Dear Financial Advisor,
You want to be a fee-only advisor? Great, You Do You.
You want to be a hybrid advisor? Great, You Do You.
You want to do seminars to grow? Great, You Do You.
You want to knock on doors? Great, You Do You.
You want to host a podcast? Great, You Do You.
You want to write a blog? Great, You Do You.
You want a lifestyle practice? Great, You Do You.
You want to build a big firm? Great, You Do You.
You want to...I think you get the point. You. Do. You.
A major flaw with our profession is financial advisors spending time talking about what other financial advisors are doing wrong—the "I'm right, you're wrong" mindset is counterproductive, makes our profession look unprofessional, and often discourages good financial advisors from reaching their potential.
We can all agree that there are "financial advisors" taking advantage of unsuspecting clients and we should be shining light on those situations—sometimes consumers don't know what they don't know and we have the ability to educate them on what real financial planning looks like. But tearing down other advisors because their business model does not resemble yours, despite doing good work for their clients, is something we should all move on from.
We should be highlighting and supporting each other, creating a unified front of advisors offering different relationships for different needs—all rooted in clients coming first. I've said this before on All About Your Benjamins: we all rise together.
If you are a financial advisor second-guessing yourself because of the opinions of other advisors: regardless of how you decide to set up your firm (or the type of firm you join) and grow, as long as you are putting your clients first, being a true advisor, leading with planning, communicating with your clients, and enjoying what you do...well, You Do You!