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Getting hired as career changer

  • 1.  Getting hired as career changer

    Posted 05-14-2017 03:29
    Edited by Rebekah Horsting 02-28-2019 13:38
    I am switching careers to become a CFP. I have seven classes left. I have been trying for a year to get hired in numerous financial services positions in order to begin gaining experience hours. I haven't​ been hired for the same reasons over and over. The managers filling the entry level positions want someone that is going to remain in that position indefinitely. I have been told repeatedly that when they've hired someone at my education level, the individual is promoted in 6-12 months and they are looking for candidates to fill the position permanently. The financial advisor positions all want bachelor's degree completed, 2-4 years direct client experience and your licensing already completed. I have had offers for 100% commission jobs, but I can't afford to go without a salary. I have a great work history and references. I have tried getting hired from the lowest entry level positions on up. How can I get my foot in the door in the financial services industry?

    Thanks,
    Chris

    #Experience


  • 2.  RE: Getting hired as career changer

    Posted 05-15-2017 00:23
    If you find out, let me know. It's frustrating.

    ------------------------------
    Bryan Ruiz
    Atlanta, GA
    ------------------------------



  • 3.  RE: Getting hired as career changer

    Posted 05-16-2017 07:02
    Sounds to me like you might have to try the 100% commission gig to at least have the experience. It would be a pay cut but you should have some back up money set aside if you knew you wanted a career change.

    Have you tried looking into para-planner roles? I thought I wanted to go into that role for awhile. It should be steady income just not as much of it. Multiple paraplanners in our office have their CFP's and other designations.

    ------------------------------
    Johnathan Williams
    Financial Advisor
    Northwestern Mutual
    Raleigh NC
    910-391-1693
    ------------------------------



  • 4.  RE: Getting hired as career changer

    Posted 05-16-2017 11:31
    Jonathan,

          Ideally I would have liked to have savings to be able to take a 100% commission job. The 2008 crisis wiped me out, family college expenses, and an estate inheritance issue have left me strapped. Also, the system should be set for graduating students, most of whom are not going to have the cash reserves you refer to. I have tried para planner positions, they want financial sales experience and licensing ahead of time, same problem. Thanks for your ideas, I will find an opening somewhere.

    ------------------------------
    Christopher Crooks
    Student
    Franklin University
    Deerfield OH
    330-623-7569
    ------------------------------



  • 5.  RE: Getting hired as career changer

    Posted 05-16-2017 15:07
    Chris,
    I've been a Financial Advisor for 10 years. They all pay commission. You'll just have to make the jump.

    ------------------------------
    Jarrell Witty
    FInancial Advisor
    LCNB Investment Services
    (740)637-1646
    ------------------------------



  • 6.  RE: Getting hired as career changer

    Posted 05-15-2017 08:53
    Hi Chris,

    The old you need experience to get a job and you can't get a job without experience!" so frustrating!

    Have you tried to reach out to CFPs near you to see if they need help?

    Where are you located?

    Good luck!
    Lauren

    ------------------------------
    Lauren Kelly
    Vice President and Member Concierge
    Zynergy Retirement Planning
    Hazlet NJ
    732-272-3348
    ------------------------------



  • 7.  RE: Getting hired as career changer

    Posted 05-15-2017 09:49
    Agreed. It is so frustrating and disheartening. I have about 4 courses left and nothing to do this summer despite trying so very hard to land an internship in a firm. Tried everything I was told to do - make contacts, door to door, sending emails directly to recruiters who sometimes are the company owners, attending FPA meetings, spending hours job hunting even outside my area but willing to commute etc.
     I got a hopeful call back and have had two phone interviews but I am still waiting to hear from them. Even if they want someone there indefinitely ( which they did say) I am ok with that. But I badly need that work experience. And so far no one is willing to give me that. So many excuses - no office space, no current plans to hire, no desire to train, etc. They say the industry needs women and millenials and etc and yet why aren't they hiring????





