My Financial Advisor Left Me, Why? What now?

Find the right one for you at Match.com. Uh, I mean - get a new one.

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One of the fun things about writing again is figuring out what I like writing, or trying out different things to see what works, what gets responses, etc.


I’ve written argumentative articles, articles for beginners, articles shaped like fables, articles that were highly technical…


And now, this ‘Thought Catalog’ kind of article’. In the earlier part of this decade, Thought Catalog articles about love were all the rage.


For the most part, I thought they were hilarious. But they did create a lot of conversation about relationships.


Relationships are important – and the two relationships which I must value highly as an Consultant are the relationship with

1) My client

2) Money


I think clients mostly feel this way also. They need to have a good relationship with money – a respect for it, an understanding of how it works.

They need to make sure that they are in the driver’s seat of the relationship, because it gets very ugly when Money starts to control them rather than the other way round.


We do count on our Advisors to help us bear the weight of this relationship – a tremendously important task and responsibility. The better a relationship a Consultant has with money, the easier it is to manage the relationship between client and money.


…And we get hurt when they leave.


Why would they do that? Don’t they care anymore?


What about the money I paid them, the support I gave, or the time I spent with them? I still have this Happy Holidays card from 3 years ago with their signature on it!


..I’m just kidding. Mostly.


Here’s 7 reasons why they might have left you.


1) You were too much of a bother


Your Financial Advisor is there to help support your relationship with money, not run it.


If you put a tremendous amount of micromanagement and pressure on someone in your life, they will leave. This is generally the case for every relationship and it’s no less surprising when it comes to a Financial Advisor.

Even if you're crazy hot.

Don’t get me wrong, asking for a claim service is a good thing. Checking on regular updates is well within your rights as someone who’s distressed (though we could use less cursing at us, don’t shoot the messenger when things aren’t going smoothly).


But calling someone in the middle of the night to ask non-urgent questions is certainly out of it. Constant messages about stock market worries despite explanations is suppressive.


Treat your Financial Advisor like you’d treat your colleague, since the relationship is professional – and you’ll find they’re not likely to leave.


But if people leaving is a pattern in your life, you may want to reflect on yourself more.


2) You were too small


In every Product Summary there is a page and a column that says, ‘How much are you paying for advice?’


Naturally, some people pay more than others for the value of the advice. If my advice helps you grow your money from $10k to $40k, its more valuable advice than the advice I gave to someone to help them grow their money from $2k to $8k.


Some Advisors react to small fees by prioritizing them lower than others who are willing to pay large fees. If you get placed too low on the priority list, you may one day not be on it at all.


3) Their business wasn’t successful

This line isn't meant for everyone.

The turnover rate per 2 - 5 years for New Advisors is almost 90%. Across banks, tied agencies, IFAs, whatever…9 out of 10 of them who join won’t last 5 years.


It’s only slightly more statistically successful than people opening their own business. Which makes sense, since becoming a property agent or insurance agent is essentially starting your own ‘franchise’.

4) Didn’t have a great professional support system (e.g. boss, resources)



An environment that's toxic for your advisor can lead to ethical issues, for starters.

It’s already the 4th reason, and I’m already starting to see a ‘it’s not you, it’s me – pattern.’


I’ll be honest, I wrote this without a structure and hoping that I could cast my profession in a slightly better light. But just because you understand what happened doesn’t make it easier.


Some people leave because the professional environment was poor. Poor bosses, poor colleagues, and a generally unhealthy work environment – not unlike any other job. Unfortunately, the experience may turn them away from the sector entirely, or due to the circumstances – they say they can’t assist you anymore since they work for a different company.


5) Didn’t have a great personal support system


If I had to choose the number 1 reason why anyone, including myself, would leave – it would be if this happened.


Being a Financial Advisor isn’t that much different from being a business owner (structurally).


Not choosing a conventional job can put you at odds with family and friends.


Expectations get thrown around a lot. I’ve personally lost a lot of former friends just by owning this occupation and have only survived by the god-provided fortune of a supportive family, clients and true friends.


6) They wanted to do other things


Up to a couple of weeks ago, I thought this reason was completely implausible.

I love this job. And if you’re doing especially well, why on earth would you want to leave?


Well the answer is…like financial planning, life goals change. Some people want a salary. Some people get sick of finance. Some people put family first. Some have other dreams that they want to redirect their time and money towards.


7) They weren’t right for you




Maybe they just weren’t right.


Maybe it was the kind of relationship where you were left angry or disappointed. And they might not have been right for you or served the needs they were supposed to. It happens.


Maybe that loss has left your relationship with money in shambles. You have a whole bunch of policies, serviced by no one, you’re not sure what you’re even paying for or how it helps you.


Maybe it just feels like things just keep getting more expensive and it keeps getting harder to put aside money for things that you want, because it all gets eaten up towards necessary expenses.


Maybe even the money that you do put aside, gets eroded by inflation.


So maybe…maybe you need someone that’s right for you.


Someone who can summarize your policies in a clear and concise manner that even an 8-year-old can understand, so that you can pay down your policies with a cheerful heart and peace of mind.


Someone who helps you save more money through juggling your policies and your liabilities (such as loans) without you forking out a cent.


Someone who helps you earn more money through careful instruments approved by MAS, with both guarantees and potential to outgrow inflation. So you can have more to spend, and a more fulfilling retirement.


Someone who is highly motivated to stick around, and young enough to not only likely last the tenure of your entire relationship with money…but for your beloved ones when you pass on.


Someone like…


Gasps. Didn't see that coming.

Money Maverick


If you’d like to review your policies at no sales obligation, with the potential to save money and earn more, drop me a private message here or at https://www.facebook.com/luke.ho.54


Sources:


1) Shutterstock 2) Yandere Simulator


#moneymaverick #haveitall #savemoneyearnmoney #financialadvisor #financialconsultant #investing #insurance #retirement #financialservice #money #managingmoney

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The views, opinion and information in all articles are those of the author. These materials do not represent or reflect the views of Manulife Financial Advisors nor is endorsed by them. Manulife Financial Advisors shall not be liable or responsible for the materials of the author. 

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