Becoming a finacial advisor
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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?


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Posted by LSUcam on 11/13 at 9:04 am to mandevilletiger34
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.



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Posted by Janky on 11/13 at 9:05 am to mandevilletiger34
quote:

proper certifications and licenses?


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.



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Posted by whodatigahbait on 11/13 at 9:30 am to Janky
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.


+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.



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Posted by mandevilletiger34 on 11/13 at 9:40 am to LSUcam
quote:

It depends. I am with Merrill Lynch as a financial advisor


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?



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Posted by LSUcam on 11/13 at 9:51 am to mandevilletiger34
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.


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Posted by mandevilletiger34 on 11/13 at 9:56 am to LSUcam
quote:

Are you looking at the PMD program?


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?



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Posted by Janky on 11/13 at 9:58 am to mandevilletiger34
quote:

but I am also looking to earn a salary with benefits while going through the process


Definitely look at a bank then, imo.


This post was edited on 11/13 at 9:59 am

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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


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Posted by mandevilletiger34 on 11/13 at 10:02 am to Janky
quote:

Definitely look at a bank then, imo.


Where would I even start...teller?



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Posted by LSUcam on 11/13 at 10:04 am to mandevilletiger34
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.)


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Posted by Janky on 11/13 at 10:14 am to mandevilletiger34
quote:

Where would I even start...teller?


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.



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Posted by mandevilletiger34 on 11/13 at 10:51 am to Janky
quote:

Where are you located?


I am in Mandeville & would like to stay in the area



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Posted by Janky on 11/13 at 10:57 am to mandevilletiger34
ok, good luck.


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Posted by BARNEYSTINSON on 11/13 at 11:24 am to Janky
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.


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Posted by mandevilletiger34 on 11/13 at 11:30 am to BARNEYSTINSON
quote:

the Merrill training program


Has anyone here paticipated in this?
What is involved?
Is it an internship/full position?
Any insight?



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Posted by Breadcrumbs on 11/13 at 11:57 am to mandevilletiger34
start at a bank in a personal banking or jr broker position. period. stupid to start at a wirehouse.


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Posted by bbuisson on 11/13 at 2:05 pm to Breadcrumbs
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.


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Posted by tigerrocket on 11/13 at 2:31 pm to mandevilletiger34
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.


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Posted by mandevilletiger34 on 11/13 at 2:46 pm to tigerrocket
quote:

If you can get into a training program



Would the Merrill Program qualify?



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