Are you considering embarking on a career in Wealth Management or as a Financial Advisor? If so, are you prepared for that type of career and lifestyle? If you can confidently answer YES to 4 of the 5 questions below, you're ready.
1. Are you certified? Your ability to sell different products is limited by the ones you are certified to sell. You don’t need to collect certifications like they’re baseball cards, but you will need at least a Series 7 and 63. Many FAs take it a step further and get their Series 66. Whatever certifications you get should be relevant to what you want to sell and who you want to sell to.
2. Do you have spare cash? Most FA positions are commission only. Some offer an initial stipend, while others offer an immediate draw against future earnings. No matter what, having a few months’ expenses saved up will ease some of the pressure of a commission-only job while still keeping you hungry for more.
3. Are you patient? It can take over a year to develop a sustainable book of business. This is not the career for a quick buck or quick returns.
4. Do you know anyone in PWM or FA? The challenges, much like the rewards of this role, can be unique, and it’s incredibly useful to have someone you can tap into for ideas, encouragement, and experience. If that person is someone you know personally, they may even be able to offer insight into whether this is the right career for you.
5. Do you work to live or live to work? Embrace the long hours and extra-curricular commitments of the position rather than brace yourself against them. The financial rewards and autonomy of this position make it highly attractive to those who are hard-working, independent, and ambitious. Work can be fun, but when you’re not working, you should enjoy the rewards of all that hard work.
What was your score? Leave any advice below.
-The Finance Whisperer