Client-facing financial advisers are generally fulfilled and optimistic about their careers, but a large percentage have experienced difficulties and want more control over their careers, new survey results show.
Schwab Independent Branch Services’ “Examining the Mindset of U.S. Financial Professionals” study finds that a majority of survey participants are pleased with their jobs, yet 76% say that obstacles such as a lack of support and limited autonomy have limited their success.
Not surprisingly, pleasing clients was among respondents’ top priorities, but 73% wish they could better assist them and had more time to make an impact in the communities they serve, according to the survey results. Of those who indicated they experienced obstacles, 30% said they were too busy servicing existing clients and lacked support to pursue new business. In addition, 26% said they were promised things by their employers that were never delivered.
The findings also reveal that 80% of respondents say they are ready to take their career to the next level and 63% are ready for a change. “Their clients are at the heart of what they do; some want to be employees within established firms, but many feel they can serve clients more effectively by operating totally independently,” says Craig Taucher, senior vice president, Schwab Independent Branch Services.
Respondents also believe that continually improving the client experience through innovation is crucial (78%). In fact, 86% say the financial industry has changed more in the last 5 years than in the previous 15. Moreover, 76% believe that new technology is changing the industry to the point where it will be unrecognizable in 10 years.
When reflecting on their careers, 46% of those surveyed wish they had built something from the ground up. Most believe that independence is important for those who work in the financial services industry, with many wanting more personal control — 68% consider themselves or aspire to be entrepreneurs, and 55% dream of owning their own businesses.
Conducted March 8-23, 2018, by Edelman Intelligence for Schwab Independent Branch Services, the online survey was based on 994 participants who have worked in the financial services industry for at least 7 years and interact with investors at least once a week.