  • 8.  RE: Getting hired as career changer

    Posted 05-15-2017 12:11
    I've posted this before and I hate to repeat what may seem like bad news. But....  

    ....Morgan Stanley, Merrill, UBS, and Ameriprise are on hiring binge and they're even paying some form of compensation. Amerprise is paying a straight salary not tied to production, not subject to clawback. Not too bad for just gaining a few years of experience as well as getting your FINRA registrations done. Most RIA's and "Financial Planning" shops still require at least a Series 7 & 66. The fact is that most shops still have some form of commission & fee type of compensation.  The companies I mention above will probably even put you through your CFP Edu certs and maybe other designations too.

    I know it would be nice to find a pristine "fee-only" Financial Planning shop to allow you to practice your new profession from jump street. But if I were just starting out, or even re-entering the work force in a new profession I know that I would take experience where I could find it no matter where is was. Then later you can be more selective in the types of firms you wish to work for.

    Good Luck,

    ------------------------------
    K.Todd Morgan
    NMS Capital Advisors
    Beverly Hills, CA
    310.855.0020 ex 4336

    https://www.linkedin.com/in/ktoddmorgan
    https://twitter.com/ktoddmorgan
    ------------------------------



  • 9.  RE: Getting hired as career changer

    Posted 05-16-2017 11:13

    I've posted this before and I hate to repeat what may seem like bad news. But....

    ....Morgan Stanley, Merrill, UBS, and Ameriprise are on hiring binge and they're even paying some form of compensation. Amerprise is paying a straight salary not tied to production, not subject to clawback. Not too bad for just gaining a few years of experience as well as getting your FINRA registrations done. Most RIA's and "Financial Planning" shops still require at least a Series 7 & 66. The fact is that most shops still have some form of commission & fee type of compensation. The companies I mention above will probably even put you through your CFP Edu certs and maybe other designations too.

    I know it would be nice to find a pristine "fee-only" Financial Planning shop to allow you to practice your new profession from jump street. But if I were just starting out, or even re-entering the work force in a new profession I know that I would take experience where I could find it no matter where is was. Then later you can be more selective in the types of firms you wish to work for.
    Kevin Morgan,  05-15-2017 12:11
    I get a knot in my stomach when I read this, and I still feel like I'm going to puke every time I read their job postings. I'm a rather analytical guy, and I understand it would be a way into this career. However, I can't ignore that feeling. I will gladly work part time as a paraplanner (which I'm still not able to find) than be expected to bring everyone I know with $x of investable assets because apparently everyone in their young thirties rubs elbows with millionaires.

    Too cynical?

    ------------------------------
    Bryan Ruiz
    Atlanta, GA
    ------------------------------



  • 10.  RE: Getting hired as career changer

    Posted 05-17-2017 08:51
    Dear Bryan, Chris and anyone else who's looking for experience!

    I came out of Morgan Stanley (and before that Smith Barney). There are more options than you may realize to get experience. MS has both the FAA training program, which is basically all about selling, but also the WAA program which is first all about Financial Planning (the selling comes in year 2). I strongly encourage anyone looking to fulfill the experience requirements by first doing the WAA. You could even do this while studying for the CFP.

    The other option to consider, especially for recent grads is becoming a sales assistant or other support role. You will learn a lot about the business and interact with lots of clients. Depending on who you work with you can do all the paraplanner stuff.

    To immediately jump into a sales role with hefty sales goals and hurdles usually means you keep your job for a few months to a year before having to start the whole thing all over again at a new firm. Some very dedicated people will make the rounds of 3 or so firms before they gather enough clients and assets to where they don't get fired. I've seen countless people go through those revolving doors. And these big firms waste tons of money hiring and training people who they just go on to fire a year later. It's quite stupid in my opinion.

