The things that drive advisors crazy

The things that drive advisors crazy

The things that drive advisors crazy Here’s the good news: a recent report from U.S. News and World Report includes the job of financial advisor among the 100 Best for 2015.
 
Bad news: That does nothing to change the few bad things that make advisors want to call it a day – if only occasionally. Forgive us, but WP has put together a list of those offenders.
 
Probably the biggest thorn in the side of financial advisors in Canada or the U.S. is the amount of administrative work that goes into running a financial planning business. With CRM2 and other regulatory initiatives keeping industry participants on their toes, the burdens placed on advisors and their staff are at an all-time high.
 
“There are lots of things that are irritating, some more than others,” Kitchener advisor Mike Gentile told WP. “The significantly increasing downloading of administration, of regulatory requirements. It’s very time consuming and expensive.”
 
Maryland financial planner Lyle Benson echoes the very same sentiment when it comes to running one’s business.
 
“Trying to stay on top of the myriad issues related to compliance, technology, etc., that it takes to run a successful practice [is a full-time job in itself],” Benson told Investment News recently.
 
In the Maritimes Assante Financial Management advisor Glen Rankin is less annoyed about the paperwork involved and more concerned about the unrealistic expectations some clients have regarding their investments – even after you’ve explained to them on many occasions what they should expect in terms of returns.
 
“You can do the right thing and look wrong while others [advisors] can do the wrong thing and look right,” Rankin told WP. “Clients and prospects sometimes like the unrealistic projections of others better than the conservative projections that I use.”
 
Life’s not always fair, is it?
 
However, if you think Rankin can’t stand his job you couldn’t be further from the truth. He loves being a financial advisor but the posers out there that take shortcuts to career success do get under his skin.
 
“Every time someone in our industry does something unethical, the rest of us get saddled with more paperwork,” said Rankin. “If a new client makes it through the paper gauntlet of disclosures, consents, NAAF’s etc., you know they’re serious!”
While we could go on ad infinitum listing all the little things that annoy advisors let’s finish back in Ontario with an observation on time management.
 
“I have a thing about no-shows. People book appointments; you’ve committed time to that and they just don’t show up or cancel with very short notice,” said Gentile. “You lose that opportunity, that time that you could have committed to someone else.”
 
Advisors: What do you dislike about your job? We’d love to hear from you.