Name: Navigating the Challenging First 5 Years as an Advisor
Uploaded: 2025-05-22T15:00:00Z
Duration: 1 min 27 s
Description: Kaden Bernstein, a Morgan Stanley financial advisor, says that new advisors need a "thick skin,” should adopt the mindset of a business owner, and be proactive about communicating with clients.

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Kaden Bernstein, a Morgan Stanley financial advisor, says that new advisors need a "thick skin,” should adopt the mindset of a business owner, and be proactive about communicating with clients.

https://m.wsj.net/video/20250522/57461824-fa9b-4e7b-92ec-624d0cd0cba3/1/hls/manifest-hd-wifi.m3u8

Navigating the Challenging First 5 Years as an Advisor

So let's transition to that last phase, that first five years of becoming a financial advisor. I mentioned earlier it's 80 to 90% dropout rate.

Yeah.

And a lot of folks point to high rejection rate with clients. They point to burnout. So how do you really cope with those activities and the issues that young advisors are really facing in those first five years?

Absolutely. I'll say you have to have a thick skin. It is hard, 2022, downturn in the market. Whenever you see something like volatility within the markets, you're going to have issues with clients. So make sure you're reaching out to those clients first. That way you're not getting, you don't wanna receive the call. You want to make the call, right? So you wanna beat them to it. And then burnout is absolutely real. I think we all face it, but I think it's also understanding that what we do, we're really business owners. So as a business owner, you're going to experience times like that. It's going to happen. It might mean that really good things are happening, which is fantastic, and just, I think pushing through is a wonderful thing just to make it continue to grow. But I also understand needing that time and everyone should know their limits. It just, if you're feeling sick, if you need to take family time, you need to do that. You have to put those items first, absolutely.

Navigating the Challenging First 5 Years as an Advisor

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