    Me, I got really lucky. I was hired into a support and analytical role. Took on financial planning of my own impetus. Kept my job through 2008/9. Kept expanding my skill set. Moved into a sales role with a team as a part of the FAA program. Didn't particularly like it, but managed to get through the whole 3 year program. I left last year when my commissions were cut from 40% to 28% as the program ended. Finished up the CFP. And now I'm starting my own firm. I won't be selling products, just doing the thing I love, helping people better understand their financial lives and making better decisions for themselves. I've joined the XY Planning Network for support and I'm so far very happy with this.

    Good luck to you!

    Best,
    Bethany Bristow, CFP (R)
    Bethany Bristow Financial Planning, LLC




  • 11.  RE: Getting hired as career changer

    Posted 05-16-2017 11:21
    Kevin,

          I've replied many times to Morgan Stanley and Merrill Lynch and never get an interview, I will try the others though, thanks for your input!

    Chris

    ------------------------------
    Christopher Crooks
    Student
    Franklin University
    Deerfield OH
    330-623-7569
    ------------------------------



  • 12.  RE: Getting hired as career changer

    Posted 05-15-2017 17:31
    What career are you changing from?

    ------------------------------
    Paul
    ------------------------------



  • 13.  RE: Getting hired as career changer

    Posted 05-16-2017 09:30
    I am a CFA and CPA and am currently contemplating taking the CFP, simply because the general public knows this designation moreso than the others. 

    Firms that want you to stay "indefinitely" mean this:  if we pay you a salary, give you all of the experience, and then you jump ship to another firm (who did not put financial and human capital into you and train you), that just is not right to the firm that took the chance on you.

    Small, independent companies simply can't pay a salary to someone who is not bringing in business.  Fees and clients who pay them are what keep the doors open and pay the salaries.

    Most people who go for the CFP are analytical types, not salesmen who can bring in the fees.  But fees pay the salaries.  Someone has to be the one to bring in the new business, or else the business fails (attrition through death of clients being a primary reason).  Someone who can do both selling and financial planning/investment management is indeed rare.

    You have to look at it from the employer's perspective.  Small firms simply can't pay you a salary to do CFP work unless you actually bring in business and plan to be there over the long haul.  Someone has to pay for the overhead (mortgage, maintenance, computers, furniture, electricity/gas bill, telephone, Internet).  It costs a lot just to open the doors -- fixed and variable costs.

    ------------------------------
    Anita Eisthen
    Member/Owner
    Labrador Investments, LLC
    Cincinnati OH
    513-630-7733
    ------------------------------



  • 14.  RE: Getting hired as career changer

    Posted 05-17-2017 10:31
    I agree with Anita... to a point.

    But I have been working with a CFP for the last 5 years.  While I'm also a strategic partner, I have essentially been his assistant.  I do the data entry into our system, so he can then pull together the plan, do all the paperwork, billing, etc.  In the meantime, I've been networking and attending client and prospect meetings; all in preparation to be a planner when I complete the certification.

    Ideally, our next hire would be someone similar who can provide support to us while they go for the CFP and learn the ropes, then start to build their own book with support and the cycle will continue. 

    I guess my point it that positions like this are out there though they might be hard to come by.

    ------------------------------
    Lauren Kelly
    Vice President and Member Concierge
    Zynergy Retirement Planning
    Hazlet NJ
    732-272-3348
    ------------------------------



  • 15.  RE: Getting hired as career changer

    Posted 05-16-2017 11:35
    Paul,

          I've worked in a variety of industries from retail, warehousing, logistics, industrial, and most recently five years as a salesperson at a pool and spa chain.

    ------------------------------
    Christopher Crooks
    Student
    Franklin University
    Deerfield OH
    330-623-7569
    ------------------------------



  • 16.  RE: Getting hired as career changer

    Posted 05-17-2017 16:54
    Chris,

    Have you tried reaching out to New Planner Recruiting?  They place recent college grads and career changers in starting roles as associate financial planners and para-planning roles in mostly fee-only firms.  

    Daniel

    ------------------------------
    Daniel Kopp
    Founder
    Military Life Planning
    Boise ID
    ------------------------------



  • 17.  RE: Getting hired as career changer

    Posted 05-18-2017 09:21
    I can relate to the frustration you express.

