{"id":5984,"date":"2023-10-27T13:42:46","date_gmt":"2023-10-27T13:42:46","guid":{"rendered":"https:\/\/infundpros.com\/finance\/financial-advisers-make-rich-people-richer-but-is-that-all-there-is\/"},"modified":"2023-10-27T13:42:47","modified_gmt":"2023-10-27T13:42:47","slug":"financial-advisers-make-rich-people-richer-but-is-that-all-there-is","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=5984","title":{"rendered":"Financial advisers make rich people richer. But is that all there is?"},"content":{"rendered":"
\n

In 1989, author Marsha Sinetar wrote a bestselling book, \u201cDo What You Love, The Money Will Follow.\u201d She urges readers to pursue a career that stokes their passion.<\/p>\n

Many advisers take that advice. They love what they do. And the money follows: Median pay for U.S. financial advisers was $95,390 in 2022, according to the Bureau of Labor Statistics.<\/p>\n

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Lately, though, the passion is waning for some advisers. They still love the practice of wealth management \u2014 customizing financial plans, constructing client portfolios and analyzing the ever-growing menu of investment products.<\/p>\n

They\u2019re just not as enamored of their clients\u2019 wealth. Reassuring wealthy retirees that they can afford to buy a second (or third) vacation home has its merits. But helping them accumulate more and more wealth rings hollow after awhile.<\/p>\n

Steve Oniya, a Houston-based certified financial planner, works with a diverse mix of clients. He enjoys helping them achieve their goals, regardless of their net worth. \u201cIt\u2019s more gratifying helping them get over some hurdles to get to the life that they really want,\u201d he said. \u201cYou make more of an impact that way.\u201d<\/p>\n

He compares his work to a firefighter\u2019s job. Some days, they rescue people from burning buildings. Other days, they put out a dumpster fire. Yet they\u2019re always driven to excel and perform at a high level.<\/p>\n

Nevertheless, if an adviser serves rich clients who hoard their money, don\u2019t give to charity and lack perspective on what matters most in life, a day at the office can feel dispiriting. \u201cSometimes advisers may be passionately opposed to certain clients\u2019 values,\u201d Oniya said. \u201cIn those instances, end the relationship or limit the scope.\u201d<\/p>\n

Oniya said he does not find clients\u2019 wealth objectionable. He sees his role as an ally who seeks to understand \u2014 and not judge \u2014 others\u2019 beliefs and values.<\/p>\n

\u201cI like to stay in the neutral camp,\u201d Oniya said. \u201cIt\u2019s easy to empathize with another person and see they are a person who needs help just like others. We\u2019re generally here to advise them on how to be more efficient and effective financially in attaining their goals.\u201d<\/p>\n

The arc of an adviser\u2019s career comes into play as well. To build a practice, newly minted financial planners might welcome pretty much anyone with sufficient assets.<\/p>\n

Once they establish a stable book of business, advisers may get picky in deciding whom to serve. Their onboarding process might get more rigorous in an effort to determine if they\u2019re aligned with a potential client\u2019s aspirations, goals and priorities.<\/p>\n

Some advisers shift gears as they gain experience working with different types of clients. They come to realize what they like most about the job and adjust their practice \u2014 and the type of clients they serve \u2014 accordingly.<\/p>\n

\u201cEveryone evolves,\u201d said Angeli Gianchandani, a professor of marketing at University of New Haven\u2019s Pompea College of Business. \u201cAdvisers may see there\u2019s a greater reward and opportunity helping people in a different income bracket.\u201d<\/p>\n

As a self-test, advisers at a career crossroads might want to ask themselves how they\u2019d respond to two clients. The first one says, \u201cYou saved me $5 million. Now I want to save $10 million to buy a bigger yacht.\u201d<\/p>\n

The other says, \u201cYou helped me pay off my student debt\u201d or \u201cYou helped me save enough for a down payment to buy my first house.\u201d<\/p>\n

\u201cYou may feel more valued and appreciated as an adviser\u201d if you pave the way for someone who lacks vast wealth to build a nest egg for the future, Gianchandani says.<\/p>\n

Advisers who have misgivings about helping wealthy people attain greater wealth are not alone. Brooke Harrington, a sociology professor at Dartmouth College, interviewed 65 wealth managers between 2007 and 2015. About one-quarter expressed qualms about helping lower ultra-wealthy clients\u2019 tax liabilities.<\/p>\n

Still, another 25% did not feel such qualms. They saw their role as defending their clients from an unjust tax code.<\/p>\n

More:<\/strong> Wall Street legend Byron Wien dies at 90. Here are his \u201920 life lessons\u2019<\/p>\n

Also read: <\/strong>The IRS is auditing the rich. Can you fly under the radar if you\u2019re not wealthy?<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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