Debunking financial services myths

The financial services industry can seem intimidating. But a lot has changed over the years that makes it a welcoming and rewarding career option for people of all backgrounds. The role of a financial advisor is first and foremost about helping people. And with recent trends creating ample opportunities and a growing need for new advisors joining the industry, it’s time to dispel some of the myths surrounding what an advisor does and explain how almost anyone with the right mindset can become one.

Hear from Matt Ransom, Vice President of new financial advisor development at Raymond James, as he addresses some of the myths, misconceptions and opportunities surrounding our industry. He’ll share what it takes to be successful as an advisor and why he believes there has never been a better time to become one.

Myth: A financial advisor’s goal is to make commission on as many trades as possible.

Reality: People sometimes conflate financial advisors with old-school stockbrokers like in the movie “The Wolf of Wall Street” where everything is chaotic and sales focused. But that’s just not the case. The role of a financial advisor, especially at Raymond James, isn’t to sell stocks or financial products that are pushed by the firm. It’s to help people plan for their financial futures. To create relationships and trust, so that they can be free to live their lives, knowing that they have a partner who will act in their best interest to ensure that their finances are being taken care of in a way that suits their unique needs.

Myth: A financial advisor is just a middleman to sell financial products for a big bank.

Reality: Raymond James advisors are business owners. When you join our firm, regardless of affiliation, you own your book of business. And you manage it your way with as much or as little help from us as you want. There is no middleman, because the role of an advisor is to build relationships with clients that help them pursue their unique financial goals, and no firm or big bank should ever come between that.

Myth: It’s too late to change careers and become a financial advisor if you’ve invested time elsewhere.

Reality: Even if you’ve already spent years gaining experience in a completely different industry, that doesn’t mean that you can’t apply those skills toward becoming a financial advisor. Some of the best advisors have backgrounds in fields that aren’t related in the slightest to financial services. Doctors, nurses, therapists, teachers and former business owners, for instance, are some careers whose skillsets translate wonderfully to financial advising because they rely on understanding and caring for people.

Myth: The financial services industry isn’t diverse.

Reality: The role of a financial advisor requires understanding and connecting with people. And fostering a workforce of financial advisors from diverse backgrounds helps us connect with and serve a greater number of those people. At Raymond James, diversity is about introducing fresh perspectives and new ideas to continue innovating and improving our capabilities, and helping people find their financial freedom. Our Next-gen Advisor Programs prioritize recruiting talent from a wide array of backgrounds and demographics. We believe that our family of advisors should be as diverse as the thousands of unique clients we serve.

Whether you’re looking for the first big step in your career journey or ready to try something completely new, come talk to us and explore the possibilities that await you as a financial advisor. Our next-gen advisor programs open the door for anyone who shares our passion for helping people achieve their goals and live their best lives free from financial worry.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of the author and not necessarily those of Raymond James.