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.