Now is NOT the best time to become a Financial Adviser.
I have always loved hearing “Now is the greatest time to be doing *insert any career here.*” Simply because, if you believe it’s the greatest time, then it is. If you go into something thinking it will be easy, chances are it will be…hard. BUT, it will be much easier than if you go into something thinking it will be hard.
Zig always said, Positive thinking won’t let you do anything, But it will let you do everything better than negative thinking will.
Lately the biggest reference is that Now is the greatest time to start a business in this down economy. I however, have been mentally fixed on an echo of “Now is the greatest time to become a Financial Adviser!” Why? Simply because of World Financial Group/Transamerica Financial Advisers which I mention in my post The First Hand Fails: This Is How The Second Hand Succeeds In Sales
It wasn’t until the second time that I watched and listened to WFG/Transamerica’s introduction-presentation that I noticed a flaw. The flaw was in their backing of their statement, “Now is the perfect time to become a financial adviser, there has not been a more perfect time.” They began their backup of the statement by introducing a timeline of the baby boomer generation, first explaining how when the baby boomers began popping that the baby food business rocketed, then the car dealership business sky scraped when all the baby boomers started to turn 16, then real estate shot straight up when they wanted to buy their houses, and now they are saying that financial advising is going to explode because all the baby boomers are turning 65+ and need to have advisers to make sure their money lasts them until their deathbed.
Do you see the flaw? I could not stop thinking how slow minded WFG/Transamerica was in their sales presentation to not catch both their worst and biggest selling point. If you are reading this, then you know that very few baby boomers are going to seek financial advice this late in life. They have gone their entire lives without it, earned and worked hard and will not spend money to have someone else tell them how they should manage their money. With that, baby boomers are the most stubborn people on the planet . Not to mention, the baby boomers will be dyeing off soon, so how does a dead persons money get to you as a financial adviser? It doesn’t. This was one of the biggest mistakes of WFG/Transamerica.
The second biggest mistake was that they used the wrong example to really persuade people to take up a Financial Adviser career. Give me a shot, and if I don’t have you agreeing with me in just a few sentences, tell me so.
Maybe you have read that the baby boomers will be inheriting over 11 trillion dollars over the next 20 or so years, by the time they have this money they will either definitely not want advising on it, they are going to live out their last days in glory or they won’t end up getting what they expected with the lack of funds for pensions, the failing of social security, the fact they will work until “the day they drop”, etc, the list goes on, or the last option, they will be dead by the time they receive the extra money. Which leads me to my next reasoning.
In the world of financial advising, baby boomers are a lost cause, but not my generation (Y) and the generation after (Z). They are not. They are the hot button of financial advising. We are looking at two generations of poorly money management educated groups of young adults. Plus, you take the 11 trillion dollars baby boomers are getting and roll it over the second exchange of wealth to generation Y and Z and now you will have over 22 trillion dollars being handed down.
Even more so, my generation and generation Z are scared out of our freaking minds that the economy is going to blow up and become the next great disaster – the great depression’s depression. It is in that idea (fear) that Financial Advising will be the most prominent and income enriching career in the next 5 to 15 years. For once in time, Financial Advising will be looked on as a necessity and will receive the spotlight for its educating purposes. Financial Advisers will be able to teach those who will be handling the 22+ trillion dollars how to manage it for the next 50+ years instead of teaching 65 year old’s how to manage it for 5 years.
And I will end with, So what if teaching the youth how to manage money only earns Financial Advisers a large income for 5-10 years until money management becomes a part of the learning process in school and at home? With the average rate of people only staying at their jobs for 5 years before getting a new job, I see it as a perfect way to make big $$$ in a short period of time, teach the next generations money management so the world can prosper, and move to the next career path you want to try!
Final breakdown,
- Now is NOT the best time to be a Financial Adviser
- In 5-15 years will be the BEST time to be a Financial Adviser which includes being a teacher, a world changer, an economy improver, and all the other hats you get to wear
- In a world that is set on fast pace, Financial Advising will make you money quick and allow you to move on to other things that you may really be passionate about.
Stay Positive and Do What YOU Think Is Best, Not What Someone Else Thinks Because It Will Always Be The Perfect Time
Garth E. Beyer
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