    The only (maybe) solid leads that I have come up with so far are from getting out there, beating the bushes and networking.

    I've also seen a few roles that might have been a solution but the few I've seen (that want a JD, CPA, CFP, etc) have not been a good fit due to long commute, having to relocate, or tons of travel.  We have kids in high school and I'm not in a place to be able to relocate or take on tons of travel at this time.

    ------------------------------
    Sheldon Black, CPA, CFP®
    ------------------------------



  • 18.  RE: Getting hired as career changer

    Posted 05-19-2017 07:22
    Edited by Adaeze Jonathan 05-19-2017 07:26
    This message is in response to Margery's post just below. Sorry for the re-arrangement.

    Wow reading this I feel my heart dropping faster than ........if you with your CFP are having this difficulty what hope others like me who feel even more disadvantaged?? As an immigrant but now an American citizen I can tell you that 'friends and family' marketing is a non starter for me. Commission ONLY is not an option in the least (I have sales experience and I can tell you it's deader than dead-end), so what am I doing here??
    I am seriously beginning to rethink this career move yet I know I MUST finish this education requirement. No knowledge is wasted right? A lot of these fee-only firms come to give us talks at the school and always encourage to shun the 'sales only' because very few make it, and go for RIA (I heard this so many times that I began to believe it whole heartedly) and yet neglect to tell you that the positions are very hard to come by.
    Not feeling this at all right now.
    Adaeze





  • 19.  RE: Getting hired as career changer

    Posted 05-19-2017 20:42
    Hi Adaeze,
    I have met other career changers who have been able to get jobs and enter the profession, so I know it IS possible.  With your sales experience, you might be a good candidate as a financial consultant for a company like Fidelity (they are hiring), where you're "upselling" to their current clients and not cold-calling complete strangers. 

    What career are you changing from?  Some careers make <g class="gr_ gr_16 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar only-del replaceWithoutSep" id="16" data-gr-id="16">for </g>a better transition into financial planning than others - if you are coming from tax, then the transition might be easier for you.  (Though I am a CPA (inactive), I am not a tax practitioner.)

    I'm learning that the Series 65 license is very important to possess if one hasn't yet completed the experience requirement for CFP(R) certification so I would recommend that you consider taking that test as well.

    Best of luck to you,
    Marge

    ------------------------------
    Margery Neis, CPA (Inactive), MBA, Candidate for CFP® Certification
    San Francisco, CA
    ------------------------------



  • 20.  RE: Getting hired as career changer

    Posted 07-05-2017 12:16
    ​I have been in Financial Selling (I'd like to say I am an advisor/planner, but that is not what they hired me for) since July 2008.   I am sitting for the July CFP exam (prayers are accepted) As most have noted, it is tough getting started in this career field.  I have worked for two firms and both were commission driven.  I have knocked on doors, cold called, and given seminars.  Building a client base is hard and getting the designation as a CFP will not make it easier.  I did not make my sales quota at both of those firms, but since I had already quit my full time job to make the career switch (at the ripe age of 46...SMH).  I felt like giving up was not an option.  My last firm allowed me to go into a broker status so I could continue to rent office space.  One thing I found the hard way, (hope this will not be your situation), you need an alternate source of income.  Aha yes the dreaded 2nd job.  This means that you will probably have to work 60 to 80 hours a week to get your career off of the ground.  Most firms will not allow you to work a second job (or so they say, but hey they are not paying you...right), but as long as the 2nd job is reported to your compliance office...go for it.  No flashy company sponsored commercials, company association, designations or anything of that sort will make you successful in this business.  Get started somewhere, take care of your financial house (cut expenses, 2nd job etc) keep meeting with people, encourage yourself daily...you'll need it.  Keep the end in mind, personally I only have about 2 million dollars AUM, about 150 clients (maybe 15 to 20 are A-Level), but I can see that the future will be brighter.  As of yet there doesn't appear to be any clear industry leaders on hiring and developing new Financial Advisors, until that happens keep educating yourselves. Hope this helps

