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THE TRUTH MUST BE TOLD!
By Dr. David Edward Marcinko MBA MEd CMP™
http://www.MarcinkoAssociates.com
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Financial Advisors and Financial Planners Usually Aren’t Millionaires
According to the most recent data from the Bureau of Labor Statistics (BLS), financial advisors had a median annual salary of $99,580 in 2023, which is significantly higher than the national average of $65,470. Of course, salaries of financial advisors can differ significantly by their location and level of expertise. The client’s profile may also have an impact on their compensation. But, many are not rich.
REPLACE FINANCIAL PLANNERS: https://medicalexecutivepost.com/2023/03/15/why-your-financial-planner-may-be-replaced/
This is unfortunate. Financial advisors and Financial planners don’t rank among the millionaire professions in Thomas J. Stanley and William D. Danko’s book The Millionaire Next Door. Many work as salaried employees rather than entrepreneurs, lacking the scalable income potential of business owners who reinvest profits.
Certified Medical Planner: https://medicalexecutivepost.com/2024/12/17/certified-medical-planner-niche-advisors-thrive/
Stanley and Danko also stressed frugality, a challenge for advisors pressured to flaunt success—think luxury cars or upscale offices—making them “income-statement affluent” rather than “balance-sheet affluent.”
BEST DOG FINANCIAL ADVISOR: https://medicalexecutivepost.com/2025/03/23/dog-nearly-fetches-prestigious-financial-advisor-honor/
CONCLUSION
The truth is that a Financial Advisors’ success isn’t measured in client returns. Instead it is measured in their ability to gather assets and retain clients. In other words; Financial Advisors do not need to be good with money.
Financial Advisors need to be good with marketing, advertising, sales and people.
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SPEAKING: Dr. Marcinko will be speaking and lecturing, signing and opining, teaching and preaching, storming and performing at many locations throughout the USA this year! His tour of witty and serious pontifications may be scheduled on a planned or ad-hoc basis; for public or private meetings and gatherings; formally, informally, or over lunch or dinner. All medical societies, financial advisory firms or Broker-Dealers are encouraged to submit a RFP for speaking engagements: MarcinkoAdvisors@outlook.com
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