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ELT
LSU Fan
Member since Nov 2012
155 posts
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Financial advisor career
Any financial advisors here?
Been thinking about taking a 180 and rerouting my career. Currently In a totally different field, just not enjoying it.
In early 30’s and have been giving this profession serious thought.
Been doing a little reading on it, talked to a couple people. Any advice on where to start/which company to try and perhaps interview with? Would be of course starting from square one, no financial back ground.
Thanks in advance.


Shepherd88
Member since Dec 2013
3176 posts
 Online 

re: Financial advisor career
The biggest thing about starting in this career is it’s sales for the first 3 years. You are selling yourself and trust to as many folks (who have money) as you can.

It’s not easy, it’s highly competitive, and it’s a highly regulated industry.

Some say it’s the hardest job you can have to make $100k and it’ll be the easiest job ever to make $200k.


GREENHEAD22
LSU Fan
Member since Nov 2009
14593 posts

re: Financial advisor career
Been thinking the same for awhile now. I am making a career change and this is on the list. Granted, towards the bottom but on the list.
This post was edited on 11/20 at 8:41 pm


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tigersfan1989
LSU Fan
Louisiana
Member since Oct 2018
509 posts

re: Financial advisor career
Like the prior posted said its all about sales. How can you convince someone that investing their $3 mil retirement account with you is a wise decision compared to all the other advisors out there? These decisions don't happen over night for people and it will be rice and beans for the first few years while you try and build your client base.
This post was edited on 11/20 at 7:14 pm


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GoIrish02
Notre Dame Fan
Member since Mar 2012
1150 posts

re: Financial advisor career
quote:

no financial back ground.


But you want people to trust you with their money? It's going to be rough convincing people to buy A shares at Edward Jones. Anybody with the ability to amass a fortune knows active management doesn't work long term, so you'll be stuck grinding out a living selling underperforming products to unsophisticated customers.


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Athis
LSU Fan
Member since Aug 2016
6154 posts
 Online 

re: Financial advisor career
The guy that lives across the street is a financial advisor and he is a self admitted socialist.. If I were a financial advisor to people who are about to be paying a lot bigger taxes I wouldn't admit that..


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ItzMe1972
Member since Dec 2013
4661 posts
 Online 

re: Financial advisor career
The biggest house in my neighborhood is owned by a financial guy.

There are tons of people who have NO financial literacy/sense. They need someone to offset their ignorance.

As others have said, need to be a salesman/advisor. If I was younger it would be a career path I would consider. I am good with numbers and sales.


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DiamondDog
LSU Fan
Member since Nov 2019
3239 posts

re: Financial advisor career
I was planning on doing this in college until I got out. I had interned at Ameriprise Financial with a Planner for a year. I looked around and realized...who is going to trust a 24-25 year old kid with their money?

Nobody.

I went into supply chain and it was the best decision I’ve ever made.

I’d have a lot more credibility now because of my connections but I’d have to go back and get certified and just, no.

The only guy I know in early 30s who is doing it is also a CPA. He earns his money being a CPA.
This post was edited on 11/20 at 8:50 pm


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FinleyStreet
Georgia Fan
Member since Aug 2011
6591 posts

re: Financial advisor career
The financial services industry is more over saturated than law. Plus anyone who wants to understand money can do some basic reading and manage and build their own wealth. Unless you have a ton of connections or an in-road to an established firm with clients, I would pass.


ELT
LSU Fan
Member since Nov 2012
155 posts
 Online 

re: Financial advisor career
The more I look into it, it surely does appear to be Saturated. then again, So is my current field. I’m not rushing into anything. The handful of people I know who do it do well for themselves, but like many have said, I know it’s bare bare bones for a few years at least.


tigers win2
LSU Fan
Baton Rouge
Member since Oct 2009
3549 posts

re: Financial advisor career
quote:

The biggest thing about starting in this career is it’s sales for the first 3 years. You are selling yourself and trust to as many folks (who have money) as you can.

It’s not easy, it’s highly competitive, and it’s a highly regulated industry.

Some say it’s the hardest job you can have to make $100k and it’ll be the easiest job ever to make $200k.


All of this is correct information.

The first 3-5 years are horribly difficult. Most don’t make it because they won’t put in the effort. Even a lot that put in the effort don’t make it.

My advice is to start at a local bank where there are accounts/ clients that need to be serviced. You can switch to a wire house later once you understand the field, have some experience and some contacts with money.



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LSUShock
LSU Fan
Kansas
Member since Jun 2014
3886 posts

re: Financial advisor career
quote:

I went into supply chain and it was the best decision I’ve ever made.


What do you do in supply chain? I'm in freight forwarding. Guy who held my position previously, left after 8 years to go work as an advisor for Northwestern.

I never used to understand how someone could go rep as a financial advisor or insurance broker, but after 6 years in outside sales, it makes sense. It's such a grind to sell anything, I see why people are drawn to the allure of selling it for your own "branch" and reaping that work down the road.

I have no problem banging door-to-door, but could never do it selling financial services. Props to those who do.
This post was edited on 11/21 at 12:48 pm


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nugget
LSU Fan
Mostly Peaceful Poster
Member since Dec 2009
11632 posts
 Online 

re: Financial advisor career
quote:

handful of people I know who do it do well for themselves


That’s sales. If you’re good at it and can handle the pressure, it’s a good career. If you’re not a natural, you’ll weed yourself out.


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The Torch
LSU Fan
DFW The Dub
Member since Aug 2014
13263 posts

re: Financial advisor career
You need friends/family with money who will trust you


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MikeBRLA
LSU Fan
Baton Rouge
Member since Jun 2005
12922 posts
 Online 

re: Financial advisor career
quote:

I was planning on doing this in college until I got out. I had interned at Ameriprise Financial with a Planner for a year. I looked around and realized...who is going to trust a 24-25 year old kid with their money?


I was in the same boat coming out of college with a finance degree at 21. I thought to myself, there is no way in the world a 45-50 year old man is going to listen to a 21 year old regardless of if I had 10x the financial knowledge of them. It simply isn’t going to happen.

So I ended up going a completely different direction with my career, but now than I’m older I still think about going back into finance sometimes.


Janky
USA Fan
Team Primo
Member since Jun 2011
35090 posts

re: Financial advisor career
If I was going to do it all over again I would probably go with a bank. They typically have good training and a client base to draw from. After establishing myself I would then look to go independent.


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barry
Cincinnati Fan
Location, Location, Location
Member since Aug 2006
48166 posts

re: Financial advisor career
quote:

Financial advisor career


It's one of the careers that are being fast-tracked to automation. You won't be doing any serious wealth management and I'm guessing the vast majority of their clients are aging boomers.


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