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This question is about finance advisor demographics.
Why I quit being a financial advisor?
The most common reasons financial advisors quit are lack of fulfillment, difficulty finding clients, and burnout. Over 90% of financial advisors do not last three years, which means that there is a very low retention rate for financial advisors.
To be a successful financial advisor, you need to be able to close a deal. The most crucial part of this is finding clients to begin a deal with. Finding the right client requires networking, communication, and lots of work. This can be overwhelming and stressful for many people.
Many former financial advisors cite the lack of fulfillment as a reason for why they left. Most financial planners will find themselves working in traditional financial planning firms. While these jobs generally have great pay, they are often very monotonous. Monotonous work has been shown to damage mental health, which leads to this lack of fulfillment in a career.
Burnout is also extremely common for financial advisors. Beginning financial advisors often work long, arduous hours to try to get ahead in their careers. It is an extremely competitive career, and you need to work hard and fast. This can often lead to burnout.
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