Successful Financial Advisor

I am currently training to be a financial advisor and I would like to know what it takes to become successful?

Largely this depends on what you mean by successful and the type of financial adviser you will be. If you are working for a retail outlet that pays you on commission for selling their product then the measure of success will be how much product do you move. If you are going to be an independent financial adviser working for a flat fee the measure of success will be you ability to attract and retain customers who will get referrals for you. The latter will depend much more on the quality of the advise you give and the former will rely more heavily on your salesmanship although both are true to some extent for both types of advisers.
Then of course there is the registered investment adviser which is much more involved, requires passing certain certifying exams and may be regulated by the SEC depending on the nature of the firm for which you work. In that capacity having a vast or highly specialized knowledge of securities/trading and the ability to consistently match or surpass a benchmark index with investment strategies that you develop and implement will be the measure of success.

2006-08-29 11:39:18 by steven s

Advise on how to find a good financial advisor

I recently got hired at Waddel and Reed and will be training to be an entry-level financial advisor upon completion of 3 licenses. Having formerly been a teacher, am I going to find it much more difficult than I can imagine?

The tests are a joke. Most financial advisors are nothing more than salesmen. You will be amazed how much most get paid to do little or nothing. I believe in 20 years you are going to see most advisors struggling due to the availability of information on the internet.

I wish you luck.

2009-01-29 15:09:13 by MusicalFab

Price: $5.99

I just passed my series 7 and wanted my family and I to move to Utah but was told that I wouldn't be successful because the people there try to do things more on their own financially, rather than seeking help from investment companies. Does anyone have any experience with this?

Pepople will always need advice. You might do better in Utah if you are Mormon though.

2006-11-30 13:11:31 by daisy_collections

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I have a great life with my wife and kids. I just hate what I do for a living. I'm a horse enthusiast and lover of the western lifestyle and think I'd like to work in that field, but it just doesn't seem like a "real job". I've run several companies successfully....any ideas?

I understand, but a job is what you have to do, your family is your reward. You know how businesses work, so look for yur market first. Being a successful FA must mean you can sell, so set up your horse business as a side line and sell, sell, sell!!

2008-11-04 12:40:13 by Jim M

LISTEN, Don't sell. Your firm will DEMAND that you become licensed to sell annuities. You will put your unsuspecting relatives in these things that they can't fully understand and you can't fully explain. Your firm will reap huge sales commissions, give you a 30% payout, and your relatives won't talk to you when the crappy thing blows up.
Its a sales job if you work for a wirehouse. They don't care about you, your compassion, your ethics, your morals or anything else. You are there to sell. As long as your production increases 20% annually, you're golden. Get your license, get your experience cold calling, then move to an independent. ML,SSB, etc aren't worth the headaches and sleepless nights.

2006-02-12 18:54:36 by cvsmech