Life as a Financial Advisor | TigerDroppings.com

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mandevilletiger34
Member since Dec 2010
597 posts

Life as a Financial Advisor



who(other than tigerrocket!) can give me a run down of what to expect as a career option. hours/compensation/stress/longevity/where will i be in 10 years?

looking to start with Merrill Lynch or Edward Jones



This post was edited on 12/5 at 2:08 pm



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Tmacelroy12
LSU Fan
Houston
Member since Aug 2012
5489 posts

re: Life as a Financial Advisor


My uncle is a CFP and does really well for himself. He started off in bonds sales now manages the sale of mutual funds and ETFs. I'm not sure how many hours you will be working starting off, but it won't be bad if you enjoy it.





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Janky
LSU Fan
Team Primo
Member since Jun 2011
8329 posts

re: Life as a Financial Advisor


Weren't you inquiring about entry level positions last week? That is a long way from a CFP. Take it one step at a time. Letters behind your name don't mean anything without clients. Good luck.





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mandevilletiger34
Member since Dec 2010
597 posts

re: Life as a Financial Advisor


quote:

Weren't you inquiring about entry level positions last week? That is a long way from a CFP. Take it one step at a time. Letters behind your name don't mean anything without clients. Good luck.


Rookie mistake! Just wanted some feedback from some people close to or familiar with the path/outcome to this position or similarposition






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whodatigahbait
LSU Fan
Uptown
Member since Oct 2007
1297 posts

re: Life as a Financial Advisor


quote:

who(other than tigerrocket!) can give me a run down of what to expect as a career option. hours/compensation/stress/longevity/where will i be in 10 years?

looking to start with Merrill Lynch or Edward Jones


expect to be poor and work long hours for at least the first 5 years.






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Janky
LSU Fan
Team Primo
Member since Jun 2011
8329 posts

re: Life as a Financial Advisor


quote:

Rookie mistake! Just wanted some feedback from some people close to or familiar with the path/outcome to this position or similarposition


No worries. You will be grossly underpaid early on in the career and grossly overpaid later. BTW, Ed Jones is not the way to go in my opinion.






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mandevilletiger34
Member since Dec 2010
597 posts

re: Life as a Financial Advisor


quote:

BTW, Ed Jones is not the way to go in my opinion


I am looking to try the ML route if I can get in. I have spoken to a few banking people and they feel as though this would be a good route to start.






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mandevilletiger34
Member since Dec 2010
597 posts

re: Life as a Financial Advisor


quote:

BTW, Ed Jones is not the way to go in my opinion


I am looking to try the ML route if I can get in. I have spoken to a few banking people and they feel as though this would be a good route to start.






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BARNEYSTINSON
LSU Fan
Member since Oct 2011
199 posts

re: Life as a Financial Advisor


I am not a CFP, but have been in the business for a little over 10 years. I believe that the ML route for the training, followed by a stop at a bank as a junior broker is a great route. It will allow you to build relationships and get in front of clients. After you feel like you have a good understanding of being an advisor, then you should look at getting CFP and going on your own. The first 3-5 years will be extremely long hours but you will be fairly compensated. After that you will dictate your schedule and income. If you go the managed money route you will be selective of clients, but will probably work with the majority of ideal clients. If you go the commission/transaction route, you will have more clients and will always be chasing new clients. Hope this helps.





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GoCrazyAuburn
Auburn Fan
Member since Feb 2010
15008 posts

re: Life as a Financial Advisor


quote:

BTW, Ed Jones is not the way to go in my opinion.



Agree. I've had a couple of friends work for them, and absolutely hate it. terribly run company IMO






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Mako
LSU Fan
Baton Rouge, LA
Member since Nov 2011
268 posts

re: Life as a Financial Advisor


I actually am currently studing for the CFP. I work on a non-commission based/salary for financial service provider. I recently thought about moving to a brokerage firm and interviewed with several 'family' friends at the large frims in BR. Word of adivce from all of them was to stay put for at least a few more years. From my understanding, very few can start a book from 'scratch' in the current conditions (unless you are very well connected or get a book to start). My father is in the business and has advised me to do the same. Just keep that in mind as you start your career.





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mandevilletiger34
Member since Dec 2010
597 posts

re: Life as a Financial Advisor


quote:

Ed Jones is not the way to go in my opinion.


what about the following position Financial Professional Associate with The Prudential Insurance Company of America’s? Would that be a better starting point? I am really looking for something that I can be paid salary while also going through training/starting out before I would move to comission.






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Mako
LSU Fan
Baton Rouge, LA
Member since Nov 2011
268 posts

re: Life as a Financial Advisor


If I were you I would look into starting at a bank. They offer training, they have a client base, and its 'safer'. Other ideas woul dbe to work as on the industry side till you 'cut your teeth'.





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whodatigahbait
LSU Fan
Uptown
Member since Oct 2007
1297 posts

re: Life as a Financial Advisor


quote:

what about the following position Financial Professional Associate with The Prudential Insurance Company of America’s? Would that be a better starting point? I am really looking for something that I can be paid salary while also going through training/starting out before I would move to comission.


no almost certainly doesn't have a base and you will be forced to push their products especially insurance.






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Maderan
LSU Fan
Member since Feb 2005
493 posts

re: Life as a Financial Advisor


The training at the big boys is nice but do not go to work on the commissions side if you can help it. The industry is moving to the RIA model in my opinion.






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