What Does It Take to Become a Financial Advisor?

What Does It Take to Become a Financial Advisor?

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

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I was a history teacher for 15 years. Now I teach life design, personal development and personal finance at my highschool. Loving it and students are thirsty for this knowledge at 16. I started investing at 18, bought 4 rentals during the 08 recession and hit my fire number at 38 years old. I am 41 and get my pension at 52. I am considering getting a franchise in the next few years.

[cassnate]

Bo definitely doesn't have to explain how much he loves his job, it shows!

[R_Jon]

I love being a Financial Advisor. When a new advisor shadowed me a few years ago his comment was, “He doesn’t sell anything. He just lets his clients know what their options are, gives his advise, then just asks them what they want to do.” I’ve never felt like a sales guy.
If you have an option- BE INDEPENDANT. Our firm is comprised of all Independant advisors. It’s harder to start because there are no salaries, but long term it’s WAY better. I’m a fee only advisor, and I make a bit over $2M per year, and it just keeps growing. I now work 2-3 days a week. In full disclosure, it took me 20 years to get to this point. My staff services clients when I’m not there, and my executive assistant books my appointments on the days I work in one of my offices. It’s a fun career and I absolutely love it! If any of you want to ask any questions, I’d be happy to answer them.

[kkarinalew]

I’m studying for my sie and 7 now (and soon 66) Perfect timing!!!

[noelj]

I’m strongly considering dropping my real estate license and picking up this area. I’ve done accounting and I was a financial analyst for a resort so I do miss the consistent income. Yes, the commissions can be big in real estate but that’s it. You’re just working for commission only and not steady income, but still working with Customers and providing a great service.

[jerrystpierreofficial]

As a real estate investor, I really needed the help of a CFP when I decided to diversify into equities. He is a FEE only, fiduciary. I had much fear because I did not know anything about the markets. My CFP was very helpful to me. I built the courage to open IRAs and start investing into my TSP. PS. I love the show. I launched a show about life and money, and I give you guys shout outs. Keep pressing!

[fcoronel]

Great timing on this video. I work for a credit union and have been presented the opportunity to get licensed but I’ve been debating whether I want to go that route.

[TonyRealTalk]

I’m on my way to get my insurance license (studying for). After that I’m going to start into the path training for financial advisor with New York Life Insurance Company. And I want to do financial planning and wealth management. Is gonna take me around two years, first on every financial product and the second one into my own “expert”.

And yes, I’m changing career. And my goal is to help people. Specially the middle/low class and Latino communities.

[lepoj]

Got my series 7 and 66 licenses last year. I could have made a lot of money but I didn't enjoy the work. I now just what I learned for my own investing.

[edhcb]

Don’t want to be a financial advisor for the same reason I don’t want to be a college advisor and that’s because it’s no fun constantly dealing with people that have unrealistic expectations.

[cam.]

Fred, thanks for the helpful insight.
I’m turning 24 soon and have spent the last few years in the business/ commercial insurance industry as a consultant and salesperson.

I feel a pull towards being a Financial Advisor and believe it would be a good transition from my current role.


Would you recommend trying to get a position at a company like Schwab, Fidelity, Edward Jones, etc. or go for a smaller/ local RIA?

Any advice is appreciated!

[Jrmint]

The problem too is companies like vanguard and fidelity have digital advisors and they are cheap and you’ll get a return of 8-11%

[rusty]

61yr.old industrial mechanic looking for a change, any advice?

[LrenRjas]

There's pros and cons to anything. Salespeople are not bad people. Attorneys are salespeople, doctors are salespeople, writers are salespeople. So don't shy away from sales. Make sure to ask appropriate questions and then use your best judgment on if you want to work with an advisor or not. But just because a person is a salespeople, it's not bad. You have to show value for someone to buy from you.

[kennytrimm]

Can someone help me become a financial advisor?

[ChaimS]

I'm surprised you didn't mention the Series 65 license which is what I'm studying for now. It seems to be the best way to really start in the industry and see if it's something you actually want to do. Doesn't allow you to sell securities, so you can't fall into that trap.

[linnyh]

The most lucrative sales one can ever make are AUMs.

[FunStuffBuddy]

Agree with their comments. However, being a “fiduciary” is tossed around like it’s so rare. That’s a requirement of anyone with a series 65 license as a MINIMUM. Also many “salespeople” are making 0.25-0.5% in commissions vs this “fee only” approach is taking out 1.25% off the bat. So is it really truly so much better?