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| Becoming a finacial advisor Posted by mandevilletiger34 on 11/13 at 9:01 am Considering a complete career change. With the right training and good company, how hard is it to become a successful financial advisor with proper certifications and licenses?Reply • Back to Top |
| It depends. I am with Merrill Lynch as a financial advisor for Merrill Edge, and the job is definitely performance based, but is much more relaxed than a build-your-book branch gig. When you have to go out in your community and solicit new business, that's when FA work gets tough. People like to invest with folks that they know and respect, and that comfort level is tough to establish. It just depends with the position and role you play for your company. Reply • Back to Top |
quote: That is the easy part. Building a book of business that supports you is another thing. My advice to you would be to start at a bank. They have decent training and and you have a built in referral base. You can then create relationships and move on later and hopefully they will move with you. Reply • Back to Top |
quote: +1. Another option is to try to get in with a wirehouse but ONLY if you can get on with an established group. Building at book solo can be really tought but if you are part of a group you have some backing and support. Reply • Back to Top |
Posted by mandevilletiger34 on 11/13 at 9:40 am to LSUcam quote: This is who I am looking to talk to? Part of the Merrill 38 month training program. I am looking for something where I can interact with people and keep learning as I grow. Is it more of a strictly commission based position? Reply • Back to Top |
| Are you looking at the PMD program? Just FYI, it is extremely demanding and the success rate is low. Not trying to say its a bad progam, but it is geared to someone willing to to absolutely whatever it takes. And even then, many fail. Reply • Back to Top |
Posted by mandevilletiger34 on 11/13 at 9:56 am to LSUcam quote: I believe that is what it was. I am not opposed to a challenge, but I am also looking to earn a salary with benefits while going through the process. Not sure if that program fits into that area? Is the program a full time "job?" Did you go through the program? Reply • Back to Top |
quote: Definitely look at a bank then, imo. This post was edited on 11/13 at 9:59 am Reply • Back to Top |
Posted by mandevilletiger34 on 11/13 at 10:01 am to Janky is this something that can be learned? I do not have an economics/financial degree but find the subject interesting and would like to learn Reply • Back to Top |
Posted by mandevilletiger34 on 11/13 at 10:02 am to Janky quote: Where would I even start...teller? Reply • Back to Top |
| With a limited financial background, a teller would not be unreasonable. I suggest reaching out to a few local banks and getting a beginner finance book (Finance for Dummies, A Random Walk Down Wallstreet, etc.) Reply • Back to Top |
quote: I will tell you this as I have been with an independant from day one. However, my brother in law started in the mortgage dept. of a bank and moved to the advisor side. I don't hink being a teller will help you all that much. You can start as a junior broker. Your senior broker should help you succeed because part of his income is determined by you. You will work long hours and som saturdays, but that is the price you pay. If you eventually make in the business it can be very rewarding. Where are you located? Good luck. Reply • Back to Top |
Posted by mandevilletiger34 on 11/13 at 10:51 am to Janky quote: I am in Mandeville & would like to stay in the area Reply • Back to Top |
| ok, good luck. Reply • Back to Top |
| I agree, that a bank is a great place to start. But, I disagree that it will provide great training. The bank will allow you to have access to prospects and their financial situation so that you wont be flying blind. I think the Merrill training program then switching to a bank if you arent with an established group as a Junior Broker would be my recommendation. Reply • Back to Top |
Posted by mandevilletiger34 on 11/13 at 11:30 am to BARNEYSTINSON quote: Has anyone here paticipated in this? What is involved? Is it an internship/full position? Any insight? Reply • Back to Top |
| start at a bank in a personal banking or jr broker position. period. stupid to start at a wirehouse. Reply • Back to Top |
| I wouldn't classify all bank programs the same. Some are terrible places to learn the business and others are better than your wirehouses. All depends on the program. Reply • Back to Top |
| If you can get into a training program with a wirehouse, it will open up opportunities within the firm and outside. Once a wirehouse pays for your training and licenses, you will have many options including joining a successful team . Banks typically don't hire financial advisors that aren't licensed and have some experience. You will learn very little as a bank financial advisor, except how to sell annuities and other high commission products. Reply • Back to Top |
Posted by mandevilletiger34 on 11/13 at 2:46 pm to tigerrocket quote: Would the Merrill Program qualify? Reply • Back to Top • Refresh |
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on 11/13 at 9:04 am to