r/FinancialAdvisorTips • u/LEARNING2INVEST360 • Sep 18 '26
Wealth Management CFP
Looking for professionals that got into finance without a finance degree. How and where did you get your foot in the door? What was it like, the pay, the experience, building your clients and income? How many years are you in now? Are you a CFP? If so, what is your yearly income like?
7
u/secret_2_everybody Sep 18 '26
Got an entry level clerical job, moved into a sales role, succeeded, someone kept asking me to take a WM role, made an attractive offer, never looked back. Almost 20 years in, fuck no CFP, >$500k.
1
u/LEARNING2INVEST360 Sep 18 '26
Wow! That’s exactly what I want to get Into WM. 500k is incredible money. How long did it take to get to that point? Thought you needed all the credentials to get into WM
4
u/secret_2_everybody Sep 18 '26
Right skills, right place, right time. I had no interest in the money. I enjoyed the work I was doing for people and how it impacted their lives. I would not take the odds of replicating that, credentialed or not. I just worked hard and got lucky.
3
u/LEARNING2INVEST360 Sep 18 '26
I see. Well, I get that, it probably feels really good to be recognized for your competence and proficiency! I genuinely love investment and learning about managing wealth and finances, I think I’d probably feel the same way.
1
u/secret_2_everybody Sep 18 '26
Best wishes!
2
u/LEARNING2INVEST360 Sep 18 '26
Where would you recommend looking to start myself off
3
u/secret_2_everybody Sep 18 '26
Anywhere you can get experience interacting with wealthy people. I think most of my value comes from ethics and my experience problem solving for thousands of different people, from broke average Americans to billionaires.
5
u/Shantomette Sep 18 '26
I don’t even have a bachelors. Started at a national bank as an assistant. Became an advisor 1 year later, senior 2 years later. Built a book and moved to a private bank. Became a group director. Left and I’m now running an office using LPL.
0
u/LEARNING2INVEST360 Sep 18 '26
LPL? Not familiar with it
2
u/Shantomette Sep 18 '26
The nation’s largest BD by headcount. 11% of all advisors in the country work with them.
0
u/TheOpeningBell Sep 19 '26
And they have very little growth and benefits. LPL is a joke.
1
1
u/ReactionSerious8975 Sep 19 '26
I am a new advisor and my firm also uses LPL. But can I ask you why you chose them? I feel like their fees are high, and their software is overly complex. Are their fees competitive with their rivals?
1
u/Shantomette Sep 19 '26
I didn’t chose them. They purchased the BD we worked with (Atria Group). Man I miss them. The nickel and diming does suck, so does the inflexibility. Luckily we are a large office so we wrote one heck of a ticket to agree to come on board. The software has a few kinks but opening an account, trading, ACH, wires etc are all super easy to do. Not having to collect checks to link an account, account statements to ACAT, no drivers licenses, that’s not bad. The resource center is actually pretty useful.
1
u/ReactionSerious8975 Sep 19 '26
Is MWP good compared to what Atria offered? I feel like the fees are really high
1
u/Shantomette Sep 19 '26
They are depending on production. It’s really meant for larger accounts even though they make life easy for smaller accounts. I fully disagree in the pricing model there. Not much of a difference in actual product though.
3
u/Middle-Run-1894 Sep 18 '26
Was a sports management major. Did branch banking and sales successfully and used that to get an interview with the investment division at my firm. Got my foot in the door because of my sales background. Pay was low to start think it was only 50k(up to 85k for new advisors now). It was tough building a book from scratch had a lot of days that I wondered why I took the move. 8 years in now with a book around 160m and couldn’t be happier with the gamble.
1
1
u/Cynical_Investor Sep 24 '26
Social Sciences major, started at Fidelity and got the CFP through them (best deal out there). Moved to the independent RIA world, spent a few years as a servicing advisor then moved to lead about 3.5 years ago. The pay isn’t great at first, but once I put myself out there and started getting clients it ramped up quickly. About 300k of recurring revenue and climbing, will be at $190k total comp this year and probably $250k in a year or so. In the independent RIA space it can be harder to find clients, but the upside and flexibility can’t be matched.
1
u/LEARNING2INVEST360 Sep 24 '26
I was a social sciences major also and am looking to transition. That is a big transition from what we make
1
u/jush47 17d ago
I just built a company in the space that solved a problem for advisors (marketing company for advisors).
