When you think of financial advisers, what’s the first image that springs to mind? Perhaps a sharply dressed, high-powered negotiator, talking fast and living even faster, swimming in a pool of money à la Scrooge McDuck. The truth? Not quite.
Mark Vitaccio, founder of Your Behavioural Economist, decided to dig into the actual personality traits of financial advisers, using data from 1,000 of them. Spoiler alert: the real picture is about as far removed from a Hollywood blockbuster as you can get. Forget the high-flying, fast-talking money magicians. The top predictors of success for advisers are emotional stability and openness to experience. In other words, it’s more about keeping your cool and considering new ideas than it is about snatching up deals with a cheeky grin and a wink.
And here’s where it gets even juicier: for female advisers, being agreeable (you know, pleasant, nice, smiley) is actually a plus. But for the gents? Nope. Agreeableness is a career killer. Turns out, if you’re a male financial adviser and you’re too nice, clients are apparently running for the hills. Vitaccio puts this down to the evolution of financial advice from a sales-driven, cutthroat industry to one that’s more about service and care. But still, gentlemen, dial back the kindness if you don’t want your income to take a nosedive. It’s tough out there.
Now, if you’re thinking this is just about what makes advisers more successful (measured in pounds, assets under advisement, and probably the size of their yachts), you’re missing the point. Vitaccio also tackled the juicy topic of happiness in the profession. Yes, happiness. That mysterious little emotion that seems entirely misplaced in an industry known for obsessing over tax wrappers and fund performance. But bear with me—turns out financial advisers are human too.
The secret to their well-being? It’s all about mastery, autonomy, and relatedness. Mastery is the thrill of being really good at what you do (yes, even tax-efficient investing). Autonomy is the freedom to control your own work life. And relatedness, well, that’s the warm, fuzzy feeling you get from human connection—although it’s apparently the least important of the three, which might explain why a lot of advisers are self-employed. Who needs colleagues anyway?
And what about gender differences in happiness? According to Vitaccio’s research, women are generally happier than men in this field. Now, this might come as a surprise, but maybe that’s because female advisers aren’t bending over backwards trying not to be too agreeable while also dodging the financial version of toxic masculinity in the office. Just a thought.
For those of you who are thinking of hiring your own financial adviser dream team, Vitaccio has a word of advice: balance your personalities. You don’t want a team full of extroverts constantly yapping and jostling for attention, nor do you want a team of introverts who treat every client meeting like it’s a TED Talk on existential philosophy. The key is to build a team that complements one another. Some people will bring the charm, others will bring the spreadsheets. Get it right, and you’ve got yourself a winning combination.
And finally, let’s not forget the real kicker here: successful financial advisers aren’t just in it for the money. No, really! They actually pursue intrinsic motivations—things like personal growth, mastery of their craft, and making meaningful connections. Yes, apparently financial advisers are all about becoming the best version of themselves, not just padding their bank accounts. Well, not just that, anyway. The money’s just a bonus.
So, next time you meet a financial adviser, maybe don’t picture a smug, commission-chasing shark in a suit. Instead, think of them as a zen master, balancing the art of financial planning with emotional calm, creativity, and just the right amount of agreeableness. But only if they’re female, obviously.
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