Getting a financial advisor job.

How did you get your start doing financial advisor work, and what career moves did you make to get to your current position?

Do you need a particular educational background?

Yeah,

I'm searching out the same question... any help out there?

- D

Derek,

Most investment brokerage firm requires at least two things: an undergraduate degree (does not matter what it is in, however, background in finance and economics will help); and sales experiences. If you don't have either, then the next best thing is to apply for an internship--keep in mind that internship are mainly offered to recent college grad or current student.

I hope this help.

T

Derek in Fort Collins, Colorado said: Yeah,

I'm searching out the same question... any help out there?

- D

an impressive sales and banking resume' got me an axa advisors spot,..... We'll see how it goes though....

no offense, but AXA will hire anyone with any work experience. So will a lot of other firms out there like prudential and ameriprise. Post your resume on monster under finance or even a non related field, and you'll start getting calls and e-mails.

I am very familiar with the industry, (I worked 2 years as an FA before making the transition)

The problem with this companies is that they focus on insurance (their bigger ticket item), and train their sales persons to sell it.

So rather than do a professional job for their client, they tend to get the "Car Salesmen" version of a Financial Advisor.

It will be better for the client, if there are higher standards for advisors and they are all "fee based"

Yeah in New York, New York said: I am very familiar with the industry, (I worked 2 years as an FA before making the transition)

The problem with this companies is that they focus on insurance (their bigger ticket item), and train their sales persons to sell it.

So rather than do a professional job for their client, they tend to get the "Car Salesmen" version of a Financial Advisor.

It will be better for the client, if there are higher standards for advisors and they are all "fee based"

Anyone working for UBS as FA? If yes, what is the most challenging part of your experience? What kind of support are you provided?

Roy in New York, New York said: no offense, but AXA will hire anyone with any work experience. So will a lot of other firms out there like prudential and ameriprise. Post your resume on monster under finance or even a non related field, and you'll start getting calls and e-mails.

In your opinion, how is Smith Barney? It is funny, I interviewed with AXA and Ameriprise. Both wanted to hire me and I decided to go Pre-employment with AXA. They are pushing me for contact names... while I have been studying for my Series 7 test. I withdrew from the program and plan to study for the 7 at my own pace while continuing to hold onto my current job.

Seeking help or making acquaintances with other financial advisors who have experience can be very effective. But experience is key, so when searching online forums make sure that the site is "selective" of their posters so you are listening to professional advice, people who know what they are talking about. I'd suggest sites like certified networked advisors (www.networkedadvisors.com) where users actually provide proof of their experience.

Roy in New York, New York said: no offense, but AXA will hire anyone with any work experience. So will a lot of other firms out there like prudential and ameriprise. Post your resume on monster under finance or even a non related field, and you'll start getting calls and e-mails.

you may be right, however, Everyone in my firm are well-qualified, have at least a degree and prior sales experience.

Im still in school, so i suppose i got lucky, But in the NY office, im the exception.

Host said: How did you get your start doing financial advisor work, and what career moves did you make to get to your current position?

Do you need a particular educational background?

Waddell & Reed is where I started and I had zero experience in financial services, in fact I was a cop for years. The main thing that bigger firms want to see is that you know people in your natural market that have investible assets. If you know alot of well off people it doesn't matter what your background is as long as you have no criminal record and your credit is ok. I worked for them for a few years and went independant last November.

Scott in Gloucester, Virginia said: Waddell & Reed is where I started and I had zero experience in financial services, in fact I was a cop for years. The main thing that bigger firms want to see is that you know people in your natural market that have investible assets. If you know alot of well off people it doesn't matter what your background is as long as you have no criminal record and your credit is ok. I worked for them for a few years and went independant last November.

How do you go independent???

Scott in Gloucester, Virginia said: Waddell & Reed is where I started and I had zero experience in financial services, in fact I was a cop for years. The main thing that bigger firms want to see is that you know people in your natural market that have investible assets. If you know alot of well off people it doesn't matter what your background is as long as you have no criminal record and your credit is ok. I worked for them for a few years and went independant last November.

