Should Advisors Run for Office?

To begin with, advisors are a logical talent pool to draw on for helping shape public policy on economic and financial issues—a particularly important qualification at a time when such issues loom large and pessimism is growing about the prospects for future prosperity. Advisors bring the unusual perspective of being close observers of both broad economic and financial trends and their concrete ramifications at a personal level.

Furthermore, the advisory business requires and fosters communication and marketing skills that could be quite valuable to a politician—both for getting elected and for functioning effectively in office. Advisors tend to be outgoing people with large networks of contacts (potential supporters, volunteers and contributors) and sound negotiating skills for when disagreements and problems arise.

The decline of the Occupy Wall Street movement suggests that there are limits to the political traction gained by hostility to the financial sector. Moreover, the public image of that sector is not uniform. Advisors as a group seem to enjoy a more positive public perception than, say, hedge fund managers or investment bankers. 

While polls in recent years have indicated much public disenchantment with financial institutions, many clients have expressed satisfaction with their own advisors. And some advisors have made it a successful selling point to contrast their practices with “Wall Street.” Being an advisor could well be a plus on the campaign trail.

Of course, none of the above is to say that you—a financial advisor reading this article—ought to run for office. There may be any number of specific reasons why this would not be a desirable and suitable path for you. Then again, it just might be.

* Correction 11/5/12: Sen. Heller is indeed running for re-election.