What Financial Advisors DON'T Tell You About Being a Financial Advisor

Today we discuss the things that financial professionals and financial advisors don't tell you about working in the financial industry and things that you will learn when you become a financial advisor.

Josh Olfert is a professional CFP financial advisor and the Founder of Haven Wealth Management investment fund based out of Winnipeg Canada. Through this channel Josh shares his knowledge of wealth accumulation and personal investing to the world, in an effort to improve financial literacy and help everyone achieve their financial goals.

All numbers and figures discussed in this video are purely for illustrative purposes and are not to be taken as financial advice.

[xpscsuc]

Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over
There might be an economical turmoil but there is no doubt that this is still the best time to invest.

[MarcelPhilips]

Great video. We all strive for financial independence and better life. It’s not difficult in achieving this through the right investment, living frugally, and budgeting. I’m glad I learned early in life to work hard for financial freedom

[chungdem]

Hi Josh. Fantastic video. Your explanation of arriving at income goals then having the time to find other problems in life really hit home for me. I went through that in a big way the last few months and hit bottom. Wish I had seen your video a little earlier! Thanks for making it. It really crystallized what was happening with me and I’m very sure it will help a ton of folks.

[ClintonKane-bxjn]

Hey Josh, I own a RIA in upstate NY...started from scratch 5 years ago and doing well now but man your last two points could not be more spot on. You hit that level where you are in a good place financially and your mind will find other problems, you couldn't have explained it better. And everyday is a grind, but man I wouldn't ever choose a different career path, some of the most rewarding work one could ever do. Great videos, appreciate them.

[googatooga]

YOU. ARE. AMAZING. You know how many people I have found and asked that were as unbiased and honest as you? None. The passion for both finances and helping people is evident in you: you’re eyes, tone, the way you talk, and so forth. I really wanted this career path, but I realize I have some things to consider. And if I can’t come up with good enough goals or visions to pursue financial advising, then I won’t do it because I wouldn’t have the drive to keep going that you have.
Whatever happens, thanks for saving thousands of people from making the wrong mistake and guiding people like me to make the right one.
May God bless you. I’m sure we’ll see each other in heaven.

[searchbug]

It's all about the balance between helping clients achieve their financial goals and managing the nitty-gritty aspects of the job. The juggling act can be real! I appreciate your honesty and transparency. Keep the awesome content coming!

[fyydgfr]

Good points. Another consideration: having good mentorship which also helps prepare for that time when you don't need to slog anymore, but will still need balance in life, relationships etc.

[playful]

Thank you so much for this video. It is exactly what I needed to hear.

[dylaneckesbodybuilding]

Really great points here - one thing I would say or add is the right coach will help you with this initial conversations. Every company wants you to go build your own network, very few teach you how.

Great call outs in this video

[cristobalcruz]

As someone who is an aspiring financial advisor I didn’t know about the part about selling people products that they don’t even need. Thank you for showing me to look out for this in the future!!

[notreallyaghost]

5:08 is probably the best advice I’ve ever heard

[Hvspecter]

What I learned close to 10 years in banking is real financial advisor models that we know and look up to exists in private banking space and or cfp firm that are not tied to an institution. In other words, by law called fiduciary.

There are a lot of good folks out there, but most are pressured by their employer to push products.

[ShiftedPerspective]

You make good points. I am about 10 years into the business and feeling like, now what? More of something I already have? It becomes a pursuit of additional designations, structure, efficiency...the list goes on. But these are the "fun" problems I don't mind having.

[masondicroce]

This video is very sobering, I'm starting school soon taking business administration, and I got lucky enough to have a chance at an internship at a financial advising firm. I love the strategy with money and I want to help people, but you know, I think if I get it I'll give it a shot, and I'll give the business degree a shot, but I'm not a super outgoing person, some of the longer hours concern me and I'm not looking to just use people and sell them shit they don't need, so if it doesn't work out I'll just go for computer science. It's safe, it makes money, and if I really don't like it I'll just invest along the way so that I'm secure enough to get out. Thank you for the info, keep it up man.

[LiveKalam]

Thanks Josh, another amazing video. I’m starting my new role in August. If you have any tips that would be great. I think your right about the prospects, I’ve got a list of 80 odd but I think it won’t be that easy.

[doyrayburn]

I have a second interview on Tue with one of the top firms. Fin planning does help people, but the goal is to sell product. My angle was that my age and experience has prepared me well for this position and task via my own mistakes and learning curve. Wish me luck!

[samuelh]

Subscribed! New to your channel. Great feed back and input! Keep it up 👏🏻👍🏻

[shardulmakwe]

Thanks for the video, bud! Can you make something on fee-only financial advisors vs conventional financial advisors in Canada?

Notes.
1. Only about 20-25% of your friends & family will get behind you.
2. You have to learn how to get yourself out there.
3. In year 2 or 3, if you have done your job well, you will start getting revenues for the company. And you will start getting invited to more social gatherings for your employer.
4. Make sure you look at your incentive structure very well and prioritize your client relationships.
5. At some point, a decade or so into the career, when your income starts shadowing your expenses by a healthy margin and you have solved your money problem - you will start noticing a different set of problems. These can be associated with your health, personal life, etc.
6. Gradually, your role will change from one of a rainmaker/advisor at your firm to one of an operator of a business. You will have to teach yourself how to hire the right people, set up the systems & processes to streamline operations, etc.


Extra Inputs - for independent advisors:
1. Pick a niche early and specialize.
2. Start developing centres of influence.
3. Expand your digital presence (Website, social media, etc. - for the basics). Your end goal is to get in front of as many people as possible and let the law of large numbers get to work.

[alexashworth]

Ecclesiastes 5:19
"Moreover, when God gives someone wealth and possessions, and the ability to enjoy them, to accept their lot and be happy in their toil—this is a gift of God."

[Nate_Wentwhere]

glad you posted this video, because its studying for the series 65 rn.