Scott,
Did you go independent with LPL? If so how did that work out? I've been with Edward Jones and Thrivent and am now on the hunt for a new job. New England financial (part of Metlife) has and offer on the table but I'm thinking I will not take it. I've also had thoughts of going independent but don't know of another route except for LPL. I echo Koshie, how are you going independent?

Roy in New York, New York said: no offense, but AXA will hire anyone with any work experience. So will a lot of other firms out there like prudential and ameriprise. Post your resume on monster under finance or even a non related field, and you'll start getting calls and e-mails.

Does that guarantee a spot? No.

No doubt other firms might be harder to get into, but I believe you will do just as well at Axa as almost any other firm.

Wade in Houston, Texas said: Scott,
Did you go independent with LPL? If so how did that work out? I've been with Edward Jones and Thrivent and am now on the hunt for a new job. New England financial (part of Metlife) has and offer on the table but I'm thinking I will not take it. I've also had thoughts of going independent but don't know of another route except for LPL. I echo Koshie, how are you going independent?

hey. i am thinking about doing some research on people who make career/life transitions -- what are the kinds of issues you are looking at which will get you to jump?

Robbie,
Issues that get me to jump? Paying the mortgage and feeding my family while being able to sleep at night mostly. At this time in particular, until yesterday, I was thinking of going back to my old career in corporate procurement and joining the thousands who have tried the Financial Advisor route, worked their butts off, and still could not make a living at it. My issues with the investments business in particular are that we DO NOT do what is best for the client. We do what is best for them that will make us, and the firm, the most money. We look for high net worth individuals while ignoring, at least in the beginning, those folks who have less money but still need our services. The industry has an 80% turnover rate. That is insane but it is what it is. I wonder has anyone ever thought of the billions of dollars that are brought in by the 80% who do not make it past the first year or two? These assets end up staying with the firm. Do you think it just might be possible that the firms are on to this as a great way to bring in business while getting out of paying commissions to anyone? Of course they have!

Sorry to unload on you but once I got started...

Does that answer your question? If not just psecifically what you would like to know.

Wade

I would like to know, what is a good commission to start, I have experienced in Real Estate field for 9 years, I have my own clients to start; I went to an open house with World Financial group, but the commission that they offer it was to low 35%.

Thanks for your answer!

Rob in East Orange, New Jersey said: an impressive sales and banking resume' got me an axa advisors spot,..... We'll see how it goes though....

I was offered a spot with AXA and passed. Didn't like the "training" setup and having togive up names prior to knowing anything about the business. I felt this to be unprofessional. ML and SB, etc would never let you talk to a client w/o proper training. AXA wants you to line up appts with your contacts and basically shadow them while they make their pitch to your contacts. Think about this. I'm out.

Roy in New York, New York said: no offense, but AXA will hire anyone with any work experience. So will a lot of other firms out there like prudential and ameriprise. Post your resume on monster under finance or even a non related field, and you'll start getting calls and e-mails.

How would you know?

Looks like you have posted your resume there huh?

Kind of harsh to say they'd hire anyone....

Think about that.

Richard in Lewisville, Texas said: I was offered a spot with AXA and passed. Didn't like the "training" setup and having togive up names prior to knowing anything about the business. I felt this to be unprofessional. ML and SB, etc would never let you talk to a client w/o proper training. AXA wants you to line up appts with your contacts and basically shadow them while they make their pitch to your contacts. Think about this. I'm out.

Well im about certified and see them regularly and they havent asked for any names or even spoke of any name requests as of yet.

Id never give anyone any numbers if I wasnt going to call them. Sounds pretty unprofessional down in tx and I honestly dont think its done the same way here in NY.

A4Fd in Saddle Brook, New Jersey said: Well im about certified and see them regularly and they havent asked for any names or even spoke of any name requests as of yet.

Id never give anyone any numbers if I wasnt going to call them. Sounds pretty unprofessional down in tx and I honestly dont think its done the same way here in NY.

