This month, I’m going to be posting some quick interviews with various experts and authors on the site. Recently, I asked our Sales and Marketing for Boomers expert, Jason Lampa, a few questions about the state of the financial services industry. Jason is a strategic consultant and leadership coach to independent financial advisors and RIA advisory teams looking to become the wealth manager of choice to the affluent during both the accumulation and annuitization stages of life. Here's what he had to say.
ProducersWEB: What is your favorite thing about working in the industry?
Jason Lampa: I come from a family of educators, my father a principal and my mother a guidance counselor. Teaching and coaching is sort of in my blood. Coaching new financial advisors is my favorite part about working in this industry.
PW: What is your least favorite thing?
JL: The scrutiny that this industry faces is completely unfair. 99.9 percent of the financial professionals that I come across have the highest of standards when it comes to business ethics and supporting the needs of their clients. At the end of the day, it is the end client (investor) who winds up suffering from increasing regulation. On many occasions, I have been witness to financial advisors not recommending what are deemed “risky investments” because the risk to their business outweighs the benefits of providing that investment strategy for their individual client. Regulation should not be a barrier to entry.
PW: Do you think the next 10 years will bring significant change?
JL: Yes, I am extremely optimistic about the future prospects of our industry. I believe the recent turmoil in the global equity and credit markets will wind up being a blip on the screen when we look back 10 years from now. The need for financial advice has never been greater; however, those who want to capture this opportunity must be willing to change. During the next 10 years, I see the top wealth managers having a diversified business throughout the world, with satellite offices set up in places such as Brazil, India, South Africa and the Middle East.
PW: Do the words "increased regulation" keep you up at night?
JL: I am a proponent of monitoring fair practices and making sure that all investors are provided an opportunity to prosper from investing their resources; however, what keeps me up at night are my doubts about whether those in charge of increasing regulations have the experience to make the right decisions.
PW: What is your advice for someone who is just entering financial services?
JL: Three years ago I came across an article written by executive coach and author, Richard Leider. He had asked senior citizens over a 25-year span how they would have lived their life differently if given a second chance. Almost without exception, when looking back, they wished they had taken more risks. Think about that for a moment. That is pretty powerful stuff. When I speak with people entering the industry, I ask them to think about the times in their own life when they wish they had gone for it but decided to sit it out. I let them know there is good news, because they still have time on their side to take more risks, move to new levels of confidence and create a great career for themselves.
PW: If you were forced to wear a sandwich board and walk up and down Wall Street, what would the sign say?
JL: If your not willing to take risks, retire.
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