some cases, DIY investing in low-cost index funds can outperform managed portfolios with high fees. Understanding how your advisor gets paid ensures you make the best financial decisions.

High-Fee Investments Are Not Always Better

Many advisors push actively managed funds or complex financial products because they generate higher commissions. However, studies show that low-cost index funds often outperform high-fee investments over the long term. Expensive mutual funds and structured products may benefit your advisor more than they benefit you. Researching investment options before committing can save you thousands in fees.

You Don’t Need to Be Wealthy to Invest

Some financial advisors focus on high-net-worth clients, making it seem like investing is only for the rich. The truth is, anyone can start investing with small amounts through fractional shares, low-fee ETFs, and robo-advisors. Delaying investing until you have a large amount of money can result in lost growth opportunities. The key to building wealth is starting early, regardless of income level.

You Can Negotiate Fees

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Many clients don’t realize that advisory fees are often negotiable. Some advisors are willing to lower their fees, especially if you have a significant portfolio or plan to invest more. Accepting high fees without negotiation can result in unnecessary expenses over time. Always ask for a breakdown of fees and see if there’s room for adjustment.

Knowledge is Power in Personal Finance

Financial advisors provide valuable services, but knowing their industry secrets helps you make better financial decisions. Understanding how fees work, avoiding unnecessary investment costs, and taking control of your finances empowers you to grow wealth more effectively. By researching financial topics on your own, you can ensure you’re making the smartest money moves.

Do you have a financial advisor? Are they worth the money you’re paying them? Let’s talk about it below.

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Hiring a Financial Advisor: Clues from the Receptionist

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If you’ve ever met with a financial professional, you know how nerve-wracking that first meeting can be. First, you’re unsure of the qualifications of the expert, you don’t know anything about their operation, but mostly, you’re not sure if you’ll like her.

Let’s give you some clues to look for when you have that first meeting. OG & I have visited plenty of financial advisory offices and can give you an insider’s look:

Financial Advisor Office: The Receptionist

Unless you’ve agreed to meet after hours, there are plenty of clues about an advisor in the reception area. First, there should be a welcoming, warm receptionist. This is a key role in an advisor’s office. Every good advisor knows that new and existing clients might come in with concerns and a case of “nerves.” While we had plenty of routine reviews with clients when I was practicing, there were times that people came in after a loved one died, when kids were headed to college, their company had made a retirement offer, our client had been fired, or a new baby was on the way. These are all nervous times.

The receptionist should welcome you. If he/she seems disgruntled or too busy to notice you, this is a warning sign. Sure, an advisory office is a busy place (I usually received between 25 and 75 emails a day on top of about 15 calls from clients and 6 hour-long meetings….do that math!), but the receptionist’s number one task is to make sure that clients feel welcome. I’ve seen plenty of disgruntled receptionists and can confirm that I’ve never met one that wasn’t unhappy for a reason (usually they hated their boss, the advisor).

A great receptionist is the eyes and ears of a great advisor. My receptionist would let me know if someone seemed especially anxious, so I was armed and ready when the client arrived at the meeting room.

Financial Advisor Office: Surroundings

The office reception area is the first view of the advisor’s office and says a ton about them. Some advisors prefer to fill the walls with professional accolades (I saved that for the actual meeting room). Others stack the area with financial magazines and CNBC on the television. Personally, I prefer anything that helps my clients feel confidence and calm.

The television: If there’s no tv, fantastic. However, there should be some soothing music if there is no television. Actually, if there is only soothing music, I think that’s preferable.

Who the hell wants to watch the market tank and people screaming on the trading floor before they meet with their advisor? Imagine if you’re meeting with your advisor on the day world news happens. Would that make you feel calm? Plus, there are so many pseudo-professionals on those channels who spend their few moments “on air” creating fear and doubt. I don’t want a jittery, nervous client in my office. I want them relaxed! We’d keep the television on either the Travel Channel or the Food Channel.

Check out this space. It's small (advisor is frugal...a good thing) but stylish and comfortable. As long as those files aren't private client info, I'm good with this one!
Check out this space. It’s small (advisor is frugal…a good thing) but stylish, quiet and comfortable. As long as those files aren’t private client info, I’m good with this one! Photo: <a href="http://www.flickr.com/photos/dwonderwall/3340588249/sizes/m/">Dwonderwall</a>

We hired a designer to tackle the reception area. Her job was to decorate the walls with relaxing images. Our chairs were big and firm, like the kind you’d find in a nice family room. We removed the overhead flourescent lights and used lamps instead. We’d lay out magazines such as Travel and Leisure, Golf, or high end fashion stuff.

Advisors playing CNBC, in my opinion, are big on timing the market, pretending they know what’s going to happen next, and playing “the game.” No thank you. And advisors playing political channels such as FOX News or MSNBC were complete morons. The clinic my wife works at has FOX News on the television and a big sign that says “Do Not Change the Station.” What does politics have to do with my flu shot (please don’t answer that in the comments….consider it rhetorical). Why do I want my left-leaning multi-millionaire prospects to hate me before they actually shake my hand because FOX News was on the television (or, swinging the other way, right-leaning clients while I’m playing MSNBC….). Politics don’t mix with good business (at least on the retail level).