    ------------------------------
    Douglas Malone
    Financial Advisor
    MassMutual
    Houston TX
    713-402-3867
    ------------------------------



  • 21.  RE: Getting hired as career changer

    Posted 07-06-2017 09:54
    Greetings:

    Like many out there, I too started out in commission-based sales only because at the time that was the only employment opportunity available.  In spite of the fact that I was a college graduate with a MBA Degree, getting a position that did not involve sales seemed very elusive and seemed to have been predicated mostly on "office politics".  My degree was not from an Ivy League school.  I had no older relatives who could call in a favor and get me hired into any salaried positions that would have helped my career.  So I ended up working on straight commission and struggling for several years.  A few years ago, my Army Reserve unit was mobilized and when I finally came home after two years of active duty, I took a long and hard look at how things were going for me career-wise.  According to the Broker/Dealer firm that I was affiliated with, I was officially listed as being an Independent Contractor or the owner of a separate small business.  But in reality, I was often treated as if I was a lowly peon and given constant demands from management in regards to increased sales quotas, attending various meetings and written reports that were required to be submitted. I received no Employee Benefits whatsoever and my name was never even remotely considered whenever job promotions became available. When I finally got fed up and decided to transfer my Securities Licenses (Series 7 and Series 63) to another firm ... then all of a sudden that Broker/Dealer considered me to have been an "employee" and 100% of my Client Accounts and revenue streams suddenly became company property.   I filed a lawsuit against that firm citing various allegations against them that focused on numerous violations of mandatory state and federal employment law and I eventually won! (no kidding)
     
    After having sued a prominent Broker/Dealer and getting fed up with a lot of the inherent non-sense, I decided to give up my Series 7 and I reorganized my practice into becoming a RIA (Registered Investment Advisor) firm and the only securities license that I now have is my Series 65.

    I still have access to all of the various securities products that I had before to include Mutual Funds, Variable Annuities, Stocks, Bonds, Bank CDs, Unit Investment Trusts, Limited Partnerships and etc.  The only difference is that I cannot be paid any sales commissions.  I am paid instead by way of Management Fees that come directly from each of my Clients in exchange for the valued services that I provide.  Furthermore, there no longer is any confusion as to who really has "professional ownership" over my Client Accounts.  Looking back, I wished that I had gone this route more than 20 years ago!

    The reason that I am working towards getting my CFP after having already been in this industry for 30 years and at my age is because I have discovered that certain organizations will give excellent referrals to High Net Worth Clients.  But you must have a valid CFP designation.   It is just like having a Union Card.
     
    Sorry if I rambled a bit.  But I merely wanted to say "YES" getting a CFP is still very much worthwhile and I wish all of us success in getting this accomplished.


    Ralph Mitchell, MBA,MS
    Independent Financial Advisor
    Carthage Financial Group, LLC
     
    Boston, MA





  • 22.  RE: Getting hired as career changer

    Posted 03-15-2022 11:16

    Hello Ralph! I saw your post, and I am new here…prospective career changer and drinking from a fire hose. 


    ''your comment re certain organizations that will give Referrals was a new concept to me. Can you share any insights with me (e.g. types or names of companies). I'll be new to the sales world and am exploring all of the avenues that I'll have to help me be successful.

    Thank you!
    Beth



    ------------------------------
    Beth empatrick7@gmail.com
    Director Corporate Audit Services
    BNSF Railway
    Keller TX
    (817)233-9033
    ------------------------------



  • 23.  RE: Getting hired as career changer
    Best Answer

    Posted 05-19-2017 02:20

    I'm a career changer who passed the CFP® exam last year (still working on fulfilling the experience requirement for certification) and I feel the frustration of others who've commented in this forum. 

