Good Financial Advisors Need to Speak Up
Good financial advisors need to get over their fears and get out in public to talk and write about their work in order to counteract stories of bad actors in the profession, Morningstar columnist Carl Richards writes.
Many people are looking for qualified financial advisors but simply don’t know they exist, so it’s imperative advisors get out and speak up, according to Richards. Many investors who are looking for an advisor are nonetheless turned off from the profession because of stories about bad apples, or, as he puts it, “too many fake advisors who should be selling shoes but instead are peddling investment products.”
While sharing in public opens advisors up to scrutiny and possibly scorn, not doing so means potential clients will not be able to find them — and they’re certainly looking, according to Richards, who’s also a columnist for the New York Times.
To change the bad perception of advisors, advisors can do right, one client at a time, he writes. But to scale up, advisors will need to get out in public and share, according to Richards.
Excuses to avoid doing so, such as being too busy or worrying about compliance, “are just places to hide,” he writes. What’s holding advisors back from writing and speaking in public is fear — and that’s ok, according to Richards. The key is to realize that the fear is there and to go out and share the work anyway, via blogs, newsletters, presentations at the Rotary club or writing for the local paper, he writes.