Career Path as a Financial Advisor

I recently accepted an offer from Edward Jones for its Financial Advisor's position. I understand/expect that there will be lots of hard work put into building the book of business, and by looking up the voluntary turnover rate for Jones (11%*), it makes me wonder what's the typical career path for a Financial Advisor in the financial services industry, do people enter investment banking, corporate finance, etc? On the same note, what should I do to maximize the career as a FA to build a solid foundation for future careers/jobs in the financial services industry. Any helpful suggestions are welcome. Thank you for your time.

*money.cnn.com/magazines/fortune/bestcompanies/2008/snapshots/4.html

Don't worry about turnover/failure. You need to focus on being successful...and you do that by keeping your nose to the grind and staying busy using all methods of Prospecting. I call it spokes on a wheel.

Prospect, Prospect & Prospect will grant you success, especially in the beginning. Don't get bogged down doing anything else but prospecting.
You've been issued a Shotgun, go hunt and kill anything.

If you are looking for some cash and a possible position contact info@nichenewsusa.com - Junior Brokers only.

Hi ssw825, the financial advisor career, unlike most other type of careers, really doesn't transition into a different role with time and seniority. As the advisor becomes more successful they will simply continue to grow his/her book of business which of course also increases their income. As time goes on they will start to give away their smaller household (in terms of assets) and increase their minimum on new accounts they will accept.

In a few cases some advisors will decide to go into management and will transition into this after being an advisor for a few years. Different firms handle this in different ways but normally the advisor will become a "sales manager" or assistant BOM. Then after a certain amount of time and experience they can move on to become a branch manager where they are normally paid a salary and get a bonus which is based on the P&L of the branch. At this point it gets much harder to move forward but for the select few opportunities exist to become a regional/divisional director, national director, etc...these jobs pay well but seem pretty political at this level.

In terms of moving into something completely outside of the advisory/management role; I have seen several previous advisors transition into being a wholesaler or product manager with good success. Transitioning into IB, trading, portfolio management is much less common but certainly not impossible. The problem here is that the skill sets necessary for these roles is very different than the skill sets necessary to succeed in the advisory business. Getting a MBA or CFA credential can help out here along with being ambitious, patient and willing to accept junior roles to get your foot in the door and get experience.

I’m not going to make any decisions supported on a survey from a magazine, but this occupation is something I’ve thought about occasionally over the time few years. There are 6,100 job openings apiece year according to Money Magazine, and that probably doesn’t allow new clannish training businesses.

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