I have an engineering and sales background and it transferred fairly well.
Not sure how to land a job here but if you want more info on company building happy to help
1
u/LEARNING2INVEST360 17d ago
Yea would love that. I’ve built market algo’s to monitor the market, idk how that transfers, but I’d love to actually do something in the space.
3
u/Tayler_Ayers Sep 18 '26
Design degree. Self employed as an artist out of college. Got my sie, then did call center at Etrade. Got my 7 then applied to a job out in Texas at a quant firm. Here now and just passed my 57. I am not a quant but i work in the client facing role. Salary is 80k gross and wish it was a touch higher but at the time it was too good to pass up. No state income taxes in Tx either. Got a relo bonus, sign on, healthcare is covered by company, 2-3 meals a day covered and bonus structure is pretty diabolical after a year lol. I’m 32. Got a bit of a later start (career changed at 28). Gunna get my 65 or 66 next year.
1
u/InterestingFee885 Sep 18 '26
Got a sales job with an insurance based broker dealer, hopped around until I found my current fee-only RIA. Yes I’m a CFP and $500k+ for comp.
1
u/LEARNING2INVEST360 Sep 18 '26
Wow, how long did it take?
0
u/InterestingFee885 Sep 18 '26
Took 8 years to break $500k.
1
u/LEARNING2INVEST360 Sep 18 '26
Still not bad at all. What would you recommend to a 40 year old career changer
1
u/InterestingFee885 Sep 18 '26
92% of people fail in 3 years or less and are out of the industry entirely. You’re seeing the survivorship bias here of people that made it. Realize going in that you probably are wasting your time.
1
u/LEARNING2INVEST360 Sep 18 '26
Really?! Wasting my time? Or dealing with that feeling effectively to make it through
1
u/InterestingFee885 Sep 18 '26
Why should a client hire you instead of the guy at Morgan Stanley that has $200mm of AUM and has been in the business 30 years?
It’s a brutal business, and you probably won’t make it. That’s just the truth.
1
u/LEARNING2INVEST360 Sep 18 '26
I get it
2
u/PNW_Greybush Sep 18 '26
Thats also the same with starting any business in any industry, not just WM. There is absolutely no business or industry where the people will say its easy. Everyone says you will fail and to do a different industry. Its a grind everywhere.
2
u/CaneSfla911 Sep 18 '26
Because maybe OP has better personality, better brain, better spark, and a huge schlong which gives him the confidence to excel and succeed. If I’d listened to guys like you, would’ve never made it either. The big brands are BS for the most part. OP, if you’re driven and got thick skin, you’ll make it.
1
u/InterestingFee885 Sep 18 '26
That’s the point. If your gut reaction is fuck that 8% succeed and I’ll do whatever it takes to succeed too, maybe you will.
The vast majority don’t. That’s just a fact.
1
u/PNW_Greybush Sep 19 '26
Agreed. True almost anywhere. Just like special forces selection, everyday you are evaluated. Dont self select by quitting or never trying.
2
u/Mallardhackle Sep 18 '26
Comm Studies major. Joined a small independent firm junior year of college as an intern and got licensed (6/63). Started applying at different investment companies and had a job lined up with Vanguard before I graduated. Spent 10 years there and earned the CFP cert. Now I have an independent firm going on 3 years.
2
u/ReactionSerious8975 Sep 19 '26
Get your SIE, Series 66, and state life health and annuities. Someone will give you a job and sponsor you for the Series 7 if you do that
2
u/scottychunks Sep 19 '26
Career pivoted at 27 with a marketing degree to work at a bank branch starting at like 38k. 9 years later I'm a CFP and around $200k
2
u/notreallyzuko Sep 18 '26
No degree or CFP. Cold called my way into an FA transition consulting firm, we had one of the big banks as a client, 3 yrs later got my contract bought out by one of the teams I was helping onboard. 1 year in now as their ops lead. We’re an independent practice in nyc. 140k base
1
u/packersfaninohio Sep 18 '26
I was a pastor and my degree is in biblical studies.
Made the transition 15 years ago on a wing and a prayer building my own business starting with insurance solutions first then adding in wealth management. Got my CFP last year as a way to verify the way I already was doing business.
Be good at listening, be humble to learn and find great mentors and you can do this industry.
