Anyone have any experience in this field? I have several years experience in the mortgage industry and I want out. Looking to get credibility through CPA, CFP and series licenses. I like the financial and sales side of things and from what I understand, baby boomers will be a big market in the next few years.
If you want in, get in now. Baby Boomers are already locking down their Financial Advisors. Get educated and licensed.
Thanks Tom! I've gotten a few calls from companies wanting me come in and interview, but it's 100% commission! I've worked in that type of job before, liked it for a while but I need a salary with some commission on the side. I see myself working for a bank and then maybe branching off on the 100% thing. Are you a Certified Financial Planner? How did you study for the exam? There is a school here that I can take the course all online. I'm going to take the introductory course see if I like it.
BOT! I just recieved an email from Morgan Stanley concerning a Financial Advisor position. Their name is very recognizable, but does anyone have any personal experience with them? Plus can someone explain how the compensation works for Financial Advisors?
The perception in Asia of CFPs are that they are glorified insurance salesmen. I am a CFP and a Professional National Accountant too. CFPs mostly are remunerated on a commission basis though some like Prudential pay a basic salary like USD1000 per month with sales targets of USD100,000. I was interviewed by Prudential and I thought to myself if I could sell that much I would be in business for myself and set up my own company reaping in that amount instead of being paid USD1000 which can't even pay rent and living expenses. Asian businessmen would rather go to their banker for free financial advice then go to a CFP. I remain being a CFP just to see where the profession goes. Secondly, only 5 CFPs in the country have listed themselves on the homepage and approx 3000 have decided just to keep quiet or not actively practise. Face it if you are financially sound why would you go to a CFP and if you are a CFP you should be making money for yourself. Great paradox but seems to work in the US but not in Asia. Finally, the Securities Commission also charges a fee for being a CFP and with the annual subscription of more than USD160 most people are unlikely to be members as that is the monthly wage rate of most people in the country. I might just starve. Companies that usually recruit CFPs are product based and just would like you to generate income by selling a whole load of insurance and assurance services. Asian investors tend to look at CFPs with suspicion as why would they inform a total stranger about their assets and wealth especially if they have local and overseas investments. I know of some CFPs who set up an office, stare into blank spaces waiting for customers to come in. Here, we call it swatting flies! The craze of being a CFP has waned and really the job prospects are crazy. A bank manager once told us during a CFP seminar that he reckons more investors come to him than to a CFP, again how ironic. So think again, do you really want to be a CFP, if I had to do it again I would rather be an international tax consultant for corporations and wealthy individuals.
Thanks salami89, interesting assesment from your country. I was interested in pursuing Financial Planning a few years back but I was told to take an insurance class. I did and I thought how boring this is! I still would like to keep this post going, I'm still curious about the field. Again, what I'm finding is that working for a "bank" would be a better choice than some of these investment firms. Wachovia is big here in the Atlanta area.
If you found the insurance class "boring" then chances are you wouldn't like being a certified financial planner. Most are engaged in selling and helping clients set up living trusts, family trusts, estate plans, tax shelters, etc., most of which involve annuities. You have to be well versed in insurance in order to do that, annuities are insurance. Also, you mentioned not wanting to work for commission but preferring to work on salary or salary + commission. The problem with salary + commission is that in many companies salary + commission is only to start, and deductions are taken from your commissions to 'pay back' your salary once your commissions get larger than your salary. Then after a specified time you go on straight commission. Companies that don't do that are not ones you'd want to work for if you're any good. That's because if you are good you will soon be selling more than your salary and then you'll wish you were on commission. Most CFPs work on commission only and many are independents who sign with several companies. The problem with working for one company in order to have the benefit of a guaranteed salary is that you are restricted to selling only that company's plans, even in cases when you know another company offers plans that better suit some of your clients. That's why a lot of CFPs become independents, even the ones who don't start out that way. Of course being an independent means you provide all your own benefits including health coverage, so if you have dependents it may not be the best option for you. No offense meant, and it's understandable you'd like to "keep the post going" but don't you think it's more suited to the Off Topic forum rather than the Distance Learning forum? You're asking about specific job information here, not educational options in financial planning. One more thing, what the previous poster mentioned isn't true only in Aisa. You can make a comfortable living as a CFP in the U.S., especially if independent, but you are basically viewed as a glorified insurance salesperson here too. Sure they call it "certified financial planner", but it's a little like calling the guy who picks up your trash a "sanitation engineer". It all depends on what you want. If a comfortable living is what you're after (if you're good at sales) then go for it, but if 'status' is most important to you then you're barking up the wrong tree. Kit
Go here: http://www.financial-planning.com/phorum/index.php check out the forum on getting started in financial planning. This will give you alot of the information you need and you can pose specific questions to the professionals. Good luck to you.
Go here: http://www.financial-planning.com/phorum/index.php check out the forum on getting started in financial planning. This will give you alot of the information you need and you can pose specific questions to the professionals. Good luck to you.