    A bit of my story: before I ever left my full-time job, I talked to an experienced financial planner and others in the industry about whether pursuing a career in financial planning would be a worthwhile move to make, particularly if I had to start at the bottom.  Everyone was extremely encouraging, told me it's a great career, and had great confidence that I would have no trouble at all entering the financial services industry with my education and experience; no one told me how difficult it would be to get hired as an experienced financial professional.  I've had informational interviews with dozens of successful planners (who have been very willing to sit down with me to talk about how to get started in financial planning), but most of them started in the industry decades ago, quite often selling financial products, or perhaps in the tax practice of a CPA firm, a path which I've been told is not necessary to replicate in today's financial services industry with more RIA firms existing than ever before.  I'm not opposed to selling, but if I have to sell something (who doesn't?), I'd rather focus on selling myself or my firm than selling financial products.  It seems nearly universal among my network that working for a fee-only RIA was the way to go and I should just continue to network, which I've done continually including many volunteer gigs.  And, as one commenter suggested, I'm registered with New Planner Recruiting.

    After interviewing for many openings with several fee-only firms (and participating in the CFP Board's online career fair), it seems that I'm too INEXPERIENCED for some roles (which require 3-5 years' client-facing experience) and too EXPERIENCED for roles that don't require a CFP® certificate and which almost invariably go to candidates who are getting started in their careers.  After about 9 months of networking and volunteering, I finally found some part-time contract work at two local RIA firms, but it's been extremely part time and I'm still trying to find more contract work to approximate a full-time equivalent.  I've explored what's involved with starting my own RIA, but I'm not ready to make a go of it on my own yet.

    I've observed during my networking that most of the RIA firms with which I've explored potential working relationships are still run by their founder(s); it's their business and, I'm speculating here…they want entry-level help, but don't necessarily want to bring another wealth manager to the business they built from the ground up (Michael Kitces published a blog post a couple of months ago that includes commentary about 'sharing a revenue pie').  To the commenter in this forum who described the cost/revenue aspect of an RIA: As a CPA/MBA, I understand the economics of a small business very well, and in the past I let potential employers know that I'm ready to contribute clients to their firm, but when one is interviewing for an associate role, I wonder whether this mismatch between potential employers' expectations of a starting associate (crunching numbers at a desk) and my readiness to start bringing in clients right away is an automatic interview killer, so I stopped mentioning that I'm willing to introduce clients to their firm.  Now, I always tell potential employers I'm willing to start at the bottom.

    Right now, I'm following up on every lead, applying for as many roles as possible, trying to develop a list of potential clients (I've had a few people approach me already), working on passing the Series 65 exam, developing a source of referrals, and am ready to draft a 'situations wanted' ad to ask who would like to employ me and wants my (potential) clients.  But applying for associate roles as a career changer seems to come with some difficult presumptions to overcome – if anyone has any suggestions, I'm all ears.

    ------------------------------
    Margery Neis, CPA (Inactive), MBA, Candidate for CFP® Certification
    San Francisco CA

    ------------------------------



  • 24.  RE: Getting hired as career changer

    Posted 05-19-2017 14:47
    Like most others on this thread - I was  a career changer chasing a pipe dream that I could find some boutique, fee-only firm that was looking to bring on an aspiring financial planner.  I literally reached out to every fee-only planner in my immediate area via email for months.  The response rate was great, but most were very small firms or solo practitioners with no plans to bring on anyone new.  But they all were very encouraging and impressed with my persistence.  I even sat down or had lunch with a few of them who offered me some great insight about how they got into the business and how it has evolved over the years.
    Here are a few pieces of advice that worked for me:
    *Pass the 65.  You do not have to be registered with a firm to take the exam.  This looks great on your resume.
    *If you are not currently pursuing your CFP, go ahead & get a head start.  Most companies will reimburse you once hired.  Another significant resume booster.
    *Finally... lower your expectations.  The odds of finding a fee-only firm 10 minutes from your house with a great starting salary is just not going to happen.  Sorry.  
    *For me, the doors started to open up once I became willing to relocate.  I literally drove and flew all over the country to interview with all kinds of firms (but I never went the wirehouse route).  After receiving a few offers, I finally settled on a credit union.  To me, it was the next best thing other than a fee-only firm.  I was offered an Associate Financial Advisor position with a starting salary + commissions.  I did have to take the 7 and 63, but that was fine.  I was even reimbursed for my CFP expenses (which I passed in March).  I've got a great support team and it's been an ideal "starting point" for me to get some experience under my belt.
    I hope that helps.

