Careers in Financial Planning
The financial planning career is actually one of the most rewarding of any of the careers. It gives the individual a lot of freedom in work environment and opportunities for travel. As a bonus, it’s highly paid.
To become a financial planner, you can become certified by passing a test. The test is not mandatory. However, to work in securities you will need a series 7 and 63. For insurance products like annuities, you will need a 6 and 63. Realistically, most financial planners should have the 7 and 63 so they can make trades.
You can sit for the test yourself and that would certainly help you get a job. However, most people are sponsored by their employer. If you pass you can stay at the job.
Dorsey Wright
Dorsey Wright has some great training on stock market fundamentals and how to make it as a financial planner. You can find a class schedule at http://www.dorseywright.com
Marketing Skills
Whether you make it or not it comes down to your marketing skills. You should really take some classes and learn marketing well before taking a financial planning job. Many financial planning firms simply tell you to make cold calls all day long. This is not only not fun, but quite ineffective as a marketing tool.
The reason you get told a lot of bad marketing advice is because they are going to tell you the free ways to get going. However, any real marketing project takes money. If executed well, the payoff will be tremendous and you can then keep the marketing going.
Leprosy Firms
There are some firms like Primerica and World Financial Group that are almost like Amway. You recruit your friends and family to purchase high prices securities and ask for referrals. Almost nobody makes money, but some people do really well.
Discount Firms
A lot of phone representatives at Schwab are actually millionaires. That’s because they understand investing and Schwab pays fairly well. Fidelity Investments is the other large discount brokerage firm.
You won’t make as much working for one of these firms, but there is less risk and you get more support. Many people get a start here and then move on to Merrill Lynch or go out on their own.
Top Firms
Merrill Lynch, Raymond James, and Lehman Brothers are examples of top firms. You can expect to work a lot of hours until you get established. It won’t be easy, but you can expect to make more money than you will ever need, if you stick with it.
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