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October 26, 2010 at 11:59 AM
A survey released Tuesday by HNW Inc. found 60% of advisors felt the products they offered were too complicated, and 59% said an overall lack of financial literacy was a hindrance to their personal success. Still, 94% of respondents are happy with their career choice and will remain in the industry for the "long haul." Seventy-two percent say they have "more opportunities in this industry now than ever."
Independent advisors were especially optimistic. Just 12% said their company did a "poor" or "very poor" job of helping them communicate with clients or cope with market changes, compared with 23% of wirehouse advisors.
“The fact that advisors have the job of handling clients’ money but don’t fully understand the products they are selling should send a major signal to the industry,” Stacey Haefele, CEO of HNW Inc., said in a press release.
Advisors overwhelmingly felt regulations were a barrier to their personal success. Nearly three-quarters say keeping up with changes in regulations and financial products is a potential barrier, while 78% say the "specter of more regulation" is a barrier and 77% say there is too much existing regulation that limits their success.Furthermore,
The highest rated barrier to success, though, was consumers' lack of trust in the industry; 84% of advisors agreed this was a potential barrier to success.