I had a very similiar situation and I am in NJ!!!! They kept asking me for my "natural market" "target market" and "business market" lists and everytime I gave it to them, I was told I needed to add more names. Then we could go on appts. together!!!! This was done before I even opened the Series 7 book!!!! It reminded me of the Primerica salespitch!!!!!

Wade in Houston, Texas said: Scott,
Did you go independent with LPL? If so how did that work out? I've been with Edward Jones and Thrivent and am now on the hunt for a new job. New England financial (part of Metlife) has and offer on the table but I'm thinking I will not take it. I've also had thoughts of going independent but don't know of another route except for LPL. I echo Koshie, how are you going independent?

Hi Scott,
I was looking into Edward Jones, how were they to work for? Any advise would be greatly appreciated- I am looking to get into the field and they seem to have the best training program- 18 weeks!!!!!

Tom in Budd Lake, New Jersey said: I had a very similiar situation and I am in NJ!!!! They kept asking me for my "natural market" "target market" and "business market" lists and everytime I gave it to them, I was told I needed to add more names. Then we could go on appts. together!!!! This was done before I even opened the Series 7 book!!!! It reminded me of the Primerica salespitch!!!!!

wow man thats beat.

They didnt do it in NY and they did it in jersey? Maybe bc NY is rich enough for potential clients?

Try to come to the city!

^^ they even have a piano man in the lobby during lunch and afternoon!

Ok im done.! Looking back on this post I cant even believe I recognized primerica as anything Doh!

What does "about certified" mean? Are you talking about the licensing? Yeah, things might be different for you but I'm describing exactly what is done here. Nor do they provide you with a computer or software. I can afford one-that's not the point. But it seems pretty ridiculous anyway. I was told that the reason they immediately have you schedule appointments and go on calls with you is so that you will have some comissions coming in by the 3rd or 4th month and will have learned "the ropes". Pleeeease... They also told me I had 45 days to get the licensing (7, 63, 66) and that one guy did it in 18 days. Sure he did...A friend of mine with Edward Jones actually accepted a position with AXA and they took several hundred of her best contacts. As soon as she realized what the "program" was she politely walked-without her names....
Lastly-heavy annuity sales is what I've heard. Big commisions but not the answer for most.

Yeah they are known for their emphasis on annuities, their commercials are even pushing them.

I agree that annuities arent always the way to go as well. I'll be damned if they go against everything I am learning and make me push annuities on clients who would not be best off w/ one

Some horror stories yes,.. They gave me an open window of almost a year to get certified and told me that all I'd have to do is reapply for the next year if it took longer than that....

Ive been dragging my feet but im taking the 7 within 2 weeks. Damn guys I really feel where you are coming from but i suppose some offices are different

Richard, each office space has a company supplied computer as well, But most of the guys use laptops either way

If you need one, check out Ebay, they have some quality ones believe it or not for cheap

Does anyone have any specific experience with UBS and their approach/training to becoming a FA?

Would appreciate any insight on this!

Host said: How did you get your start doing financial advisor work, and what career moves did you make to get to your current position?

Do you need a particular educational background?

How many people you know and how well you can sell you sef while claiming their best interest at HEART.

AXA FA candidate in other words NO EXPERIENCE, Whoever gave up their bread and butter is a fool and should have lost their clients and potential clients to any company or competitor. That was just poor business and a person is less likely to do that if they had some introduction to a full spectrum of business and financial planning material (investments, Tax, Retirement planning, estate planning, and insurance).

Also that is how an individual goes independant. They take their portfolio of clients and leave the company or just branch out from the company. Then hiring a newbie like me to train and collect percentages from. Similar to how law firms work. Being in my shoes I only hope to gain a position and licenses after now being sponsored. If Im lucky and good at my job, in addition to developing a mentor protegee relationship, I may be given a portfolio of clients from a seasoned FA. Who knows its all up to the individual and their relationships with everyone they meet.

Hi Guys,

I need help. I am being recruited by MetLife for a Financial Advisor position. My backgroung is in business and sales. What are the pros and cons of taking this job? Are they gonna use me for my contacts? What is the pay i should really expect if im on commission and how many hours a week realistically? See i am a mother of four and need to take the right steps. Please help.

