It's much more difficult today to become an advisor. We all have the internet, the sophisticated have the same info as a broker, maybe more. You need to ask yourself, what value do I bring to the table? Try to identify your client niche, market to them. You will need to provide a proven track record. I've come to conclude; there is a lot of BS in the industry, and many believe their own BS. I've lost $ with an advisor. That motivated me to educate myself in the financial markets and manage my own money.
My unsolicited opinion on how to be a successful advisor: Join a prestigious firm where they offer training and the name will at least start a convseration with prospective clients. Take extreme care of those clients as they will become more valuable than the firm name. Jump ship and take your clients with you to get a larger payout. It’s difficult to get clients because most advisors aren’t very good. My private banker wants to run some of my assets but he can’t give me anything insightful to hang onto. Just saying “diversification” isn’t enough. On the flip side a friend of mine’s advisor really understands his situation: how he has equity in a private business and the nature of the cash flows from that business. Because he gets it, he’s unlocked millions of dollars of wealth for this guy.
that's the question you were supposed to asked yourself or others before taking seriers 7 and deciding on adviser's job
This is my real message to you. I have no professional experience except been taking to the cleaner by my first stock broker years ago. If that guy took care of me, he would make hell of a lot more money off me than what he got. Good luck to you.
I am not saying all but most advisors prey on the uneducated and unsophisticated. Baffle them with bullsh!t double talk. Making the market appear more complicated than it really is with complex indicators and charts. They say they can tell the future and know how to make $ without any guarantees. They'll even say; the goose that layed the golden egg in the other room. They'll show you historical data dating back 50 years, like KO, and you to can catch the wave to riches. It's all smoke and mirrors my friend ...
Lehman Bros and Bear Stearns hire hungry brokers. They will train you..bring your own phone book. Lehman was known as the Lean and Mean Cold Calling Machine for a reason.
ok, here is what this job is about: creating and maintaining the clientele base what you know about the market (most likely almost nothing) , what is your ability in terms of generating money for you clients (most likely almost nothing), is absolutely irrelevant most of people which becomes clientele of the financial adviser are high-networth people so how one gets them? most of the advisers (85-90%) who are successful started with some network of high-nethworth individuals ( friends , relatives, friends of relatives) and develop upon it (i.e themselves from high networth class) the remaining 10-15% are those who started with zilch and found those high-networth individuals by the methods explained already by someone above... imho all beginners invariably work by the method: we throw the shit againts the wall and see what sticks the secret is to find the sticky shit.... - people who will believe in you and who you will not fuck up, or at least they would not feel that you fucked them if you feel that you are in the unlucky 10-15% who started with bare ass - stick the doctors and the lawyers - they have money and they are suckers product wise - sell them bonds good luck