Financial advisors report stress levels 25 percent higher than the national norm, according to a survey by FlexShares Exchange Traded Funds. The survey of nearly 700 advisors found that compliance and regulatory issues (29 percent) and challenges of growing their practices (25 percent) were the biggest stress inducers for advisors. Work-life balance (12 percent), “wear multiple hats” (10 percent) and tracking the state of the markets (8 percent) were the next biggest stressors for advisors.
Nearly one in four financial advisors switched firms in the past five years, according to Fidelity's Advisor Movement Study. The study found that more than half of advisors (56 percent) considered switching firms during that same time frame. Of those that moved, 92 percent reported being happy with their decision. Independent channels are the biggest benefactors of all this movement, with 64 percent of advisors choosing either registered investment advisorys or independent broker/dealers, up from 50 percent in Fidelity’s 2015 study. The amount of money being transferred during these moves is also on the rise, up to $75 million in median assets, compared to $37.5 million reported in the 2012 study. “Advisors are increasingly looking for the freedom to realize their unique visions for their businesses and the opportunity to offer clients a higher level of customized service and advice,” said Tricia Haskins, vice president, Practice Management & Consulting at Fidelity Clearing & Custody Solutions. “They believe this will result in greater opportunities for growth and contribute to continued success in the future.”
Stan Lee May be Suffering Elder Abuse
Stan Lee and his daughter, J.C.
The blessing of a long and happy life has turned into a curse for comic book legend Stan Lee. According to the Hollywood Reporter, Lee has become the target of elder abuse from several unscrupulous actors, including his own daughter, in the wake of his wife’s death in July. J.C. Lee has often fought with her parents because of what she sees as “unjust restrictions” on her trust. Allegedly, these altercations have occasionally turned physical in the past. Now, alongside several individuals with ties to J.C., named by Lee in a February document as “three men” with “bad intentions” looking to “gain control over my assets, property and money,” she is allegedly trying to control Lee’s decisions. One longtime insider deems Lee’s situation “an utter shitshow.” That must be an industry term.