Financial Advisor Office: Amenities

The receptionist should offer you drinks and possibly light hors d oeuvre’s. Let’s be clear: I want my advisors to be successful and spend a little money on my comfort without going over the top. I don’t want a cheap paper cup. Is the advisor broke? Are they one step from going out of business? On the other hand, if I’m being offered lattes or espresso out of an expensive machine, that’s too far. We offered soft drinks, bottled water, and a variety of Keurig coffees, served in nice recyclable cups with lids or mugs with our firm’s logo. That way, clients who wanted one for the road after the meeting could have another.

One time our receptionist, to cut costs, decided to buy these little tiny cups. We were serving clients these tiny drinks the size of Costco samplers. No thanks! Big cups for us!

Do I think this is important to notice? From a guy who’s been in hundreds of advisory offices: Absolutely! EVERYTHING is a hint about how the advisor values you, your money, and their own business. My gut instinct about advisors was usually right on after I looked at their reception area. I want an advisor who has pride in their operation and gives top customer service without being over-the-top. If they offer me a drink “to go,” I think they’ll definitely call me when I need to know about some new law that affects my goals or money.

Financial Advisor Office Clues: Take Away Tips

Here are clues to look for when you walk into an advisor’s office:

– How are you greeted? Is the receptionist worried most about you or are they focused on other tasks?

– What does the reception area look like? Is it worn out or overly expensive? Does it seem like someone thought about your comfort?

– How is the media offering? Are there magazines, television, music that are calming?

The reception area can give you huge clues about whether this is the advisor for you. Often, because I think we did such a great job on our reception, I had a real leg up on gaining a new client even before they met me for the first time.

You Can Do It Yourself

The reality is that a decent financial advisor will likely cost you – either a percent of your investment capital or a straight fee.  Don’t forget.  You can always go the DIY route. There are lots of solid software packages out there.  All of which are going to be a lot cheaper than hiring a full-time advisor.  Alternatively, you can check out our toolkit if you want free tools or books that will help you focus your money.

Do you have an advisor? Have you met with one before? Let’s share some more clues in the comment section!

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The Pros and Cons of Being a Financial Advisor

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If you’ve ever considered a career as a financial advisor, there are some things you’ll want to consider before jumping in headfirst. There are definitely some perks like being your own boss and earning what you’re really worth, but there are some pitfalls too. Here’s a look at some of the pros and cons of being a financial advisor to help you make your decision.

The UpSide

You can be self-employed

While working for a firm, either public or private, is an option, so is working for yourself. You can set up an office at home to save money on office rental and even set your own schedule in a way that works with your lifestyle. If you don’t want clients coming to your home office, you can set appointments at their home or office and go to them.

There’s no salary limit

Working in another field usually comes with a salary based on your experience and the company’s pay schedule. As a financial advisor, you set your own fees for the services you provide and can even earn commissions on the products you sell. Your earning potential is up to you.

Start-up costs can be low

If you’d like to be self-employed, this is definitely a plus. Of course, you’ll have to pay licensing and other business fees, which can be a little costly but are usually a one-time or annual expense. As far as your monthly expenses, you can keep these to a minimum, especially if you work from home. Monthly website fees and a little online advertising can cost about $300 – $500 a month. Be mindful of Errors and Omissions Insurance (E&O). You must be cognizant of fees assessed by your firm, if you decide not to work for yourself.



You get to help others

Whether you’re working with individuals or small families, you can help them reach their goals of buying a home, saving for their child’s college education, or putting money away for retirement instead of living paycheck to paycheck. A job where you get to do something useful and help others is a great way to spend your days.

Get your own finances in order

As you’re developing your practice, as well as going through the licensing process, you’ll have to learn a lot about finance. Every part of the “financial journey” needs to be an area of expertise. When you’re helping others meet their goals, you’ll be able to get your own finances in order using the knowledge you acquired.

The Down Side

There’s a lot of stress

In order to be successful, you have to be great with numbers and a pro at multitasking as you’ll be switching from one thought to another all day long. The only way to make more money is to take on more clients, which leads to more stress. You have to learn how to manage your day instead of letting your day manage you.

It’s a lot of work

Depending on where you live, your state and even your county will have licensing and certification requirements that you will have to meet. You may need a college degree or special training. And in most cases, you will need to be sponsored by a brokerage firm which means you’ll need to work for one for a bit. You’ll need to acquire a lot of knowledge about finances, as well as sales, marketing, and psychology. Continuous prospecting and licensing are needed to propel your business forward.

You have to be a people person

While you’ll begin receiving referrals at some point, finding clients of your own will be difficult in the beginning. You have to be committed to going to networking events, calling people, asking for referrals, and marketing your services. This can mean working a lot of hours when you’re just starting out.

There are certainly some great perks to being a financial advisor, but there are some challenges to consider before deciding to make this your career choice.

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5 Questions You Should Ask Your Financial Advisor Now

The coronavirus pandemic shook the financial lives of many. The stock markets took major tumbles, and unemployment claims reached the 40 million mark. Which is creating a lot of uncertainty. Financial planning during tumultuous times is always challenging. Adding to it, the COVID-19 situation and the instability of the current economy. Trying to figure out what to do for your personal financial health is even harder. Luckily, financial advisors can help you navigate these seemingly treacherous waters. However, you do need to make sure you ask the right questions, ensuring you get the information you need. If you are scheduling a meeting, here are five questions you should ask your financial advisor now.

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