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| *Ostroff, Fair and Company>>>Financial Services |
I want to become a financial advisor. How can I break into the field? |
I have a bachelor's degree from Indiana University in Journalism. I have been working in customer service for manufacturing companies for the past year and a half. Should I go back to school for my MBA? Should I take an online course to become a CFP? Or should I look for an internship at a financial services company? You don't even need a university degree at all to be a Financial Advisor, let alone an MBA. (Also hard to do an MBA if you don't have a BBA...can't do a Masters of Physics unless you ..y'know, took Physics) Most Financial Advisor firms are hiring constantly, they usually do get you to train with them first at no pay and then send you out on your own. It's a totally commision based business, and you train and work for them initially for free, so they'll pretty much hire anyone who doesn't seem like a total waste of time. After that you've got to develop your own business, they'll give you a start on how, but its really up to you. Prepare for the idea of working a few years before building enough clients to make a profit. The companies usually have active recruiters looking for a sales force, call the company you're interested in and ask them about it. You could also visit any job fair, I garauntee there will be no less than 5 Advisor companies present recruiting Agents. I don't think it's a very good job, the vast majority do quit with losses in the first 2 years, but those who do become successful can make some money, but it's very work intensive and hours and inital investment are large. 'Breaking into the field' is kind of like saying you'd like to 'Break into door to door vacuum sales'..Just go tell them you want to, and unless you're retarded, you're in...in some cases, even if you are. PS though, Do NOT work for WFG. They'll bind your hands with crazy compliance. Work for something with a big enough name that it can help you market yourself, Primerica, Investor's Group...something more like that. Good luck if that's what you decide to do. I would think that you should go for an internship, that way, you can get more experience in the field. After that, you can begin to look for a job in one of those major companies like Chase, or Washington Mutual, etc. If you choose not to, another great idea would be to start your own business by getting an office and joining another co. so that you can sell their product. Then you should get forms from other companies so you can be appointed by them. Hope it helps! Smartcat's idea about an internship is an excellent suggestion. I worked for a bit with World Financial Group. With the mentorship and training I received there, now I take life easy and consider myself to be retired. http://wfg-online.com/ They're a national company (locate an office near you) that does no-nonsense financial planning. You do NOT need any further degrees to do this job!! All pay is based on commissions. Good luck! WFG in Reno, Nevada i was out of college with my bba and looking for a job in the finance industry, i did get to interview with some financial advising companies so i have some idea what is expected. This companies will take you on if you show a drive to suceed and are entrepreneurial in personality. They will sponsor you to take your certifications for example series 7,63,66 but they put you through a probationary period while you pursue the certifications. You have to know people or know people who are interested in your services as an advisor so you can enroll them and sell investment intruments courtesy of the company that is hiring you. My interviewing class came from diverse professional backgrounds so dont consider your degree as a strong selling point in the industry. It is important that you understand exactly what you are getting into to including commitment and how well you are positioned in regards to your skillset, accessibility to people requiring your service and committment to finding people who will require your srvice within or without your network. "Thats my two cents, spend it wisely" HO HO MARY NEW YEAR TO U ........... if u like to be a financial advisor u no need to go far oh but i do not no if wheater u working / studing but that it not a matter if u like toa do that job i can introduce one of it tho u because i was doing it myself & a group of freinds if u like to no more......... just email me : lam_shu_hoe @yaho0.com and hope that we still can freind HO HO MARY NEW YEAR TO U ........... if u like to be a financial advisor u no need to go far oh but i do not no if wheater u working / studing but that it not a matter if u like toa do that job i can introduce one of it tho u because i was doing it myself & a group of freinds if u like to no more......... just email me : lam_shu_hoe @yaho0.com and hope that we still can freind |
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