THE BIG PICTURE
Philip Palaveev
What Makes Advisors Happy?
The answer will depend on much more than how much money they make.
H
APPINESS CAN BE SO SIMPLE. TAKE MY DOG. TO BE happy, he needs only a sunny spot on the grass and perhaps a can of food.
Happiness can also be so complicated. I have met more than a few wealthy and accomplished people who have sunk into depression and despair. There are so many things that make us either happy or miserable. Our careers can do both.
There are really two separate questions when someone asks us:“ Are you happy?” The simpler one is,“ How do you feel right now?” The more complicated one is,“ How do you feel about your life?” The latter question usually requires examining our feelings about our careers.
I have no qualifications in psychology or philosophy beyond a few bar conversations, but I have spent many years asking advisors how they feel about their business and their professional achievements, and I can’ t help but notice some recurring themes. I also happen to have some data.
There are some obvious questions you can ask yourself:
• Will money make you happy? Will growing your income make you feel better about your life?
• Will wealth make you happy? Not just income but also the accumulation of wealth, perhaps through equity.
• Will fame and recognition make you happy?( Perhaps you are the CEO of one of the top 100 RIAs on the annual list published in this great magazine.)
• Does it matter who your colleagues and partners are?
• How important is the interaction between your personal and professional life?
JUNE 2025 | FINANCIAL ADVISOR MAGAZINE | 15