When people think about careers that make a positive impact on society, financial advisor might not be the first role that comes to mind. Doctors, teachers and social workers are more than likely much higher on the list. Those jobs are important, but financial advisors also help society — and in some unexpected ways. Removing financial pressures for individuals allows those people to channel and focus their energies in more positive ways. Helping one person with his or her finances is not enough to impact the world, but when applied to thousands of clients over many years there is a multiplier effect. Advisors may never cure cancer, but here are four surprising ways they can make the world a better place.  

1. Financial Advisors Can Help People With Their Marriage

No one gets married expecting also to get divorced, but according to the American Psychological Association, between 40 and 50 percent of marriages in the United States result in divorce. Financial advisors can certainly help people manage the financial challenges that come with divorce, but a good financial advisor may help avoid it in the first place.

A 2012 study published in Family Relations Journal titled, “Examining the Relationship Between Financial Issues and Divorce”, found that arguments about money among couples are the top predictor of divorce. While talking to a financial advisor is not a substitute for marriage counseling, it can help put couples on a more solid financial path and perhaps alleviate many of the concerns that lead to disagreements about money.

2. Financial Advisors Can Make People Healthier

Studies have linked high levels of persistent stress to health issues. However, stress is not something that’s easily cured by a trip to the doctor. It must be managed and is usually impacted by external factors. Money is one of those factors. According to a 2015 study from the American Psychological Association (APA), 64 percent of Americans said financial worries served as a significant source of stress. And that’s just a recent data point; year after year, finances have been identified as the leading stress factor.

In this area, a financial advisor can help in ways where a doctor can’t. Financial advisors work with individuals to devise sound financial plans and put them on a path to meet both their financial and personal goals. Whether talking about retirement, saving for a child’s college education or more short-term financial goals, an advisor can help people minimize some of the stress of managing finances, which makes them healthier and happier.  

3. Financial Advisors Help Create A More Engaged Workforce

There are plenty of distractions at the office, but a 2015 study from MassMutual revealed that 40 percent of Americans are distracted by one thing while at work: managing their finances. By providing guidance on important financial matters, advisors can help reduce workplace distraction.

Considering that only 2.8 seconds of distraction while at work can double the likelihood of an error according to a Michigan State study, simply having the weight off their shoulders will help employees stay on task and be more successful at their jobs. That has impact well beyond an individual company’s bottom line. A more engaged workforce leads to increased productivity, which can be measured in the profitability of an individual company, but also more broadly in the success of the economy at large. When the economy is on the rise, society is more often than not better off as well.

4. Financial Advisors Help People Be More Charitable

People don’t need a financial advisor to donate to charity. Millions of people donate money every year to various worthy causes without ever thinking about a financial advisor. But advisors can help people donate far more money than they otherwise would have through careful planning and advanced tax strategies. There are a number of advanced financial planning techniques that advisors use to help their clients donate more while they’re living, and also after they’ve passed away. The beneficiaries of these strategies are not only the donors that advisors work with, but the people that these charitable organizations are created to serve. Again, financial advisors may never cure cancer directly, but they will aid in the fight against it, working directly with all charities to multiply the donations raised through tax-efficient planning. 

Advising With The Heart

It’s easy to get caught up in negative headlines, but the truth is that financial advisors have the ability to impact their clients’ lives in profound ways. For better or worse, our financial health can often impact our personal happiness. Advisors that understand this are far more likely to build deeper relationships with their clients and actually help them to lead better, healthier and more productive lives. And that’s good for everyone.

Michael McAdam is president & CEO of McAdam LLC, and founded the firm in 2008. McAdam leads the executive team and drives the firm’s strategic direction. Under his leadership, the firm launched an independent RIA, offering comprehensive access, service and technology to its clients. The views expressed in this article are those of the author and do not necessarily represent the views of, and should not be attributed to, McAdam LLC.