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| *Ostroff, Fair and Company>>>Financial Services |
Is it easy to transition from being a financial advisor into some other profession with the financial industry |
I am considering entering a financial advisor training program at one of these large banks. I was told that the washout rate for new FA's after 2-3 years was pretty high (over 60%), since you have to be able to attract a fair number of clients to make it and many new FA's fail to do so. My question is, if I fail as an FA (which, given the odds, seems likely) is it possible or easy for me to take whatever I learned as an FA and whatever certifications I may have achieved and transition into some other position in the financial industry, other than being an FA somewhere else. Yes, you could transition easily but you will have the same problems AND this type of business is built on recurring commissions and loyalty and referrals. Even if you feel you are good at it, it takes a while to make decent money, you will need a good support group to help you through. It is a sales job. Source(s): Worked in the industry. It wouldn't be that easy. As the above aswerer said, keep in mind that there are many branches in the field (financial industry) for instance you couldn't be a loan officer because of the fact that you'd need training and knowledge in this area, if the lender or financial instituition would accept you without the proper credentials, such as a Real Estate license. This is just an example and I know you are only focusing on the FA part of it, however to answer your question, It is possible for you to take whatever you learned, (as you said) as an FA and quite frankly you'd have to start from the bottom as an apprentice or assistant at a firm in order to learn more and get your feet wet which would enable you to mingle and interact with top notch FA's, I agree that you have to work mostly on getting new prospects and referrals, and it's the toughest part of these jobs, in the industry, such as in mortgage lending, it is a sales job and not everyone sees it for what it is! Try American Express FA's. Good luck! No, its not easy. Most people go the other way, from somewhere in the financial/business industry to financial advisor. I can only think of two cases where the experience of a failed financial advisor could be useful. You could get into sales and use what you learned as an advisor. Also since you would have your Series 7 and 63, you could try to become an analyst (but it would still be difficult to find a job when competing against entry-level college grads). I would say to only pursue the career if you plan on doing it as a career, not a stepping stone. Intern at financial advisory firm. Also Ameriprise (Am Ex FAs) has a terrible reputation concerning training and treatment of new employees, dont listen to the other poster. That makes me feel good. I gave up trying to be an adviser when I realized that I would be making 50% of the first year's policy; it didn't interest me. I liked the income potential, but didn't like the disincentive to provide your customers with the best quality products. Ethics is highly important to me. I really liked selling the disability policies since those were helpful to clients. I also liked helping out with their investments. I only liked pure-protection life insurance even though that meant my commission was cut by 20% and the premium was much less. I want to do the right thing. I want to make money when people benefit. So if I refer people to Prosper, it is because I truly believe they will benefit by borrowing from them. I trust that Clark Howard, the Better Business Bureau, and the Federal Trade Commission's information is accurate. I am trying to become a financial analyst as well and am a recent college graduate. I find that experience is instrumental. I'd just say you are more interested in an office job than a sales job and are looking to provide an equivalent level of commitment. You'll definitely have to tweak that. Financial advisers and analysts have long shifts that are not traditional by any means and that was what had drawn me to the industry; working long hours to help your clients succeed. I find that very rewarding. Yes many people transition into other financial jobs, most don't use your licensing. I went from being a series 7 sales rep into cash mgmt sales and now into credit. My H moved into management. You know if you are planning to not be successful maybe its not for you. Many people do extremely well in the business and there is no reason for you not to unless you hold yourself back. Good luck. |
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