Success As A Financial Advisor

I am beginning a career as a financial advisor for Merrill Lynch and I am aware that 80% of new advisors fail. What has made you a success or what caused your failing in this industry?

Don't worry about greeter7's response.

That said, mostly financial planning in the States has to do with selling. The best salespersons know the products well. So stay up to date on what ML offers, as well as competitors. Stay aware of economic conditions, to know how to adjust your advice. Learn how to sell, how to sell financial products, and how to sell financial products when your client depends on your advice. Stay ethical in all your dealings, so you can sleep at night, and stay confident in your work.

Best of luck!

2008-08-15 11:27:45 by Tony

Bill Bachrach's Success Road Map is an interactive experience for financial advisors to create an effective, compelling business plan to make ...

worked in HR and for some major financial service companies with little "selling" success. I do have an MBA and I'm fully licensed, but I can't for the life of me figure out where I should go career-wise. I tried a lower level HR position, but it was just not a good fit for me -- being locked into processes and procedures when i knew there were better ways of doing things just didn't work. Please help.

Because of your little selling success and your knowledge of 401k's, do some research on becoming a 401k wholesaler. With the ever changing world of 401k's, that is where your value is. You will have all of the upside of a sales position, but you are not really responsible for 100% of the selling. You can find these positions at most of the insurance companies that sell annuities, all of the major mutual fund families, all of the major wirehouses and some of the payroll providers like ADP.

Good luck!!

2006-03-10 10:38:32 by The Artful Monk

Price: $30.00

I recently got a position as a financial advisor at a bank in a very upscale community. I have been out of the business for a little over a year while I finished my MBA.

I am being entrusted to manage a sizeable dollar amount and number of clients for this institution. Many of these clients will pay more in taxes this year than what I will make over the next two.

I JUST paid off my car, which is a nice compact car. I had planned on keeping this car for 3 more years as my plan was to teach after getting my MBA. However, with the economy the way it is, the only job I could find was the financial advisor position.

Now that I have to reenter the world of finance and present myself and image to the public for their scrutiny in order to get them to trust me with their life savings in some cases.

Do you think that it would be imperative to purchase a luxury car or a "status" car in order to project the image of success?
I currently drive an 2004 Mazda 3.

Most of my clients will be visiting me in the bank; however I may be required to visit clients' businesses and/or visit local organizations (chamber of commerce, rotary, etc).

Do you have to visit your clients or will they be coming to you? If they just see you at the bank then it doesn't matter. If you visit them, the car does not need to be a luxury car (it may even see suspicious if it was, given your age) but it should be neat and clean, inside and out.

Update: I googled the 2004 Mazda 3. It looks like a great car. As long as it's not bright yellow or banged up it should be perfect. Good luck with the new job!!

2009-04-21 19:06:09 by Notyme4BS

Price: $30.00

Next year, I will graduate from an Ivy League. All my friends are looking to go into very lucrative careers such as hedge funds management and management consulting. Such careers seem very attractive. Still, although money is important, there is more in life; I enjoy helping people with their finances, having a life outside of work, being rewarded for my efforts, and not constantly being watched etc.

This is why I am considering a career in financial advising (probably at Edward Jones). Even though this seems like a very rewarding career, my parents believe that it is "not appropriate for someone graduating from an Ivy." They feel that I should go into management consulting because I am “still young and energetic, and I can handle the hours."

“You will be much more successful there and you will travel all over the country. It will be a great experience.”

Still, I feel that I will have way too many hours of work. Like I said, there is more besides money and success. Besides, I seem to be good at sales and I have always been very entrepreneurial. I am willing to work very, very hard in the beginning; I just want less hours when I am in the industry for at least five years. With careers in management consulting or any other finance area, this does not seem to be the case.

Please, I would like some input from a variety of people, whether you are experienced or inexperienced. I have done my research but I just can't make a decision no matter who I consult within my circle. Should I listen to my “wise” parents? Is there another career I have not considered that will suit my interests? Help is greatly appreciated :-)

If you truly have a passion for helping people as a financial advisor, few callings could be higher; go for it!

However, companies such as Edward Jones or AG Edwards are not the way to go. These guys aren't financial advisors; they're mutual fund peddlers.

If you want sling mutual funds, do so. If you want to be a big-time investment guy, become a stockbroker or asset manager. But the only way to be a true financial advisor is to be primarily insurance based. Start out with a household name insurance-based financial company such as John Hancock, MetLife, or MassMutual. Avoid companies that are primarily casualty companies like State Farm or Allstate. Remember, you're wanting to become a financial advisor, not an insurance agent.

The foundation of any financial plan, especially for those in the middle class, is insurance. Strong insurance-based companies will provide you with the tools to master any and all investment products in which you may wish to deal, while always maintaining a comprehensive approach to your clients' financial well-being. After spending a few years with such a company, you'll decide whether your future would be best served there, or it's time to become independent.

Chances are, within three to five years, you will see yourself making a tremendously positive difference in people's lives, while easily clearing six figures.

2008-12-27 19:08:51 by Patrick H

I was just wondering how people would view my cousin's current progression in life. He is 22 years old and living in southern California. He is attending his last semester at Cal State Fullerton as a Business Administration major, concentrating in Marketing. He has a current internship at Morgan Stanley as a Marketing intern, and has been there for about a year and a half. His goal is to graduate and work full time there as a financial advisor. The job salary will provide 50 to 55K salary, plus commission based on your work. As his cousin, I am the same age and just wanted to know how his current status is viewed upon others who meet him. Is he doing well right now, mediocre, or could he do better?

I think he's doing quite well.. has some goals set for near future and working towards them.
Sounds like a promising young man :)

2009-01-25 20:21:43 by Alex C