I’ve lost track of the number of financial planners who have told me they have “the best job in the world”.
I don’t doubt that goes for a great number of our readers.
As a magazine, we have never said anything other than advice is an amazing profession to work in, but it’s always nice to have new evidence to support our case.
This week, it comes in the form of our annual Adviser Satisfaction Survey, in which we poll financial planners on metrics ranging from job satisfaction and how clients see them to pay and the future prospects for the profession.
Turns out, advisers are incredibly happy with their lot, happier than they were last year, and would highly recommend becoming a financial planner to others. I’m sure this will shock certain vocal commentators who preach the impossibility of contently running a successful advice business in 2018, but it is illuminating and heart-warming to find them in the minority once again.
Now it’s just a case of taking that positivity to market, spurring both interest in the profession as a bona fide career, and probably a bit more demand for advice too if potential clients don’t hear such a negative message about where the community that serves their financial needs will be in 10 years’ time.
If you think public perceptions of financial advice are bad, try being a journalist. Unfortunately, the vast majority of the public have no idea what the difference between an IFA, stockbroker, trader or banker is, so at least some are not able to form any negative impressions of advice specifically.
But if they knew that you could really help people and develop meaningful client relationships in a more caring culture, leading to real job satisfaction, then maybe they would think twice before discounting a career they lump in with the rest of financial services out of hand.
Advisers are happier than ever – now it’s about taking that positivity to market
Wages aren’t everything of course, but they remain high in advice. The naysayers about the market have continually questioned three separate studies, including our own, that put average total remuneration around £90,000 for advisers.
Instead of refusing to believe this figure could possibly be true despite the mounting empirical and anecdotal evidence to the contrary, planners and professional bodies should be using this as part of the sales pitch to new entrants.
Maybe it’s a few grand less or a few grand more, but our latest research at least shows the vast majority of planners are happy with their pay packets – which is all part of a compelling package to enter the world of advice.
We had plenty of bleak predictions ahead of the RDR, and more recently around defined benefit transfers – a scandal of sufficient magnitude to crush an entire profession according to some commentators.
But advice really can be the best job in the world, and it’s about time we told more people that.
Justin Cash is editor of Money Marketing. Follow him on Twitter @Justin_Cash_1