CFP Board Candidate Open Forum

  • 1.  Career Advice

    Posted 06-12-2019 13:59
    Hello everyone,

    I am in the midst of trying to break into financial planning. I went back to school and earned my MBA in Personal Financial Planning from Indiana Wesleyan University in April 2018, which I graduated from a CFP Board approved program so I'm eligible to sit for the CFP exam. I am currently working at Charles Schwab in their 401k department. I just am very worn down on sitting at a desk in a call center and not doing anything else. I worked for Allstate Insurance Company almost 2 years. I am on pace to gain the CFP credential Spring 2020. Last year I had an interview at a RIA firm but not any job experience in financial planning. I cannot seem to land a job at an RIA due to there is not many fee only practices in my area of Ohio. How should I go about breaking into financial planning because I feel like I'm caught in the catch 22 cycle of experience required but how do I get valuable experience if no one will give me an opportunity? I would launch my own RIA firm but it's just so expensive to do it the right way. Any advice and direction will be appreciated because I feel on an island by myself.

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    Jamie Wiggins
    Canal Fulton OH
    (330)419-4205
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  • 2.  RE: Career Advice

    Posted 06-13-2019 07:12
    Check out your local FPA Chapter for networking opportunities.

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    Darrick McGill
    Regional Vice President
    Primerica, Inc. / PFS Investments
    Georgetown TX
    (512)331-7552
    ------------------------------



  • 3.  RE: Career Advice

    Posted 06-13-2019 12:28
    ​Hi Jamie-

    If you would like to talk about some options for getting started, I would be happy to talk with you.  Feel free to call me at me office listed below.

    If I don't hear from you, good luck all the same.

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    JESSE O'BRIEN, CFP®
    FINANCIAL ADVISOR
    Edward Jones
    Everett WA
    (425)339-2017
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  • 4.  RE: Career Advice

    Posted 06-13-2019 12:53
    Hello Jaime
    If you are willing to take a plunge and go a commission-only route, you have a myriad of options. I suggest to reach out to your local FPA chapter and see who are the best players in your area. Your FPA chapter may have a career fair the you can go to and talk to the local firms. You would have to network for your own clients, but you will have a great support from companies you represent. It may mean to spend a few years doing commission work, including insurance, but you would have an access to a great resource that would sharpen your interpersonal and business skills. 
    I found that just doing financial plans entitles you to about half of the total compensation, and you would have to be very good at it. Client-finders consistently get the other half, and they still have a pick the best planners to do the work for them.  
    Elena Florintsev 
    CFP Candidate

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    Elena Florintsev
    Financial Services Representative
    Capital strategies, a MassMutual Firm
    Austin TX
    (774)270-1174
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  • 5.  RE: Career Advice

    Posted 06-14-2019 06:09
    Jamie,

    Sorry to hear that. I ran into much the same struggle looking for my first job as a paraplanner at a firm that does real financial planning, instead of just sales. Keep looking for the jobs at firms which do the real stuff - they're out there.

    If you're willing to consider relocating to Cincinnati, the firm I work at as well as several fee-only firms I could point you towards in the area are currently hiring paraplanners, which can be a great position to get started in. You might also consider looking at the postings on SimplyParaplanner at https://simplyparaplanner.com/ for virtual paraplanner positions that don't require you to be local (fair warning: these are some of the most competitive paraplanner positions to get).

    Best of luck, and let me know if you're looking at the Cincinnati area at all!

    ------------------------------
    Benjamin Dobler
    Paraplanner
    Ameriprise Financial Services, Inc.
    Cincinnati OH
    (513)835-5055
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  • 6.  RE: Career Advice

    Posted 06-14-2019 19:10
    Ben,

    I have looked at that site and I can't even generate a call. I will try again but it is just so deflating searching for something that seems to not exist. It has me second guessing this field and in Ohio there is only 2 fee only firms in Canton, OH area. Rest of them are 1 man shops who don't plan on hiring anyone. Fee-only is a decent concept I just think it has a long ways to go to be a decent model to get a job doing real financial planning. I know I am going to have to move away and I really enjoy NC/SC so I do prefer those areas where there seems to be many more financial firms. I thought financial planning was a good field but I am starting to lose confidence in it because it is extremely difficult to get a job. Most people can't afford to not have any income while they build a solo book either.

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    Jamie Wiggins
    Participant Services Associate
    Charles Schwab
    Canal Fulton OH
    (330)419-4205
    ------------------------------



  • 7.  RE: Career Advice

    Posted 06-16-2019 15:31
    Jamie,

    I've been an Allstate Exclusive Agent for 13 years in the NC mountains and find it to be very rewarding.  I earned my Securities License Series 6 and 63 in my first year expecting to do personal financial planning, but the property and casualty side took over all my time.  I was a practicing CPA for 10 years prior.  Last year, as a gift to myself and to perfectly "tie together" all my education and experience, I jumped in and registered for the CFP exam.  I used Kaplan for coursework and have enjoyed every minute of it.  My work at Allstate allows me to use very many of the financial topics we're studying:  insurance, investments, retirement, etc.  Our clients need the financial help that we provide!  I encourage you to go back to Allstate (maybe a different agency) and explore opportunities.  The company is going "all in" on financial services for our clients.  Our technology is improving daily and the product shelf is expanding.  I'm very involved in my community and don't just sit at a desk; I would go bonkers doing that, too.  Feel free to email me at sandyruss2014@gmail.com and we can schedule a chat.  I will help you all I can !!

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    Sandra Russ
    Exclusive Agent
    Allstate Insurance
    Lenoir NC
    828-850-0691
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  • 8.  RE: Career Advice

    Posted 06-16-2019 16:03
    Jamie - in practice many/most in the RIA world didn't start in a planning firm and grow over time into lead roles. If planning is a passion, focus less on the entry point and more on the final objective. Often starting in a sales role works alternatively setting up a transition plan that provides sufficient runway to launch and grow a client base over 2-3 years.

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    Darrick McGill
    Regional Vice President
    Primerica, Inc. / PFS Investments
    Georgetown TX
    (512)331-7552
    ------------------------------