Thanx,

Arda

I actually have an interview with Waddell and Reed here in Reno. I have a few years banking and a few years sales experience. But I don't know anyone well off. If that's going to be the tipping point for me getting the job or not, then that bites! Does anyone have any interview tips for me for this financial advisor position? Thanks, ahead of time.

Scott in Gloucester, Virginia said: Waddell & Reed is where I started and I had zero experience in financial services, in fact I was a cop for years. The main thing that bigger firms want to see is that you know people in your natural market that have investible assets. If you know alot of well off people it doesn't matter what your background is as long as you have no criminal record and your credit is ok. I worked for them for a few years and went independant last November.

I have an interview with W. Reed, tell me what to expect.. I dont know that many people, how is the pay salary plus commision, is thete a sart up cost and is the training paid while you study for the series exam.. Thanks.. Oh what is the typical first year income.. Thanks a lot my interview is Monday 31

Hi I hsv an interview with W. Reed tell me what to expect far as is training paid, typical first yr salary, how to get clients, is there start up cost, did u like it and why did you go independent. you can email me at misskimm222@yahoo.com thanks

Whats wrong with the companies u r with and what is LPL thanks. I new need a little info for my interviews nwxt week. What do u think r good companies to start with and why.. thanks alot

I had the interview yesterday.
15 people were suppose to show up, 6(including myself) showed up. We received a recruiting informational packet. The hiring officce manager came in and we went around the room, stating our name, our work background and why we want to job. Then he talked about the company and how it was for him starting off.
GOOD: earing potential is amazing because you will have residue income after the first couple of clients you start portfolios with. There is a salary compensation of $2000/month for the 1st year, starting after the 12 week training period. Commision structures start off at a minimum of 50%. 1st year earnings average $58,000. (if you get 10 contacts/week)
BAD: 12 weeks unpaid training
you must study for series 7, 66, and life/health insurance tests. All of which you must pay for, totaling $1800. They will only reimburse you after you past the tests. You MUST be involved, or get involved (which is my case) with your local community. You are required to market yourself from day one and have to bring in a list of 10 contacts weekly. Your target market are individuals that are getting ready to retire and have done the right thing all their working life; good credit, already have 401K's, pensions, stocks. You'll need to infiltrate all type of environments where these type of people go to mingle.
Interview, well if you want to call it that, was a piece of cake. No resume of referances are needed. Look super professional and be prepared to talk about hoew aggressive and determined you are. The group interview is ended with the recruiting manager passing the ball in your court, and telling you to call him to schedule a meeting and discuss you possible career with him more. You need to think about it you are willing to go without an income for 3 months, pay $1800 for tests, studying 4-6 hours aday for the extremely hard exams, and possibly going even more out of pocket to pay to meet with your potential market. Good Luck

Hi. I was wondering do they run a credit check when applying for a financial advisor positions? My credit went down hill the past 4 months and don't feel like getting turned down because of bad credit. Thanks.

Oh by the way, the name of the company that I will be interviewing with is Ameriprise.

Absolutely, they do and should check it. Have you seen your report? Can you explain the problem areas? If you interview well, meaning that you build confidence in you then at some point prior to the anticipated credit check consider addressing it yourself to show your confidence as opposed to "hiding and hoping" they'll miss it, which they won't. Give them reasons to want to hire you that outweigh those that would cause them to not want to.
Good luck!

yes. but mine was under600 and they(waddell&reed) hired me. they look at the type of debt thats on their. if you have nothing major like bankruptcy, repo's, or foreclosures...you're good.

What about accounts in collections? I haven't had any bankruptcies, repo's or foreclosures, but I do have a $6,500 credit card account that's in collections. Should be paid off in the next 6 months though, but I'd rather start working now.

Thanks!

Ameriquest shouldn't be that picky. I think you'll be fine.

There's only one way way to find out! Go for it!

I'm intnerviewing with New England Financial. They said they will provide leads. Does anyone have any experience or know about their lead program.

Thanks!

Host said: How did you get your start doing financial advisor work, and what career moves did you make to get to your current position?

