Changing Lanes

When young people first set their sights on a career of financial advice, they often don’t know what type of firm they want to work in. They aren’t sure what suits their interests and talents best. So what do they do? They dive into the first reasonable option to launch their careers.

They gain some experience. They develop client-facing relationships. They start climbing the internal ladder of success. And all the while, they wonder if the firm they joined was the right fit all along.

At some point, they decide maybe it wasn’t, or that it’s time to make a change. It’s easier said than done. The thought of transition often paralyzes people. In fact, it’s so frightening, many advisors decide not to make a change at all—even if it’s the right move for them and their clients.

Is it the fear of the unknown? Do they not understand the available options? Are they going to run into legal problems if they try to leave?

The answer is yes—it’s all these things and more. Those fears make it difficult for them to advise themselves—to examine their own goals, even if they find it easy to do that for clients. Nor are they sure how to use the current and potential financial resources at their disposal to change their situations.

As physicians, they are unable to heal themselves.

Ken’s Story

A fellow professional of mine, Ken, once went through this experience. He had graduated from college with a finance degree and immediately began his career with a firm looking to launch and grow its wealth management presence in the Southwest. This firm already had an established high-net-worth client base and an incredibly strong reputation.

For seven years—using tenacity and determination—Ken built a book of business that included 210 clients with $310 million of assets under management.