A financial advisor is a professional tasked with offering expertise for customers’ decisions surrounding money, personal finances, and investments. Lourenço et al. (2020) hold that financial advisors seek to accurately measure a person’s risk preferences and provide individualized investment advice that I sound in nature. So, why would a person want to quit such a job? In this article, I would like to share my personal journey in financial advising and shed light on the reason why I quit the job. Particularly, this article is all about “why I quit being a financial advisor”. It might sound too personal, but of course, it has to be because it is based on the story of my life.
Background Story
In financial advising, numbers dance on screens and the weight of people’s financial futures rests on your shoulder as a financial advisor. Whether the numbers are complex or not, it is your responsibility to make sense of them.
While on the job, I found myself at a crossroads, grappling with a decision that would redefine my professional trajectory. The path that led me to become a financial advisor was paved with aspirations of helping others navigate the investments, saving, and financial planning landscape, which is a complex landscape for people who do not have a financial education.
As the years unfolded, am talking about being in the profession for a decade, so did the layers of challenges that ultimately led me to make the profound decision to step away from this demanding profession.
The Decision Making Process
Well, I must admit that it does sound not like such a simple decision to make given the resources I had invested in the career. The realization that I needed to reassess my career gradually, like the slow revelation of a distant storm on the horizon. It wasn’t a single thunderclap moment, but a series of instances that forced me to confront the pressures intrinsic to the financial advising role.
The demanding schedule which was characterized by relentless hours of tight deadlines, had begun to take a toll on my work-life balance. Although this was not the case during the early stages of my career, as I advanced in my career path and became more experienced, so did my responsibilities. I had so far worked in two different financial advising companies, this was my third one.
Get to Understand Why Is Personal Finance Dependent upon Your Behavior
Also, the weight of client expectations has its share in my decision-making. Being coupled with the emotional responsibility of guiding people through the intricate web of their financial concerns has surely proved to be more burdensome than I had anticipated.
A key skill that a person must have to be successful in the financial advising world is analytical skills. The financial sector/industry is an ever-changing entity and it demands continuous learning for one to stay ahead of the market changes and new investment strategies. This need for sharp analytical skills to interpret intricate financial data is something that is increasingly apparent in the field. This resulted in a delicate balance between analytical rigor and effective communication with clients who lacked the same financial expertise.
Shifting Values and Goals
As time went by and these challenges mounted, I found myself questioning not only the profession but also my own values and goals. The relentless pursuit of financial success that I had seemed to clash with a deeper yearning for meaningful connections and a sense of personal fulfillment. The initial allure of assisting clients to attain their financial goals started to wane. This was as I realized the toll taking on my well-being.
It was this shift in perspective that prompted a profound reassessment of my values and goals. At this point only one question lingered in my mind: Was the pursuit of financial stability for others worth sacrificing my own?
At this point, the answer was a resounding NO. The essence of who I was, my core values, and my aspirations had evolved, and it was time to acknowledge and honor the evolution.
Industry Insights
Stepping back, I started to observe the financial advising industry with a more critical eye. Just as the field of technology has been faced with major changes from day one, it became evident that the industry – finance – was undergoing major transformations and shifts.
The traditional models were being challenged by technological advancements, changing client expectations as well as evolving regulatory landscapes. All these observations fueled my decision to part ways with financial advising, a profession that seemed resistant to adapting to these emerging realities.
While I was examining the broader trends and changes within the financial advising landscape, I recognized the importance of aligning one’s career with an industry that not only embraces change but also aligns with personal values and goals.
This was the realization that highlighted the imperative of congruence between individual aspirations and the dynamics of the chosen profession.
The Transition
As I had mentioned earlier at the start, the decision to leave the financial advising realm was not made lightly. It entailed a meticulous process of introspection, consultation, and planning. Remember these three in any major/life-changing decisions that you will ever think of undertaking.
Navigation of the challenges of the transition proved to be both daunting and liberating. It was liberating in the sense that I was breaking free from the shackles of a career that no longer resonated with my authentic self. On the other side, it as daunting in the sense that I was stepping into the unknown, leaving behind the familiar contours of a profession that had defined a significant portion of my professional life.
During this transition, the challenges were multifaceted. There were uncertainties about the next steps, concerns about financial stability, and the inevitable self-doubt that accompanies any major life change. Despite these challenges, I must say that it was precisely them that fueled personal growth and resilience, propelling me toward a new and uncharted professional journey.
Life after Financial Advising
Now as I am on the other side of the decision, I find myself engaged in pursuits that resonate more closely with my revised values and goals. The transition opened doors to new opportunities, allowing me to channel my skills and experiences in ways that bring not only professional satisfaction but also a renewed sense of purpose.
Reflecting on life after financial advising I am struck by the contrast in my daily experiences. The pressures to meet client expectations have been replaced by a more nuanced understanding of success – one that extends beyond financial metrics to encompass personal fulfillment and a sense of contributing meaningfully to the world.
Why I Quit Being a Financial Advisor – Key Takeaways
From my quitting my job as a financial advisor, there were some key factors that played a role. Below are some of them:
Burnout and Stress
This was because financial advisors faced intense pressure to meet sales targets and manage client expectations. This often results in long hours, unrelenting work stress, and ultimately burnout.
Currently, the financial industry is highly competitive. This makes it challenging to attract and retain clients as they would always find better alternatives/substitutes from the list of your competitors. This pressure might be draining and contribute to emotional and mental fatigue.
Lack of Fulfilment
In some cases, some advisors may find the sales-oriented nature of the job and the need to prioritize revenue generation to clash with their desire to genuinely help clients attain their financial goals.
Also, in certain roles or firms, advisors might feel restricted in their ability to make a meaningful difference in clients’ lives due to company policies, product limitations, or lack of autonomy.
Work-life Balance
The financial advising job is one that requires flexible hours. This includes evenings and weekends, which can be incompatible with maintaining a healthy work-life balance and personal commitments. This is not like the ordinary 9-5 job.
It is common to face an emotional toll. This is because as a financial advisor, you will deal with clients’ financial anxieties and complex situations. This can be emotionally demanding and require significant emotional labor.
Shifting Industry Landscape
The traditional financial advisor model has been disrupted by the rise of digital platforms and robo-advisors. This is something that creates uncertainty and potential job insecurity.
Desire for a Career Change
This is perhaps what comes at the end after one experiences the above. Leaving the financial industry or financial advising profession is not a failure, it is a new life chapter. It allows people to explore different fields, pursue passions, and start their own ventures. This is very okay and for man, it turns out to be the best decision ever made.
Read About: When A Man Tells You About His Finances
Final Remarks
Quitting my role as a financial advisor was a profound decision rooted in the evolving dynamics of the industry and a reevaluation of personal values. The demanding nature of the job, coupled with industry disruptions, led to burnout and a lack of fulfillment. The shift in perspective prompted a meticulous transition, marked by challenges but resulting in personal growth.
Reference
Lourenço, C. J., Dellaert, B. G., & Donkers, B. (2020). Whose algorithm says so: The relationships between type of firm, perceptions of trust and expertise, and the acceptance of financial robo-advice. Journal of Interactive Marketing, 49, 107-124.
