Career Path as a Financial Advisor

Get new comments by email
You can cancel email alerts at anytime.
Comments (10)

ssw825 in Phoenix, Arizona

62 months ago

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

- Was this comment helpful? Yes (11) / No (2) Reply - Report abuse

Moneyman13 in Viera, Florida

62 months ago

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.

- Was this comment helpful? Yes (5) / No (5) Reply - Report abuse

Wealth Manager in Pleasanton, California

62 months ago

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.

- Was this comment helpful? Yes (25) / No (2) Reply - Report abuse

Akshay in Bombay, India

59 months ago

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.

www.financialculture.com

- Was this comment helpful? Yes (2) / No Reply - Report abuse

jjis in Singapore, Singapore

57 months ago

The best career path is to get a mentor who is interested in guiding you and you can take it from there

- Was this comment helpful? Yes (1) / No (1) Reply - Report abuse

franjaja in Alexandria, Virginia

55 months ago

ssw825 in Phoenix, Arizona said: 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

It has now been 7 months. Can you please share your experiences? I am planning on taking the plunge myself.

- Was this comment helpful? Yes (4) / No Reply - Report abuse

Rosemary Young in Simsboro, Louisiana

55 months ago

I am going through the interview process. I have my final f2f tomorrow. From everything I have heard and read it is a tremendous opportunity but extremely hard. I believe with lots of hard work and dedication a person can make a lot of money. I think the best thing to do is stay focused and not worry about how others have done in the company.

- Was this comment helpful? Yes (3) / No Reply - Report abuse

junior15 in Monroe Township, New Jersey

42 months ago

I am in the process of interviewing for a number of FA jobs. I am intersted in finding out the experiences of older people who became FA transitioning from another part of the Financial service field. I don't mind hard work but I can afford to spin wheels for a few years? Interested in any thoughts

- Was this comment helpful? Yes (1) / No (1) Reply - Report abuse

FA in Los Angeles, California

25 months ago

If you like selling vacuum cleaners at the door, then you can be an Edward Jones FA.

- Was this comment helpful? Yes (18) / No (1) Reply - Report abuse

AdvisorM in Las Vegas, Nevada

14 months ago

Wealth Manager in Pleasanton, California said:
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've actually seen a few move to other sectors of finance, even though the skill sets are MUCH different. It seems like a lot of these employers don't realize it and just like to see finance experience on the resume.

Most of the time it is those who didn't have a big named school on their resume or non-relevant experience, they don't get noticed at first, then they get into the FA world for a few years to gain some experience and move on to what they really want to do.

Saw this article somewhere else on the forum, if your looking at a FA interview soon definitely review it so you know about the industry before jumping in head first. www.jobunlocker.com/blog/8-things-you-should-know-before-getting-a-job-as-a-financial-advisor/

Unfortunately, there are very few analytical positions at the big named financial firms these days and the sales positions are much more plentiful. Computers are replacing many of those positions.

- Was this comment helpful? Yes (2) / No (1) Reply - Report abuse

» Sign in or create an account to comment on this topic.