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August 10, 2012 at 12:00 AM
Research shows that 54 percent of financial advisors will do anything to avoid change. And it is that portion of financial advisors who tend to see their roles more as employees than the owners they actually are.
Like a frog in a slowly heating beacon of water, 54 percent of financial advisors hate change so much, they would prefer to remain as they are—however uncomfortable that may be—than create a visionary business plan with 90-day goals that could see them swimming in a much bigger pond.
The same 54 percent of financial advisors have lulled themselves into complacency over the past decade by focusing solely on money products. And now they are feeling the heat. At the same time, they are afraid to diversify for fear of change.
Perhaps it has been easy in the past decade to take orders for money products, but a complete financial package is more than that. It includes a financial plan, money products, life insurance, critical-illness insurance, disability insurance—all of which combine to create a foundation for a solid retirement as well as a legacy for the next generation.
