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Q: Career in Financial Planning ( No Answer,   1 Comment )
Question  
Subject: Career in Financial Planning
Category: Business and Money
Asked by: mwb123-ga
List Price: $40.00
Posted: 01 Jun 2004 07:38 PDT
Expires: 02 Jun 2004 18:41 PDT
Question ID: 354714
I am changing careers and plan to become a financial
planner/consultant.  I am looking for information about the firms I
could possibly work for.

Specifically:
- a list of firms (American Express, Schwab, etc.) that have financial
planner positions (they do not have to be posted, open positions)
- any outside information (comments/rankings) from customers,
employees, government about how firms conduct themselves; for example:
the following link is to a Survey that asked brokers what they thought
of the firm they worked for (I would love more info like this)
http://www.edwardjones.com/pdf/RGR-112-DH.pdf

I do not need information about the financial planner industry but
only firms who work in that industry.

Info that may help your search:
- I am currently in the IT industry
- I would be working out of Dayton, Ohio

Additional info that I am curious about but do not require:
- Does the firm cold call to prospect for new customers?
- Training program.
Answer  
There is no answer at this time.

Comments  
Subject: Use Caution
From: daytrader76-ga on 01 Jun 2004 10:41 PDT
 
I was in the business with various firms in Tampa FL from 97-2000.  I
interviewed many places - prudential, principle, the associates, Am
Exp, and a bunch of others I probably forget.  I flunked about every
personality profile ever administered.  Day trading was more fun than
selling.

*Important Advice*
"Financial Planner" is often a fancy name for a crappy sales job. 
Even if it's not crappy, it is still sales!  You will repeatedly ask
people for their money.  Most of them will say no.  If you don't start
bringing in the bucks, your boss will start leaning on you to produce
names and numbers of friends and family with money.  If you don't have
rich family and friends, you will have to cold call in some way. 
Unfortunately, the telephone is often the most efficient method of
getting turned down by the most people, which is a goal of sales.  It
is a numbers game.  Most people do not have the psychological strength
to face multiple rejections every day.  That is why there are always
telemarketing jobs in the classifieds.  As a financial planner, your
money management skills are of almost zero importance.  It is a high
turnover job, and people fail because they
don't like to sell.

If you are one of those *very special* people who can handle the
rejection, you can make very good money.  I imagine there are also
Harvard blue-blood types who just get handed a no-sales, fee-based
high-salaried position with existing client assets because they are
supposed to be geniuses.  But, like CCR said, "that ain't me."

Good Luck.

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