Many things can happen in 3 to 5 years. New technologies come out, new advancements occur, and the jobs market changes. You might be happy with what you’re doing now, but it could change in a few years, and you’ll be left behind if you don’t keep an eye on your career options. If this sounds like something that concerns you, read on for some tips to help you stay ahead of the curve!
- MORE INFLATION MEANS YOU WILL NEED MORE INCOME
The natural progression of inflation is that you need to make more money just to maintain the same standard of living. If your income doesn’t rise, it will be difficult for you and your family to have any degree of financial security because what’s in your bank account won’t buy as much, which means less take-home pay.
- BROKERAGE FIRMS ONLY CARE ABOUT YOUR BOOK OF BUSINESS, NOT YOU
It’s not uncommon for a brokerage firm, especially wirehouses, to have hundreds or even thousands of Financial Advisors. The company will only be concerned with your book of business as long as you are bringing in the clients that produce commission checks and/or their production goals.
Inflation can also create a situation where, even though you’re pulling in the same commissions and production goals as before, your income will have dropped. This is because clients are now purchasing less of their investments from you when they see that both prices for those purchases and commission rates (on those purchase) have increased at the same time
It is wise to keep an open mind and look out for your family and your client every 3 to 5 years. Hiring a specialized search firm to help you with your career change is the best way to make sure that you will be successful. This way, you take less time away from production while they find you the best opportunities in the marketplace.
Hiring a specialized search firm to help you with your career change is the best way to make sure that you will be successful. This way, you take less time away from production while finding you the best opportunities in the marketplace.
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