13 Misconceptions the Public Has About Advisors
February 20, 2019 by Bryce Sanders
Being a financial advisor is a hard job. It’s always been that way. In addition to needing to find and retain clients, you don’t know what the stock market will do next. If that isn’t enough, the general public has plenty of misconceptions about financial advisors.
1. You really can trade for free. They probably believe “free shipping” is really free too. It’s built into the price. In the case of stock trading, this might be the execution price.
Issue: They don’t see the value of paying more to place a trade versus doing it on their own for “free.” Some firms make their own market in stocks. Delayed price quotes on public sites may also play a role.
2. Yours is not a real profession. They consider “financial advisor” as “securities salesperson.”
Issue: They think there’s no training involved. They need to understand it’s a licensed, regulated industry. Training often takes years. Many newer advisors are brought into established teams. The industry has professional certifications indicating expertise in specific areas.
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