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| *Ostroff, Fair and Company>>>Financial Services |
Do financial planners make alot of money?? |
my uncle said i should be a financial planner. does anyone know what they do and their salary? and if its a good job? im going to cal state fullerton for business! Let me know what you think! Well, they don't tend to get a salary. most financial planners are independant agents who are paid off commisions based on sales of insurance, mutual fund products and the like. Some are paid by clients, but most are simply commisions and residuals based on sales to those clients. In rarer cases banks do hire planners on salary, but usually at fairly low pay, under 40k, you tend to work quite hard and longer than normal banking hours for clients without having the autonomy of other planners and you'll never own your own client list as it belongs to the bank. It's a fairly grueling job, especially in the start up. It usually takes several years to begin to turn a profit since you have to build up clients and start receiving a steady stream of residual payments from products you've sold. Building the business is the hard part, dealerships will hire you and teach you and point you in the right direction, but you're on your own really. Successful financial planners can make good money once they get rolling, but around 80% who enter the business leave within 2 years due to lack of sales revenue. The good news is you don't really have to go to school for it, you're really just a salesman, no more schooling required than for a car salesman, you'll be taught your products by your dealership, and most recommendations follow a formula based on client needs and commisions. I wouldn't suggest it, its a declining industry and while I wouldn't go so far as to call it a scam, your commisions and the client's interests are usually out of line. So your job becomes providing decent advice, but not the best advice. If you're planning to go to school for business, I'd aim for something more legitimate. If you're looking into Finance I'd suggest Research Analyst or Fund Manager as a good career goal. Financial planning is sales, so sky is the limit as far as income. It is somewhat limiting as not everyone can afford a financial planner. You would also need to obtain your CFP to be credible in the industry and it wouldn't hurt to get your series 7 and 63 licenses either. If you would like a career in financial sales perhaps a financial advisor is better for you. It is still a commission job, but not as limiting as far as clientele. You are basically advising clients on what investments are best for their short and long term objectives. To be a financial planner you would need your series 7 and 63 licenses. If you are really serious about it check out American Express Financial Advisors, AXA, Morgan Stanley etc.. they are always advertising positions for financial advisors and have open houses often. Check one out and see what it really is about, even if you are not graduating soon atleast it points you in the right direction and gives you a business contact. |
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