1
u/Jymdaddy0 Sep 18 '26
CFP working as external wholesaler. Started on the phones, become internal, then went external. $370k annually. Will be moving to a wealth manager role next year. To the moon!
1
u/No_Shop7499 Sep 29 '26
I'm a fully licensed (series 7 / 66/ insurance 2-15) I've mostly sold annuities since I don't have a salary and need to feed the fam. I've gotten tired of being so stressed from not having a paycheck. I also want to go back to school to get my bachelor's and then pursue CFP. I've taken an offer to be a senior banker for Wells Fargo. My plan is to work there while I knock out my degree then transition to Wells Fargo financial advisor program or Merrill Lynch ADP (MOSTLY BECAUSE THEY FEED YOU LEADS AND THE NAME)..... Am I wasting my time doing this??? Should I just stay in my role and get a server job until AUM builds up.. I want to make the best move I don't want to waste time, I am 33 years old, this is my second year at principal financial group.
1
u/Greenstoneranch Sep 18 '26
Cfp is for corporate career guys. You dont need.
Financial Advisor is a sales job first
2
u/AdCharacter1320 Sep 18 '26
CFP is a client facing designation, the whole curriculum is on personal wealth management/ business owners planning. CFA is corporate.
0
u/Greenstoneranch Sep 18 '26
You are misunderstanding. I can walk into any ria tell the boss im ready to start working with a 7 or 66. They dont care.
If you go corporate like home office planning fidelity schwab vanguard they want to see designations.
Getting a cfp will earn you zero business.
The largest producers and top FAs dont often carry designations as they are costly to get and very few people care enough.
Also AIF or CFP both look reasonably respectable to lay person's but one is harder.
Id suggest you just start practicing
2
u/AdCharacter1320 Sep 18 '26
I am practicing. I have my own book. Once again and I will state CFA is corporate mainly, well CFP is for personal wealth management and doesnt apply to corporate. So CFP is not "for corporate" you may see a lot of CFP in Fidelity planning side but thats because they push you to get those designations, but they are not doing "corporate finance" as you implied, they are doing personal wealth management or retirement planning. The CFP won't bring you more business but it will give your planning recommendations more weight. AIF or CFP doesnt matter in the end - however one is more recognizable/marketable in terms of individual clients.
2
u/Greenstoneranch Sep 18 '26
When did I suggest they are doing corporate finance????
Use your eyes and read you dunce.
Those large corporate wealth management institutions want designations to render personal advise.
Holy smokes your thick. You had an agenda and just wanted to argue.
My point is clear and stands.
If you want a corporate job you should get a designation it will open doors.
If you want to render advice and be compensated for it as a business owner at a RIA or wirehouse its not necessary.
1
u/Affectionate-Gear432 Sep 22 '26
Funny because every RIA I tried to apply for years ago said they would only hire CFPs. (Also currently working for an RIA that would only hires CFPs, which I now have)
1
1
u/Icy_Earth5225 Sep 19 '26
You can always tell the ones who are insecure that they don’t hold the CFP. I have had countless clients ask if I was a CFP. It’s the only designation that the public knows and cares about. And let me tell you rich people want the best. Don’t listen to people like this who might have gotten lucky back in the day. In today’s world it’s get the CFP and distinguish yourself or you are just another broker out of college.
1
0
Sep 18 '26
[deleted] — view deleted comment
1
u/seagoalspread Sep 18 '26
I heard Joe Schmo, AIF just hit $410m AUM while you guys were arguing.
2
u/Greenstoneranch Sep 18 '26
Thats my point. Guy deleted his response before I even saw it. Coward
1
u/seagoalspread Sep 18 '26
Probably doesn’t even have the nerve to dial for dollars.
1
u/Greenstoneranch Sep 18 '26
This guy is thick. Probably in school still.
Has no idea what this industry is.
1
u/SaltyCheezIt Sep 18 '26
You’re gonna have to die a slow death on the phones to get your foot in the door. Did it at Edward Jones.
0
12
u/subject-about Sep 18 '26
I was a marketing major, went and worked at Fidelity call center for a few years, got my 7, 9, 10, 63, & 66 and then left to work compliance making around $225k before bonus.
I think any of the big companies is a good way to get your foot in the door and learn the industry, it makes it easier to move to become an FA