fill key positions in the financial services industry, and are key drivers of profitability in major securities firms. Moreover, as the crucial interface between these firms and the investing public, financial advisors have a highly visible role. If you're a financial advisor, used to be one, or are attempting to become one, please share your experiences with our readers. What are the chief pros and cons of this career path, as you see them? Would you do it again? Would you do anything differently? What tips can you offer our readers who are interested in this line of work? Thanks for your time!
Relative I know is Financial Advisor!
- I have a sibling who works at Merril Lynch. They have been in this line of work for years, and some from the 'outside' would believe that they are 'good at what they do'. Although, there is a catch. Most people who work in this 'line of work' must have good 'phony/dis-honest' ways about them in 'public', while being a completely different person, or perhaps even criminal behind closed doors. This person who I know, stole their families inheritance, and has threatened them in multiple ways due to other personal familial situations. Oddly enough, this person's 'specialty' is managing others money - ironic, since they stole from their own family's inheritance. True, but perhaps 'no surprise' either. We all know how the 'talk' in today's economic world, is that 'wall street' is 'who' screwed it up for everyone else world wide with the recession. Well, at the same time, it is also true that how one treats 'their own family' , will only follow them to their office and desk the next day.
- —Guest The TRuth
FA Jobs, pros and cons
- I've been an FA for 14 months now, I still don't have any money in my bank account, and have trouble finding money to put gas in my car. They say it takes five years and it really does, be prepared for five years of hell. Most of your time is spent prospecting, that means that more than 60% of the time you're cold calling or going door to door or stopping people on the street. You have to have at least 12 appointments booked per week, and must ask references everywhere. Don't expect your family to jump on the wagon if you choose this career, in most cases, they will say no, and they will avoid you during family gatherings. You are paid entirely by commission, so I hope your don't have any debts or big bills to pay. You better have a lot of money saved up because you are going to need it.
- —Guest Evelyne
Hard but easy
- The actual job is easy but managing your emotions can be hard. The median pay is not accurate for people that work for full service brokerage firms. They are probably getting lots of the the median, from bank brokers. The job takes alot of confidence, deligence and the ability to manage you and your clients emotions
- —Guest tough
The Pros and Cons of a Financial Advisor
- I've been a financial advisor little over a year now and I can definitely share the joys and hurdles. This is also for those people out there considering becoming a financial advisor. The major pro of becoming a financial advisor would be the compensation and the freedom over your time - meaning that your earning potential is limitless and you are your own boss. Ironically, this is also the con of becoming a financial advisor. While it's true that income potential is limitless due to the compensation system being 100% commission for most major companies, this also means that if you don't manage your business, your income could be 0. Contrary to popular belief, you do not have to be excellent at communication skills, be overly enthusiastic, or be a great salesman to become a successful advisor. Diligence, perseverance and relationship management is all that is important to be successful.
- —Guest Richard
- I have been looking in to become a Financial Advisor for the past year. It is very intimidating to think about the commission based salary. However, the freedom of running your own office and the unlimited earning potential are worth the risk. From what I've heard, as long as you are disciplined, work hard, and don't give up this can be an extremely rewarding career.
- —Guest jlace
financial advisor pros and cons
- As a financial advisor for the last 13 years, I would say that you have to work extremely hard like any new small business owner. Perseverance, enthusiasm, salesmanship, and discipline are the keys to success. Don't expect to make any money for at least 5 years and I would highly recommend working with an existing established team as opposed to starting on your own...The ideal candidate for this business is someone who is very connected in the community and has a lot of experience working with affluent people..and already has a level of trust with that community. I definitely don't recommend this job for recent college grads looking for their first job.
- —Guest mike c
Weighing Pros and Cons
- In the midst of my career at Merrill Lynch, I explored becoming a financial advisor. I used my contacts to discuss this with several leading (and former) FAs with the firm, then I set down on paper a balance sheet of pros and cons, including my own strengths and weaknesses.
It all came down to this: on the positive side of the ledger were my confidence in my analytical abilities, my own success as an individual investor, and my communications skills; on the negative side, I felt that my sales skills were not strong enough, and I was sure that I wouldn't sleep easy, worrying about my clients' accounts. So, I decided to stay in administrative roles rather than take the plunge.