From the course: Financial Planning and Wealth Management Fundamentals
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Job risks and fit, part 1
From the course: Financial Planning and Wealth Management Fundamentals
Job risks and fit, part 1
Let's talk about some job risks and fit. Now, we're gonna tackle this from four different perspectives. We'll touch on legal risk, job fit, job availability and scarcity, and last but not least, personal risk. So let's start off by talking about legal risks to consider when you look at career paths in this industry. So clients can and do sue their advisors from time to time, and it's not meant to scare you, but it is a fact. Now, it's very rare to actually find a successful advisor with a multi-decade career who hasn't been faced with some sort of litigation related to their wealth management practice over their career. Now, because the investment policy statement and fiduciary responsibility are legally binding, obtaining a portfolio manager's license directly introduces an element of personal risk to the PM that wasn't present when they were just an investment advisor. So the decision to apply for a PM license has to be considered very carefully and it shouldn't be done just for the…
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