A few questions for Financial Advisors

Hello. I am a college student doing a research paper on careers in Finance. Part of my assignment requires me to interview people who work in finance. I would greatly appreciate it some of you could answer the following questions.

What was your major in college (if you attended)?

What are your qualifications to work in this field?

How did you get into your career?

What made you want to get into this career?

How did you get into this career?

How long have you been working this field?

What are the pros and cons of your job?

What does an average day at work consist of for you?

Thank you very much for your time!

What was your major in college (if you attended)?

Political Science and History from a Catholic University run by (no kidding) monks!

What are your qualifications to work in this field?

i assume you mean licenses. series 6, 63, 65, 7, 24, 26 along with state life and health licenses (plus a few others that are inactive).

How did you get into your career?

when i retired from a previous career, the financial planning firm i used for my finances offered me a position.

What made you want to get into this career?

i saw how tough it was for me to accumulate wealth and found out it was pretty much the same for most Americans. i come from a previous career in service and it was appealing to be able to help others. my previous career was very broad with significant changes in scope and duties every few years. financial advisory services was attractive in that you could become an expert on a subject and you could specialize in it for many decades.

How did you get into this career?

the same way i stated above (2d previous question).

How long have you been working this field?

only about 5 years.

What are the pros and cons of your job?

wow, great question. this job entails a LOT of rejection. in the early years you need to start lots of new clients. the problem here is that only about 1/4 of the populace who have under $10K saved think an advisor will be helpful. there is a "perception" amongst most of the population about professionals in our field and with the prevalance of information on the internet - professional advisory services are not held in high regard by the remaining 3/4 how have managed to save less than $10K.

however, those who have at least $100K saved are almost ALL looking to have professional advice on money. however, this is a considerably smaller overall percentage of the US population.

so, in the start up years if you are looking for new clients in the general population you will mathmatically run into MOSTLY those who have saved less than $10K (and thus) are somewhat skeptical of professionals in our field. you really have to focus on either the affluent market or the business market if you want to have initial appreciation for what you do.

as for the pros: first, it is when you run into someone who is really squared away but confused about how to start. you share with them your knowledge of their options and opportunities about money and you see them make progress. seeing those families (which are few and far between) make such obvious progress is powerful to me personally. other pros include: it is a challenging profession, both to succeed and to excell. the financial rewards are high. i like the control over my schedule and my life. it offers me the opportunity to run a business and work for myself.

What does an average day at work consist of for you?

presently, i am mentoring other advisors. as a result i spend a lot of time in meetings where i am training (them how to do things) or actually conducting client meetings to educate them. approximately 10% of each day is spent toward continuing education.

What was your major in college (if you attended)?
Computer Sciences

What are your qualifications to work in this field?
Primarily that I have the knowledge to help people with their financial decisions. Plus, I am a Certified Financial Planner (CFP), Chartered Financial Consultant (ChFC), and a Certified College Planning Specialist (CCPS). Regarding licensing and registration, I am a Registered Investement Advisor and licensed as a Life and Accident & Health producer, all with the State of Illinois. (Note: The insurance licenses are a requirement for providing advice about coverages. I do not actively "produce" as an insurance agent - i.e., I am not involved in insurance sales.)

How did you get into your career?
I was looking for advice for my own situation, and was unable to find an advisor whose focus was on advice (rather than sales) - my assets were primarily in my employer-based qualified plan. So I endeavored to educate myself, and along the way I discovered that there were many other folks in the same situation: looking for advice that was untainted by product-sales bias. I had taken enough educational requirements to allow me to sit for the Certified Financial Planner exam, and so that's what I did. I should also note - I have been preparing income taxes for individuals for almost 20 years in addition to working in the back office (Information Technology) for a large financial services organization for 20 years, so I've had a unique angle of exposure to the industry for a significant period of time...

What made you want to get into this career?
A desire to help others with objective financial advice.

How did you get into this career?
See Above

How long have you been working this field?
20 years in all, 5 years specifically as a Financial Planner

What are the pros and cons of your job?
Pros - helping someone achieve the results that help them reach their goals. There is nothing more rewarding than knowing that the changes you've recommended here and there have had a profound impact on a family's life.

Cons - On the one hand, I agree with what 1MO said: it seems that the folks who can benefit the most from advice are also the most skeptical and therefore can not be reached in many cases. An additional con is when you know you can help someone out, and cost becomes the central issue - where the individual doesn't recognize the profound impact that the advice you're providing can have.

What does an average day at work consist of for you?
Meeting with clients, reviewing financial documents, preparing specific plans, and implementing plans, takes about 2/3 of my time. Continuing education, business management, and other activities round out the day.

Thank you very much for your time!
You're most welcome.

I think Nagel is back. :)

Wow, thanks so much. This is a huge help. If you guys don't mind, would it be possible for you to send me your names and the company you work for that I can cite you properly in my research paper? If you do not feel comfortable posting that kind of information in public you can email it to me at jrw126@gmail.com. Thanks again, you guys are awesome.

sorry jrw. i prefer my anonymity - it allows me to be mean to other posters and not upgrade my security system at home.

good point, 1MO

sorry jrw. i prefer my anonymity - it allows me to be mean to other posters and not upgrade my security system at home.
Ha! Too funny! :)