In my internship working with a financial advisor, I have had the chance to apply some of the theoretical knowledge gained in class. Like in most other professions, many challenges abound in this career. In this write-up, I analyze how my internship profession is represented in a news article entitled “Millionaires Lose Sheen for Financial Advisers”, which was published by “The Economic Times” on 22 November 2013. The article does not offer encouraging news for those going into the profession of financial planning.
In the article mentioned above, the text’s author implies that financial advisors have not been performing to the expectations of their affluent clients (The Economic Times 2003). The article sites a survey which shows that there is a trend dating back to at least 2001 where affluent clients are opting to forge the markets without utilizing the market resource of financial planners. The writer says that “nearly a quarter of affluent investors are closing their books on financial advisors, a 5 per cent increase over 2001” The writer then underscores the role played by financial advisors in guiding their clients’ wealth management. This was interesting when compared to my own personal experience within the industry. During my internship, I have learnt that clients expect a lot from us. There is more to simply applying knowledge to clients. Each one often has a different set of standards and approaches different issues differently. This requires financial planners to do more than have knowledge of the industry, but also the ability to work with people on their own level, which with certain people can be difficult.
It is justifiable that clients should expect a lot from their financial planners and advisors. Afterall, their financial success regarding what they do with their money depends almost solely on a financial advisor. The fact that affluent people are giving poor ratings to financial advisors due to their (advisors’) unsatisfactory performance, as described by the author, should actually be taken as a challenge, rather than bad publicity.
The writer mentions that a “C” grade in financial planning is not acceptable as clients are not looking for average outcomes, but are trying to find financial advisors who can do more for them than simply deliver them “average” advice. Those that do not find exceptional planners, are likely to become disenfranchised with their planner and might determine that they are just as capable of given themselves advice and make decisions as their advisor is. This is the important thing for an advisor to offer, advice and insight into the market and the client’s current holdings that the client would not have been able to come about or realize on his or her own.
Through my studies and placement, I have learnt that financial advisors should be fully competent and perform their duties with diligence, and the text rightly reflects this. The text writer’s representation of the profession is notably objective and representative of the high expectations that clients want met by the financial advisor. The text does not, however, reflect on the small-scale financial advisors who offer their services to middle-class clients. The author only discusses financial advisor with regard to affluent clients (Millionaires).
All in all, the said text represents the financial advisory profession in a challengingly good way. Financial advisor have standards to meet, owing to the sensitivity of their duties. As the text implies, they should be good enough for the task. It encourages people like me about to enter this field to work hard, get good grades, so that I can be more than an “average” financial advisor.
Works Cited
The Economic Times. Millionaires Lose Sheen for Financial Advisors. The Economic Times. The
Economic Times, 29 Jan. 2003. Web. 24 Nov. 2013.
