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What are your likes and dislikes of being a financial advisor? What did you study in college?
Hi I am a high school senior, graduating this week. My School doesn't have finance as a major so I hope to get my MBA with finance concentration. Can I still become a financial advisor? What did you study in college? What experience did you need before getting your current position? What are your likes and dislikes?Thanks
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Kenneth Romanowski
CFP Board Emeritus (R), CTFA (Ret.), Instructor and Researcher of Financial History
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Kenneth’s Answer
Hello, Ivana. Yours is an excellent question. What did I like about being a financial adviser?
1. I like to help people, and there is a great need for people who need financial advice. Some people try to manage their finances by themselves. The problem is that finance can become complicated the more that you own and the more responsibilities you have. People may need help and not even realize it.
2. I get a great amount of satisfaction helping people get onto the proper financial track. Good advisers make a difference in the lives of their clients.
3. Depending on your compensation, you can earn a good living.
What did I not like about being a financial adviser?
1. Some people are very difficult to work with when it comes to their money. They can be very demanding at times. These demands add stress to a job that already has a great amount of stress. This leads me to my next point.
2. Stress. As an adviser, there are things you can do to keep your client on track and reduce the chance of losing money. However, some things are out of your control. Even fancy financial products that are designed to protect you are only as good as the company behind them. Sometimes, you can do your best and it is not enough.
3. A good, professional adviser devotes a great deal of time to education. This means that you are giving up personal time currently to help your career in the future. I hold a bachelor's degree in Finance, an MBA in Management, and two graduate-level professional certifications that are now in retirement status. This education does not include the many licensing examinations I was required to pass as well. Remember that all of this education was completed over many years, so please don't be intimidated. All of these degrees and designations were completed one at a time. Many financial firms do not require a degree in finance, accounting, or business, but it helps. Many firms will train you to learn their method, and may even pay for you to advance your education. If your grades are good and you present yourself well, firms will look to hire you even without finance in your background. One of my colleagues spent 10-20 years in the pharmaceutical industry. She was very bright and she learned quickly. Even without a finance background, she became an excellent adviser. Advisers need many skills beyond those that are financial. If you can relate to people, and they can relate to you, you will be off to a good start. I would not let your current situation hold you back.
You also asked about experience. Much of my experience involved finance,, although not as an adviser (this was years ago). I had difficulty getting an adviser position, even though I had worked with financial customers for many years. Ultimately, I interviewed for a company that liked me and my background, offered me a job, offered me a better job 3 months later, and I retired from the same company 17 years later.
Good luck!
Learn more about being a financial adviser, including what you need to become a Certified Financial Planner (R)
Continue to earn good grades in school.
1. I like to help people, and there is a great need for people who need financial advice. Some people try to manage their finances by themselves. The problem is that finance can become complicated the more that you own and the more responsibilities you have. People may need help and not even realize it.
2. I get a great amount of satisfaction helping people get onto the proper financial track. Good advisers make a difference in the lives of their clients.
3. Depending on your compensation, you can earn a good living.
What did I not like about being a financial adviser?
1. Some people are very difficult to work with when it comes to their money. They can be very demanding at times. These demands add stress to a job that already has a great amount of stress. This leads me to my next point.
2. Stress. As an adviser, there are things you can do to keep your client on track and reduce the chance of losing money. However, some things are out of your control. Even fancy financial products that are designed to protect you are only as good as the company behind them. Sometimes, you can do your best and it is not enough.
3. A good, professional adviser devotes a great deal of time to education. This means that you are giving up personal time currently to help your career in the future. I hold a bachelor's degree in Finance, an MBA in Management, and two graduate-level professional certifications that are now in retirement status. This education does not include the many licensing examinations I was required to pass as well. Remember that all of this education was completed over many years, so please don't be intimidated. All of these degrees and designations were completed one at a time. Many financial firms do not require a degree in finance, accounting, or business, but it helps. Many firms will train you to learn their method, and may even pay for you to advance your education. If your grades are good and you present yourself well, firms will look to hire you even without finance in your background. One of my colleagues spent 10-20 years in the pharmaceutical industry. She was very bright and she learned quickly. Even without a finance background, she became an excellent adviser. Advisers need many skills beyond those that are financial. If you can relate to people, and they can relate to you, you will be off to a good start. I would not let your current situation hold you back.
You also asked about experience. Much of my experience involved finance,, although not as an adviser (this was years ago). I had difficulty getting an adviser position, even though I had worked with financial customers for many years. Ultimately, I interviewed for a company that liked me and my background, offered me a job, offered me a better job 3 months later, and I retired from the same company 17 years later.
Good luck!
Kenneth recommends the following next steps:
Thank you for sharing your perspective.
Ivana
Tammy Laframboise
Present pension and financial planning information to members of a pension
41
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Tammy’s Answer
Hi,
My favourite part of being a financial advisor was educating my clients so that they could be confident and comfortable about the financial decisions that they were making. I was excited by the process of financial planning and it was very satisfying to see my clients grow their knowledge and competence.
My least favourite part of being a financial advisor was selling. The compensation model for most financial advisors in Canada is commission based. The people I most liked helping were the least sophisocated and had the least money and therefore required the most time to teach and hand-hold about their decisions. As a result, I made less money, which was ok with me but ultimately the support in the industry was for advisors who had bigger and more clients.
Also, the compliance regime necesitated significant paperwork so it was difficult when starting out without an assistant to have sufficient time to get more clients.
I started my career as an accountant and trained to be a financial advisor mid career because I was good with money. I could easily explain complicated financial concepts and really believed that I could help people who were afraid about money. After my accounting career I worked as the financial advisor and treasurer for a non-profit. I developed a financial course for people in the film industry and gave seminars to union members. I self-studied and took the required exams to become a financial advisor after meeting a financial advisor who had also started his career as an accountant. He took me on as an unpaid intern. I do not recommend this career path. I have colleagues who started in the formal programs offered by some financial institutions to train financial advisors and I think this is a better route. After leaving the business I joined a pension fund and presented on pensions and financial planning. I loved that job. I was over qualified for it but was able to really make a difference in the lives of the pension members by providing them with comprehensive information about both their pensions and how it fit into their financial plans.
Best of luck!
My favourite part of being a financial advisor was educating my clients so that they could be confident and comfortable about the financial decisions that they were making. I was excited by the process of financial planning and it was very satisfying to see my clients grow their knowledge and competence.
My least favourite part of being a financial advisor was selling. The compensation model for most financial advisors in Canada is commission based. The people I most liked helping were the least sophisocated and had the least money and therefore required the most time to teach and hand-hold about their decisions. As a result, I made less money, which was ok with me but ultimately the support in the industry was for advisors who had bigger and more clients.
Also, the compliance regime necesitated significant paperwork so it was difficult when starting out without an assistant to have sufficient time to get more clients.
I started my career as an accountant and trained to be a financial advisor mid career because I was good with money. I could easily explain complicated financial concepts and really believed that I could help people who were afraid about money. After my accounting career I worked as the financial advisor and treasurer for a non-profit. I developed a financial course for people in the film industry and gave seminars to union members. I self-studied and took the required exams to become a financial advisor after meeting a financial advisor who had also started his career as an accountant. He took me on as an unpaid intern. I do not recommend this career path. I have colleagues who started in the formal programs offered by some financial institutions to train financial advisors and I think this is a better route. After leaving the business I joined a pension fund and presented on pensions and financial planning. I loved that job. I was over qualified for it but was able to really make a difference in the lives of the pension members by providing them with comprehensive information about both their pensions and how it fit into their financial plans.
Best of luck!
Thank you so much for the advice.
Ivana