If you've been looking at financial advisor jobs, or trying to find out how to become a financial advsior, I've got news for you: it's not as easy to make money with this position as you think.
I'm a veteran of the financial services industry, having spent 7 years as a financial advisor. I was blessed to have built a thriving practice of over 200 client groups. I sold my financial planning practice and received a very nice payout for several years.
So I'm speaking to you from experience when I say this: IT'S NOT EASY TO MAKE MONEY AS A FINANCIAL ADVISOR.
As a matter of fact, I would place this way of approaching income high on the difficult-ways-to-make-money list.
First, you'll probably work for several years before you turn a real profit. When I say several years, I mean in the neighborhood of 3+ years to really find your groove and have things moving along like clockwork.
Second, you'll probably work lots of hours in the beginning. Working 60+ hours as a financial planner is not unusual in the beginning years of building a practice. There will not be a lot of time spent with friends and family. They get used to it, but why should they?
Third, it takes time to build seasoned relationships with your clients, where they come to trust you, know you and like you. People only do increased business with people they know, like and trust. Depending upon your personality, it could be easy (or not so easy) for people to get to know, like and trust you. Time is required.
Becoming a financial advisor is not a viable solution for money problems today, if you're looking to make money quickly. You'll probably be out of lots of money and time before you actually hit profit status, which can be true of many businesses out there.
The important thing is that you go into the financial services industry with your eyes wide open, and no stars in them.
I began my career in financial services with stars in my eyes, excited about being in a prestigious industry with lots of clout and respect and thought it would be fairly easy to build my practice. It was not. On some days, it required the proverbial blood, sweat and tears.
So tread carefully when considering financial advisor jobs. There is a higher profit, easier alternative (see below). …