Biggest Challenges Faced by a Financial Advisor at Wealth Management Company
Jessica's biggest challenge as a financial advisor is the emotional toll of reassuring clients during market volatility, constantly repeating that "their financial plans are still successful" even with account losses. Another significant stressor is the high stakes nature of the work, requiring meticulous attention to detail to avoid costly mistakes with client funds and information.
Financial Planning, Client Communication, Risk Management, Emotional Intelligence, Attention to Detail
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Undergrad
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Jessica Roks
Financial Advisor
Wealth Management Company
UC San Diego
Na
Economics, Psychology
Finance (Banking, Fintech, Investing)
Finance
Honors Student, Took Out Loans, Worked 20+ Hours in School
Video Highlights
1. Managing client emotions during market volatility requires strong communication and reassurance skills.
2. The high cost of potential mistakes necessitates meticulous attention to detail and adherence to strict protocols.
3. Maintaining client confidentiality is crucial and requires robust security measures and procedures.
Transcript
On the flip side, what is the biggest challenge of being a financial advisor?
My biggest challenge is the constant need to help clients calm down emotionally from market volatility. It's emotionally draining as the advisor.
We go through periods like right now, the market has been performing poorly all year. It just keeps going down.
So all year, I'm constantly reassuring clients that we've created a strong, diversified, defensive portfolio for them. Even though their accounts are losing money, their financial plans are still successful.
You would be surprised how many times you have to say that over and over again to the same person. That's the most challenging part of my job.
Another part is that mistakes can be very costly. You have to be very careful that you're sending wires to the right place and not sending confidential client information to the wrong clients or leaving it out where others can see it. That's stressful.
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