Perception is everything.
In my view, a great financial advisor is someone who cares deeply for clients.
He or she provides an ongoing fiduciary standard of care; keeps investment costs down; avoids the entrapment of investment linked assurance schemes, such as those provided by Friends Provident, Zurich International and Generali (You can read more about them here).
But some measure greatness differently. Clients are more like bowling pins to be knocked down at the local alley.
Here’s a video showcasing the Ten Great Habits of Financial Advisors. Inspired by the expatriate market, it describes qualities of the best advisors—those with the ability to earn millions of dollars a year in commissions.
Any mention of doing the best they can on behalf of their clients? Sadly, no.
I enjoy promoting advisors working well on behalf of their clients. They’re the industry’s true legends.
But in the wild-west meat market of the expatriate world, such advisors are rare.
“Legendary” advisors are those who can seal as many deals as possible, in the shortest possible time.
Meanwhile—especially if the products are investment linked assurance schemes—carnage is left in their wake.
You can watch misguided glory in the video below: