I watched a youtube video of a fiancial adviser and she was talking about why she quit the business. Many of her points resounded with why I have been hesitant to jump into it. Here is a summary of some of her points.
Advising is selling and confidence sells best. She mentioned that her knowledge of the financial markets impacted her confidence because she understood the complexity which dampened her confidence and ability to sell. In contrast, new advisors who knew little but were confident could close despite their advice and knowledge being worse.
The people who need your advice and the people who you can make money off of are not often the same people. Lower income people desperately need financial literacy. The problem with helping them is that the asset under management fee structure system makes them unprofitable to help despite being very needy. Rich people pay you well for managing their money but often you are just helping them go from rich to extremely rich. This reality can be desparing.
Other items that makes the career less appealing is that often the first couple of years your income will be very low while you “build your book” of clients.
Millionaire Librarian 