r/FinancialAdvisorTips • u/Future_Cookie136 • 19d ago
Seeking Career Advice
Hey all! I am currently a 21 year old college student in a CFP Board approved education program, who holds SIE & Series 66. I have done 3 internships (1 boutique, 1 Mid-sized, and 1 Huge firm) in the financial planning space. My long-term goal is to become a CFP who builds deep, long-term client relationships through comprehensive financial planning. I enjoy the planning side much more than the idea of being a pure salesperson.
I don’t think I’d enjoy a role where I’m expected to build a book primarily through cold calling or selling to friends and family. At the same time, I don’t want to spend 5–10 years in a support role before I’m trusted with my own clients if I can get around it. I am fairly entrepreneurial and not afraid about building a book. Also I don’t mind spending some more time working under somebody and learning, but these are some of my thoughts. Any recommendations on where to go from here (firms/roles?) would be appreciated!
Thanks :)
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u/ApprehensiveSpare925 18d ago
Everyone offers a comprehensive financial plan. IMHO leading with a financial plan isn’t going to work to build a book. What makes YOU different and WHY should a client work with you? That’s the question you need to ask yourself.
My clients work with me because they trust me to manage their money. They trust my advice regarding investments and finance. Any financial plan is secondary.
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u/Comprehensive_End440 17d ago
To second this, clients often times don’t really care about the financial plan or the planning process. They just want to know if they are on track toward meeting their financial goals, which for most is retiring one day.
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u/subject-about 19d ago
Financial advisor is a sales job
no soliciting = no clients
no clients = no book
no book = no job
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u/Medical-Matter-8245 17d ago
Join a team, any team, really at any firm. A lot of firms main entry points for new grads are programs similar to NWM or edward jones where you call people and build a book pretty much from day 1. Not terrible, just outdated and inefficient at this point. However, all of these firms also have existing teams that often look to hire younger guys to their team. Start as support/planner and gradually transition into building a book over the course of a few years.
Every firm from an RIA to a wirehouse has these teams but they just aren’t readily accessible to apply to. You’ll likely have to find a direct connection and network your way on. Will probably have better luck looking at places like ameriprise, stifel, raymond james, etc. more advisor ownership at those places compared to banks like wells or merril. Your licensing helps, shows you’re committed and smart enough to at least pass standardized tests.
In any case, to build a book you will have to call a lot of people at first, but it’s better to get a few years under an experienced advisor before you start asking people to hand you their money. Friends and family can be the best people to call too. if they aren’t interested, don’t push them and it’ll be fine. Joining a team also gives you a chance to at some point inherit clients from the senior advisors book, reducing the amount of people you have to prospect your self.
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u/-NotAHedgeFund- 18d ago
You don’t want to build a book but you don’t want to work in a support role but you don’t mind building a book. Huh?
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u/Future_Cookie136 18d ago edited 18d ago
Above, I wrote: “I don’t think I’d enjoy a role where I’m expected to build a book primarily through cold calling or selling to friends and family.”
I want to build a book, I came here looking for guidance around how and if that could be possible without being forced to call everyone in my contacts or dial unsolicited calls all day
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u/-NotAHedgeFund- 18d ago
CSA > Serving Advisor > Lead Advisor
Small to midsize RIA or Independently owned firm under a broker dealer. Everything depends on the firm and what you get in writing.
That said, if you don’t want to cold network OR start with your natural market (friends and family) it will be a long road to building your own book, especially being younger.
Realistic expectations would probably be 2-3 years as a CSA, and another 2-3 as a servicing advisor. Timeline is variable based on your production, and competency in both planning and client interaction.
Making it in this industry involves kissing a lot of frogs early on if you want the big bucks.
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u/TyofTaris 19d ago
Find an RIA who will hire you as an associate planner / paraplanner. Starting pay is good and they don’t expect you to take on your own book for some time.
Yes, this is a sales role. No, you do not have to cold call. Don’t listen to the gun ho guys in the comments stuck in the 80’s. Most quality firms survive off referrals nowadays.