    ------------------------------
    Brett Lathrup
    Financial Advisor
    WSECU
    Tacoma, WA
    404.314.8278
    ------------------------------



  • 25.  RE: Getting hired as career changer

    Posted 05-20-2017 13:14
    Margery,

    I read your story and other than having the CPA, active or not, it's nearly identical to mine. I'm even working with Caleb Brown from New Planner Recruiting directly. At this point, I would even be fine with part-time paraplanning. I just want something in planning. To your point about finding yourself between experience and background, I do plan on getting a masters in tax with the goal of CPA. I don't know if it's a good idea to do that now because I worry about being over-educated and under-experienced. What after that? Academia? I don't love research. I would be back at the same place, or worse--in public accounting's busy seasons. That's a regression, in my opinion. Sorry, but I like my body too much to subject it to busy seasons again. It's staggering to experience how impersonal filling out and filing tax returns can be. That's definitely a regression.

    You know, I thought that the CFP® exam was difficult to pass. I also thought that finding something in tax accounting was difficult in 2007-2009. Somehow I'm being proven wrong about both despite the overwhelming lack of succession plans and therefore inevitable planner/advisor shortage.

    For everyone telling me to expect a pay cut, I'll put this in perspective. I currently work in retail about 35 hours a week and making ends meet. My pay standards right now are laughably low.

    As frustrating as this is, knowing I'm not alone is comforting. I'm prone to self-doubt, so it's oddly reassuring that I'm not the only one stuck and frustrated. However, two of my core strengths are persistence and patience. I know that this is temporary. It's pretty much impossible that I won't be noticed eventually because I'm going to keep at this; I can't give up. I love this stuff too much to be defeated by a small setback.

    ------------------------------
    Bryan Ruiz
    Atlanta, GA
    ------------------------------



  • 26.  RE: Getting hired as career changer

    Posted 05-21-2017 12:32

    I am still just a CFP candidate, so take this for what it's worth, but I've been in the financial services business for 23 years and would tell you that I've seen many financial planner types go through our brokerage doors over the years.  They are all highly qualified, like yourselves, but have no desire to become financial advisors.  We use them constantly for financial planning and the more experienced ones (who often also have law degrees) we use for Estate and Trust planning. I believe they make reasonably good money doing it.  I would think the brand new juniors probably make in in the $50-70K range and the more senior $100-175K, while management of the group are probably making $200 - 250K.  With the new push in DOL regulations brokerage firms are creating large financial planning shops, because they have to. Also, as a financial advisor, I am using this course just as a way to remind myself of all the things I have forgotten over the years, but have no interest in doing CFP work as my primary work, as there are too many other things to stay on top of.  We work hand in hand with the main CFPs as team members, because they do it every day and see so many things in aggregate that I as an individual advisor would never be aware of.  So, while I might have the CFP marks, I will only be touching up against the topics, instead leaving it to the real pros who can address our client's needs with the gravitas and knowledge that the client needs and  deserves.  The reason I mention all this is because often these people leave us and go on to set up their own shops or get better offers from our competitors.  Often times they do the whole circuit and come back to us.  Anyway, don't give up!!

     

    Tom Parker

    Senior Vice President

    Private Financial Advisor

    Large Regional Bank

    LEGAL DISCLAIMER
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  • 27.  RE: Getting hired as career changer

    Posted 05-23-2017 10:50
    I have been reading this thread for more than a week and I found it time I said something. Forgive me for being blunt, but I am a New Yorker, born and raised and its in my blood. 

