More people are afraid of running out of money than they are to die. Outliving one’s retirement savings is a legitimate concern, and not weighing the options when thinking about one’s financial future is the main reason so many end up paralyzed with fear. It’s this exact fear that made me realize how integral our role is in the lives of those we serve.
Even with all this mounting fear, which lives in the heart of every American, and the inarguable need for our services and advice, it’s amazing to me that many still call what we do an “industry” or a “business” or a “practice.” Gone are the days where we can just get an education and do well. We have to be committed in order to be successful, which leads me to believe that what we do is much more than being in an “industry”… it’s being in a profession. Our responsibilities rival those of any other profession (for instance, doctors, accountants and attorneys) in expertise, knowledge and training.
Not that there isn’t room for the traditional rainmakers. There will always be a need for those who build the business and capture the assets. However, to be successful in today’s evolving landscape there will be just as much a need for those who are educated, committed and have a passion for improving the financial lives of their clients. What we do requires that more than ever and, as our clients’ demands grow, so should our commitment in making our services and expertise known.
What do you think? Do you consider our role as financial advisors an industry or a profession?
Ron Carson is Founder and CEO of Carson Wealth Management Group, a wealth planning firm in Omaha.