Career advice

Hi all,
I'm thinking about changing careers. I'm an executive at a large company and have done well for myself. However, I miss the basics - helping people, being of service, and doing something more usefull and giving back. Mid life crisis? I've loved personal finance for a long time and have helped my friends and family and thought, what the heck. Maybe I should do that. I'm in the process of interviewing with Edward Jones and it's going well. Do you see advantages of being older (late 40's) and helping people. I would think there would be an advantage than trusting a person right out of college. Not saying they don't know their stuff but there is a perception that they don't have enough life experience.

I understand the cut in pay, hard work, but I like the idea of my success being in my hands and not company politics.

Any advice is welcomed.
Thanks.

I'm 38 and am seriously considering a career as a Financial Advisor as well for very similar reasons. I'm a trader and have made a decent income but missed the feeling of helping people. Furthermore, I often have friends and family pick my brain about the markets and stocks and the like. I loved the interaction and also thought I'd be happier if I took this route...

Part of my process has been approaching friends and saying, "I'm giving serious consideration to becoming a Financial Planner. What do you think?" My feedback has been pretty positive. I've even had a couple of people offer to be my first client. You'll know right away what their perception is. As far as age is concerned, I feel there is an advantage to being a bit older. Look at all the investment ads. You never see a kid in their mid-20's pitching investment advice. I think people are calmed by others who have been around the block and have something to show for it...

I've also been reading the book, "Escape From Corporate America" by Pamela Skillings. An interesting read as it discusses how to assess your current job, identify your true calling, develop a plan to follow your creative dream, and how to overcome obstacles along the way. Maybe something you should pick up...

Thanks JP. Good luck to you and I'll pick up that book today!

justwondering in Whittier, California said: Hi all,
I'm thinking about changing careers. I'm an executive at a large company and have done well for myself. However, I miss the basics - helping people, being of service, and doing something more usefull and giving back. Mid life crisis? I've loved personal finance for a long time and have helped my friends and family and thought, what the heck. Maybe I should do that. I'm in the process of interviewing with Edward Jones and it's going well. Do you see advantages of being older (late 40's) and helping people. I would think there would be an advantage than trusting a person right out of college. Not saying they don't know their stuff but there is a perception that they don't have enough life experience.

I understand the cut in pay, hard work, but I like the idea of my success being in my hands and not company politics.

Any advice is welcomed.
Thanks.

I have been in the business 4 years. I am young and started in this career right after college. I truly believe having a little gray hair and years of professional contacts will make you more successful off the bat. I work for AXA its a well rounded company. I will be happy to answer any questions. If you are planning on doing financial planning it is really important to look at their planning platforms and is it a true planning tool.

justwondering in Brea, California said: Thanks JP. Good luck to you and I'll pick up that book today!

Did you end up with the Edward Jones position? I am in a similar situation with a midlife career change. I'm in my late 40's with 25+ years of success in another industry. Although I lack the formal financial training, I've been pretty solid with numbers in the past and have loosely followed that sector. Looking for a shift in career that brings me some satisfaction instead of just "the grind" of the old one. BIG salary cut, to the point where we might actually sell the house and scale back if I start anew. But, I see BIG upside with the change. And, the interaction and assistance on a personal level is always rewarding.

Any thoughts would be appreciated?

Am in a similar boat - 40+ experience in investments and insurance but not in the sales side. What type of firm is better - a large firm like Ed Jones or a smaller shop like Strategic Financial Planners. Another question for experienced financial planners, what is a reasonable income you can expect after working in the field for say 3 years?
Thanks in advance.

Hi Newbie, in regards to your comment: I interviewed with Edward Jones for its FAs position last month, and during the process I have met some impressive FAs that came into the financial services industry in their early 40's with 20 years of experience in another industry, such as the IT industry. The FA interviewed me has about 20 years in the IT industry, and when he came in as a FA with Edward Jones 6 years ago, he took a HUGE paycut. And now 6 years later, he made close to $200,000 last year. I hope this help :)

Newbie, the post by ssw825 is correct and most major firms would rather hire someone with some life experience and hopefully a few contacts as well. Being more mature will help you in terms of your credibility with clients and also will help you in dealing with the stress of getting this new business off the ground.

I think it is important for you to understand, however, that the first five years will be tough in terms of your work load and also the income you make. Firms will quote out a host of figures in terms of the average earnings, asset growth, etc.. but keep in mind that these numbers represent the percentage of trainees that "made" it. So while they may say the average (and average numbers aren't a good indicator either, ask for the median)is X amount of dollars in year one, two and three; when you factor in all the people that dropped out because they couldn't survive on what they were making...the numbers become much lower. Not trying to scare you but you need to understand the realitiy of how this job actually pays.

I totally agree with Wealth Manager. The average first year salary for FAs at Edward Jones is quoated at $65,000, and this number would be a lot lower when considering the stats for people that quit during the first 4 months or so. Also ask/research for the standard deviation of the salary if that is available.

Wow, this is a great discussion. I too am considering a career in financial advising with Edward Jones. I am very successful in my current industry (mortgages), however I really miss just simply helping people and having a higher earnings potential. Please elaborate, what are the first two years like and what does it take to succeed.

You need a good financial advisor to guide you in a better way. They will give good tips and information on how to plan for the marketing business. I got a good financial advisor for my business. They gave good information and useful tips. Now i am doing my business in a successful way.

www.gentlerainaffluentmarketing.com/