    First a little background. I've been with a large insurance company for 13 years, was with a mutual fund company 4 years before that and was series 7 licensed in 1998 when I was 22. I've been fortunate enough to know what field I wanted to pursue early in the process. 

    I have networked with other planners throughout the country (also with MassMutual) and the fee only option is an extremely challenging one. In my experience, no client ever comes to the planning discussion with tons of liquidity and just needs advice. Most people come seeking a problem solver, a person that can straighten their situation out. I've had a lot of experience doing that. 

    Also, my experience has been that while clients want an unbiased advisor, the guy that's writing the plan is usually the one implementing it. Why would anyone hire an engineer to draw up the plans only to have to then interview contractors to implement? Part of our duty, our "value proposition" (hate that phrase :)) is knowing where they've gone wrong and prioritizing for them what to do first and then second, and then third. If we have no experience in that field, or only want to "fee plan" without implementing "Because insurance/investment/annuity products are evil", then we will be quickly out of a job. And that's okay too. 

    There are many 2 or 3 person shops that just need someone to write the plans. But those planners are usually only there until they gain enough experience to spread their wings. Its never a long-term thing. A particular shop in the nyc area has had about 4 planners in the past 7 or 8 years.

    Anyway, just thought I'd give you something different to think about. We belong to a noble profession and we've taken the steps to make our clients better. But if we don't get out there and actually help people, we're doing ourselves-- but most importantly our clients a disservice. 

    Good Luck, 

    -peterc

    ------------------------------
    Peter C. Canale
    NY-MassMutual
    914-433-1477
    pccanale@gmail.com
    ------------------------------



  • 28.  RE: Getting hired as career changer

    Posted 05-21-2017 22:38
    Margery,

    That's interesting given your experience and education levels that you're not seeing interest in hiring you.  Can I ask if you are only looking in your local area or you are willing to relocate?  You could also try searching the job boards for XYPN.  Many of the planners there are looking to hire someone part-time and even occasionally open up full-time positions as well.

    I've opened up my job search nationwide and while I'm still a ways out from actually transitioning, I'm finding interest that way.  I will test for the CFP in March 18 as well as complete my series 65 this year so both of those will be complete before I would actually start a position.  Michael Kitces also advised me to start a consumer facing blog to start marketing myself, building a personal brand, and gain valuable digital marketing experience.  That has definitely helped me add more tangible skills to my resume since I'm coming from a military career into financial planning.

    Best of luck to you!  


    ------------------------------
    Daniel Kopp, MA
    Founder
    Military Life Planning
    Boise ID
    ------------------------------



  • 29.  RE: Getting hired as career changer

    Posted 05-22-2017 13:39
    Hi all,

    This is a fantastic thread with some really great advice and ideas. I reached out to our Corporate Relations department to see if they had additional tips and wanted to share the following:

    1. Check out CFP Board Career Center.  Search for jobs and post your resume.
    2. Check career sites of national firms (e.g. Edward Jones, Merrill Lynch, Fidelity, Schwab, Vanguard, Northwestern).  Call their local branches and ask who heads up hiring and get their contact info.
    3. Check for smaller independent firms locally – search on Google for "financial planning firms [your city]"
    4. Check with program heads of  CFP Board-Registered education programs (local college or university) to see if they have suggestions.
    5. Check other sites such as eFinancial, Indeed, Monster and search for financial planning positions.
    Hope this helps!


    Best,
    Heather

    ------------------------------
    Heather Arkwright
    Community Manager
    CFP Board
    candidateforum@cfpboard.org
    ------------------------------



  • 30.  RE: Getting hired as career changer

    Posted 05-22-2017 22:17
    Chris,

    I have had the same difficulty getting hired by a financial services company.

    I began my own last year. I run a small consulting firm, with Charles Schwab as custodian.

    Strike out on your own. You can do it.

    Ian

    ------------------------------
    Ian Schaff
    Consultant
    Northeast Wind Trading,LLC
    Montrose, PA 18801
    570-432-0961
    ------------------------------