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As Baby-Boomers enter retirement, demand for financial services, and specifically financial advice, is growing. Thus, many job-industry experts believe that the Financial Advisor profession is set to grow significantly over the next 10 years. In this article we are going to discuss what steps a person must take in order to become a Financial Advisor.
This is an essential question to ask when first considering a career as a Financial Advisor First of all, as a financial advisor, a core focus of your daily work is sales. You are seeking to build a book of clients, and you build this book through networking and sales Remember, you are not actively managing people’s money as a typical Financial Advisor.Instead, you are simply selling them investment vehicles and receiving a commission Therefore, you must be comfortable with the idea of cold calling and knocking on doors!
Second of all, a Financial Advisor really must have an entrepreneurial drive. To find success in this industry, a person must have a strong drive and internal motivation to make money and succeed. A person should be very goal oriented, and a competitive nature can be very helpful Although many financial advisors do work for large corporations, it is still a very independent type of work environment Furthermore, most of your compensation will be commission, which means you will be paid based on your performance. Financial advisor work is not for the person who wants to sit in the corporate cubicle and watch Youtube all day!
Most companies will require you to have a Bachelor’s degree The type of degree is not that important. Instead, they simply want to see that you have the discipline and intelligence to get through college.
Most companies that employ a team of financial advisors will start you out by paying you a very small base salary and placing you in their training program Similar to forex education, these training programs are very intense and can last for anywhere from 3 months to several years Since a company spends so much money on training potential advisors, it tends to be a very competitive process to get in.
Financial advisors must pass their Series 7 and Series 66 In order to sit for these tests, a person must have a sponsor, and the firm you are training with will be your sponsor A 70% passing grade is required for these tests, and if you fail you will be able to retake them after 30 days.
It is never too early to begin networking and building relationships The success of a financial advisor is largely dependent on his ability to meet new people, establish trust, and win people over It is never too early to begin building a network of contacts and potential clients, even if you are still in training.
The first few years of your career as a financial advisor will most likely be characterized by low pay and long hours. Don’t go betting your extra money in online poker games or online forex trading! It is best to plan ahead for this by saving as much money as possible early, so that you are not under intense financial burden during the lean years However, once your book of clients becomes larger, then your commission will begin to grow strongly.
Source: Guest contribution provided by Forex Traders