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A Recent E-mail that I Received
By Dr. David Edward Marcinko MBA, CMP™
www.CertifiedMedicalPlanner.com
[Editor-in-Chief]
As a former certified financial planner for almost 15 years, I was surprised to recently receive the following unedited e-mail correspondence.
Dear Marcinko,
If you are clever, have a way with people, or are a born salesperson, then becoming financial advisor could be your ticket to paradise.
Maybe not exactly paradise, but you could definitely have a ticket to a rewarding career. If you’re thinking about starting out as a new financial advisor – you may already be half the way there.
Why?
Because it’s an occupation where your life challenges will give you the understanding and empathy needed to work with your clients. Have you ever been in the position where you had to figure out a budget for your children’s education? Or manage an over extended credit card? These life situations will aid an individual on the path to become a financial consultant.
Requirements to Be a Financial Advisor
Even though a formal education is not a necessity to become financial adviser, it helps if you’ve taken certain courses.
What degree do you need to become a financial advisor? A bachelor’s degree in Finance, Economics, Accounting, Commerce, Business or Marketing would be a good start. A degree won’t assure you of a startling career but it may help get your foot in the door.
Rumor has it that a degree in psychology is also an asset as financial advising is as much about counseling as it is about advising. There are a plethora of people with all sorts of emotional entanglements around their financial lives.
Licenses
So, what licenses do you need to be a financial advisor? Some companies will assist a newbie in the financial advisory business and place them into a special program that will help them to obtain the required regulatory licenses such as a Series 66, this license permits them to vend annuities and mutual funds. It’s also possible to manage your own training. You can take part-time courses in order to qualify for the CFP (Certified Financial Planner) exam.
There are roughly over 286 universities and colleges that will assist you in preparing for the CFP exam. How long does it take to become a financial advisor? In order to qualify for the exam you will also need three years full-time working experience with a financial planning establishment.
Statistics state that over 40% regularly fail this all important exam. It’s worth the time and effort as with this certification you are deemed as a certified financial planner and demand a higher salary.
Assessment
Hot tip: Stay away from insurance companies for financial employment. They’ll insist that you sign everyone including the dog and your grandmother. Then get rid of you if you don’t procure sufficient business. Banks are better they will bring in the clients for you.
Conclusion
And so, your thoughts and comments on this ME-P are appreciated. Are financial advisors true professionals; or a truely professional sales force?
Please review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure. Are financial advisors true professionals, or a professional sales force?
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Filed under: CMP Program, Financial Planning | Tagged: certified financial planner, CFP, CMP, CMP Program, financial advisor, financial planner, FINRA, How to Become A Financial Advisor, RIA, SEC, Series 63, Series 65, Series 7, stock-brokers, www.certifedmedicalplanner.com | 3 Comments »
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