The title “My Yoga Teacher Decided to Become a Doctor” was written by Blair duQuesnay. She is a US adviser. Here is the link to her article. I’ve also added the contents below to read. She explains that her Yoga teacher has decided to retrain as a Doctor. It will take her about 8 years. She makes the point that a financial adviser can be regulated to provide advice within months. It is the same in the UK. In fact, it takes longer to train as a car mechanic. Think about that. Someone who services your car has more training to get to an acceptable standard than a financial adviser.
Yet thousands upon thousands of investors looking for financial help don’t ask such basic questions. How long have you been doing this job? Are you Chartered or Certified? If the answer is NO, perhaps you need a rethink. We know why people trust these salespeople, and yes they are salespeople. They cannot have the necessary experience to provide advice in a matter of months, yet they can sell investments and pensions. And if they say that have been in the ‘industry for many years’, why on earth are they are not Chartered or Certified? Are they just lazy? Whatever the reason, if they have been ‘advising’ for more than 5 years, they should be Chartered or Certified without question. It should be non-negotiable to you, irrespective of your relationship.
We know when you do business with these people, they are friendly, likeable, smartly attired, nice, welcoming, chummy, professional, sympathetic, sociable and pleasant, but these qualities can be dangerous to your future well being. They mask whats really important when taking advice. As Blair correctly states, “It’s not always possible to recover from bad financial advice. Other than your health, what could be more important than your financial well-being? You only get one shot at maximizing your human capital, saving as much as you can along the way, and enjoying the benefits of compounding returns. The stakes are too high…”
Unless your adviser is Chartered or Certified, whether they work as an adviser for a national firm, an IFA, a wealth manager, a private banker (giving financial advice), a discretionary fund manager, its time to make a big difference to your financial wellbeing by seeking them out and saying NO to the salespeople.
And yes we are friendly, welcoming, thoughtful and compassionate but we also have taken the time to invest in ourselves to deliver the best in advice. You can check out my qualifications here.
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Here is Blair’s article or follow the link
“My yoga teacher recently decided to become a medical doctor. In a lot of ways, this is a natural progression from her long-term dedication to health through yoga, Eastern medicine, and nutrition. For 15 years, Jessica has focused on the health of her students’ body, mind, and spirit as a yoga teacher, Ayurveda practitioner, and Registered Dietician. She named her yoga studio, Balance Yoga and Wellness to properly convey the focus of the space on total health and wellness.
In order to become a medical doctor, she is currently taking post-baccalaureate science classes to qualify for a pre-med degree. Jessica already has a BA in Sociology, French and International Economics, and she completed the Dietetics coursework and internship to become a Registered Dietician. Her Ayurvedic training, while not officially accredited in the U.S. is every bit as comprehensive as a degree.
None of this exempts her from jumping through the hoops required to become a doctor. She will have to take the MCAT and apply to medical schools. Then she will follow the path of all physicians, four years of medical school followed by residency. This means that if all goes to plan, she will become a doctor in about eight years. Did I mention she also has two children under the age of 5 and a full-time job running a yoga studio?
I’ve always been impressed by Jessica. That’s why I chose her as my yoga teacher, someone to guide me in the lifelong pursuit of an ashtanga yoga practice. I can’t wait for her to become a doctor focusing on the total health of her clients. I’ve been searching for a family doctor who will do just that. I’ll be lining up to become one of Jessica’s first patients.
I’m over the current system of medical care where patients sit in windowless waiting rooms with crappy magazines for hours on end. Once you pass the initial waiting room, there’s an even smaller windowless room where you sit on that table with disposable paper for another half hour while nervously checking your email or social media. Did I mention how cold it is in this windowless, cinder block cell? Your doctor announces her entry with a knock. She enters with a nurse who is the only person to actually look at you during the entire appointment. This includes the mysterious woman behind the sliding glass window at the registration desk. The doctor proceeds with 20 questions while furiously typing on her laptop, you receive and script, and you’re ushered-out post haste. Don’t forget to pay your co-pay on the way out. <end rant>
What if Jessica had instead wanted to become a financial advisor? How long would it take for her to start giving advice? If she joins a brokerage firm like I did to begin my career, she only needs to take a 6-hour exam called the Series 7. Given her educational background and aptitude for math (not that she needs it!), I estimate that Jessica could study for and pass this exam in six weeks. You might ask what the prerequisites are for taking the Series 7. They are simply that she be sponsored by “a financial company who is a member of FINRA, or a Self-Regulatory Organization (SRO)”. That’s it folks, if she can find a brokerage firm willing to sponsor her, all she has to do is score 72% or better on a 250-question exam.
In less than three months, a career changer can become a “financial advisor”. How does this compare to other jobs?
These are all jobs that will be in demand for the foreseeable future. However, only the doctor is dealing with life and death. The rest have room to make mistakes because a mistake on your tax return can be fixed, so can smudged nail polish, or a bug in a piece of software.
I’d argue that financial advice is similar to medicine in this way. It’s not always possible to recover from bad financial advice. Other than your health, what could be more important than your financial well-being? You only get one shot at maximizing your human capital, saving as much as you can along the way, and enjoying the benefits of compounding returns. The stakes are too high not to demand that professionals who give financial advice (or sell financial products) have adequate education and training.