Why You SHOULDN'T Become a Financial Advisor… The Truth

Today we're talking about the reasons why you shouldn't be a financial advisor or an investing professional. Here are some of the hardest things about being a financial advisor and why the job might not be for you.

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.

[kingofthebridge]

Listening to this makes me want to do this more. I have no friends very passionate about investment and hate ever being in a comfort zone.

[jadedjimmy]

Good stuff. I talked with a financial advising company for a while but I ultimately turned down the opportunity because they were, like you said, wanting me to essentially hit up every one of my contacts and ask if they’d be interested. Because I know so little about actual finance, it just felt really strange to ask people for my service when I had/have literally no financial advising experience to speak of. I think doing cold calls to strangers almost feels more comfortable than just asking all of my family and friends if they wanna get on board. 😂

[JonathanLizRoland]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274, 800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[CapitalWorksPro]

I laughed at how your first gripe was not seeing your friends for the first 18 months. All I can say is, having a baby is very similar to this. My youngest is 19 months old, and it wasn't until 3, maybe 4 months ago, that I started going out to spend time with friends on a semi-regular basis again.

[troythegreat]

I think all I really needed was just the confirmation that all of those struggles you mentioned was normal and it wasn't just me. The grass really does look greener on the other side! Thank You Josh for the video. Your videos really brought me out of the darkness and illuminated me into what being an advisor was really about. This is a long haul. I was struggling and I thought it was just that I sucked or it was my company but no I just need to work harder and keep pushing. Knowing that this is all normal and that I'm not working for nothing is all I really needed to know. Now I can feel a lot better about myself and strive to create a positive impact in other people's lives. Thank you Josh!

[dachin]

I think it’s important to touch on pay structure and how different firms operate. It’d be interesting if that statistic about failures was revisited and the poll asked how many of these advisors were commission only.

[petestone]

My best advice is to work at a major bank while you're in college or just graduated. Work as a Relationship Banker, Customer Service Rep, or heck even a Teller for about a year. I did, and was ready to be done and I quit. I was barely getting by and meeting goals of selling the most basic banking products and lines of credit. You certainly learn about regulations and compliance. Just selling those basic products comes with a hefty set of rules.

Nope, any career in being a Financial Advisor wouldn't have been a fit for me, even though I went to college and studied Business with a concentration in Financial Management. However, I found my calling in Supply Chain/Logistics and work that as my normal job during the Weekends (Sat-Mon, 3-13 Hour shifts) and when the market is open during the week when I'm available Tuesday-Friday I consider myself a day trader and manage my own trades and long term investments. I'm still doing what interests me and working for myself gives me the ultimate satisfaction. Thankfully technology has given everyone the tools and privileges to be market participants without working at an institution. Still takes years of educating yourself and hard work, but the point is do what works best for you.

[brettogata]

I have an MBA, retired Electronic Tech in the Navy, Cyber Security Supervisor but my passion is is cars and investing, so should I can I? Retiring again soon, my staff most don’t care about investing and future. I’m looking for folks who want advice and don’t want to depend of the government to take care of them. I have homes in a few states and overseas but I’m not rich, just comfortable and looking to help people. I have made many mistakes and time can be your enemy.

[hccproadvisors]

Hi, excellent video, I'm preparing for become Financial Advisors right now, Its a long time for me but in my case is a PASSION, I love the Finance, Business and Investment! I will star with Serie 6, 63, 65 and I always keep FOCUS in this.. Im Tax preparer and my business is an Accounting firm, Bookkeeping, Payroll, and Business Credit etc. Thanks you, you Canal is Great!!

[ashleycaldarelli]

I switched from finance to computer science because the work life balance of tech interests me, but I'm not sure if I like coding yet. I have a huge passion for business, entrepreneurship, and helping people with their finances, but the work life balance in finance seems horrible. I'm not sure what to choose

[ShawnMelton]

I have a really weird interest of figuring out what the cost of living would be in various places around the United States. Rental prices, what jobs pay on average, what the local tax rates are. I don’t really have any skills, except if somebody were to throw out the name of a random city or town I can tell you exactly where it is and how much it cost to live there lol I can tell you what the weather is usually like and all kinds of things. I feel like that’s my only real interest and it’s really weird. I’m trying to figure out what career field would suit me.

[kamilgerc]

Hi Josh! Want to say a word to you. Im a 33yo financial advisor from Poland with a 12yo carrer in business. For me it is very encouraging to hear that our little in comparison to NA polish financial advisory market works just as yours. Want to hear and watch more from you. Salud! 💪

[brianfretes]

hey josh, I love your videos and they help a ton, but I got a quick question. Since I know so little but have interest in the career, I would I really find out if I love this path and have a passion for it? I am a sophomore in college and about to start my finance classes in the fall.

[misfit]

This reminds me why I quit finance. My manager used to have a plaque on his desk which said “is that the light at the end of the tunnel? No it’s just some b’stard bringing me more work” though my clients were businesses and very demanding businesses. I had to date co-workers, frowned upon now but very popular then, because anyone I saw outside the company could not live with the hours I worked.

[michellesteele]

Hello Josh, I am curious to know the difference between a financial advisor and someone who trades (day trades) securities on the financial markets whether that consists of bonds, foreign currencies, future indexes or commodities?

[pranavvhankate]

Heyy Josh!!
Legit love your channel and appreciate your work mate...really helpful and insightful <33
I have a suggestion for ya mate: you can use graphics to make it more attractive and crisp on topics like advantages, disadvantages, skills and all
That's all...love ya mate

[justinmiller]

Great video. I didn't start making money til year 3. But now at year 10 things are pretty good. Stick with it!

[seancampbell]

Hey josh, I love your channel. Quick question. I’m a recent grad and determined to be a financial advisor, but I’m waiting on all these employers getting back to me. What should I be doing in my free time? Should I be studying for the finra licenses exams? Or something else? Thank you for taking the time, I’m telling all my friends about your awesome channel!

[awakentotruthmichaelsmith]

20 months in, and I can say it is an absolute grind.
Drinking out of a firehouse, overwhelmed, and it can be exhausting.
I focus on the big picture and it keeps me going

[ayejay]

As a natural workaholic who thrives under extreme pressure, you’re making this really easy for me. 😂