Do you need a particular educational background?

On the topic of financial advisor jobs: I applied at Prudential and was not too serious about the position. After I met with the guy I realized how much cold calling they want... like 200 people you could begin calling now to sell life insurance.
Results of the aptitude test: bombed it. He said I got half right on just that part... it felt like taking a college Algebra class again.. with zero studying. I was glad to get that far. Prudential is trying to sell not just investments but insurance. From the sales side I don't think I could stomach that anyway... really glad I did not get an offer.
moving on in Mpls

I am looking into a FA position with Smith Barney or Edward Jones. Any suggestions (pros and cons) would be greatly appreciated!

There is a huge cultural difference. Smith Barney is owned by Citigroup. The upside -- you have huge resources for your clients (business loans, equipment loans, mortgages, etc.). The downside -- it is a big firm and bureaucratic. They have a well-paid training program and very low attrition. Jones is a regional firm that was started out of St. Louis, Missouri. The upside -- They have a small firm feel and a down-home kind of demeanor. The reps (who make it through the training) are tremendously loyal and very hard workers. The downside -- You still get started by using "the recipe" -- which is knocking on doors and asking for business. They still use one-man offices, so you really don't get a lot of synergy from working with other trainees. I guess you talk to them on the phone -- but it's not the same. Jones specializes in mom and pop accounts. This is great -- but you'll find the wirehouses are going toward not paying out on small accounts. Also, they have enormous attrition. I had lunch with a six-year Jones rep who said he was "fat and happy" because he was doing $250k gross on a $30 million book -- which means he is taking home (after expenses) around $80k a year. That's not very good. Morgan cut 1,000 reps a few years ago -- anyone doing under $220k gross. They are just getting into separate accounts -- which Smith Barney has been doing for four decades. I had a client with $60 million -- what would Jones do with him? Put him in mutual funds? I put him in institutionally managed accounts. Anyway, you need to do what is called "due diligence" in this business. At the end of the day, if you see little difference between the firms -- then you'd better go back and look some more.

Tom in Lebanon, New Jersey said: I am looking into a FA position with Smith Barney or Edward Jones. Any suggestions (pros and cons) would be greatly appreciated!

There is a huge cultural difference. Smith Barney is owned by Citigroup. The upside -- you have huge resources for your clients (business loans, equipment loans, mortgages, etc.). The downside -- it is a big firm and bureaucratic. They have a well-paid training program and very low attrition. Jones is a regional firm that was started out of St. Louis, Missouri. The upside -- They have a small firm feel and a down-home kind of demeanor. The reps (who make it through the training) are tremendously loyal and very hard workers. The downside -- You still get started by using "the recipe" -- which is knocking on doors and asking for business. They still use one-man offices, so you really don't get a lot of synergy from working with other trainees. I guess you talk to them on the phone -- but it's not the same. Jones specializes in mom and pop accounts. This is great -- but you'll find the wirehouses are going toward not paying out on small accounts. Also, they have enormous attrition. I had lunch with a six-year Jones rep who said he was "fat and happy" because he was doing $250k gross on a $30 million book -- which means he is taking home (after expenses) around $80k a year. That's not very good. Morgan cut 1,000 reps a few years ago -- anyone doing under $220k gross. They are just getting into separate accounts -- which Smith Barney has been doing for four decades. I had a client with $60 million -- what would Jones do with him? Put him in mutual funds? I put him in institutionally managed accounts. Anyway, you need to do what is called "due diligence" in this business. At the end of the day, if you see little difference between the firms -- then you'd better go back and look some more.

Does anyone have any experience with John Hancock as a financial advisor

Leo in Troy, Michigan said: I'm intnerviewing with New England Financial. They said they will provide leads. Does anyone have any experience or know about their lead program.

Thanks!

I do not know about there lead program but i did have an interview with them recently. It all went fine then they told me i will have not just one inteview but three. After I finished the interview I had to take the Oxford Learning Aptitude Survey online and I failed it. To be honest you should research that and be prepared it is the hardest test i have ever took in my life you cannnot even prepare for a test like this.