Finance Heads: Becoming a Financial Advisor

[shoehead117]

Hey NT, I'm currently interning at Merrill Lynch in Wealth Management. Most of my work really consists of getting leads by cold calling

other than that I look over my Boss's portfolios and listen in on what stocks he offers to his clients to invest in. My boss is actually a pretty cool dude, young guy and I think he makes roughly around 200-250k a year with his client base.


My question: Is becoming a financial advisor all its cracked up to be? How many actually make it through the training program? The one at Merrill Lynch is a program in which you get salary for the first 3 years as you build your clients, then after its purely commission. I know within that time period you have to get your Series 6, 7 and 63. My concern is, the market is flooded with financial advisors, so would working at a firm with a reputation such as Merrill Lynch better increase my chances of getting accounts?




Any input would be great.

 

[shoehead117]

Hey NT, I'm currently interning at Merrill Lynch in Wealth Management. Most of my work really consists of getting leads by cold calling

other than that I look over my Boss's portfolios and listen in on what stocks he offers to his clients to invest in. My boss is actually a pretty cool dude, young guy and I think he makes roughly around 200-250k a year with his client base.


My question: Is becoming a financial advisor all its cracked up to be? How many actually make it through the training program? The one at Merrill Lynch is a program in which you get salary for the first 3 years as you build your clients, then after its purely commission. I know within that time period you have to get your Series 6, 7 and 63. My concern is, the market is flooded with financial advisors, so would working at a firm with a reputation such as Merrill Lynch better increase my chances of getting accounts?




Any input would be great.

 

[alife epidemix]

[font=Arial, Helvetica, sans-serif]"Is becoming a financial advisor all its cracked up to be?"[/font]
[font=Arial, Helvetica, sans-serif]
[/font]

[font=Arial, Helvetica, sans-serif]For some...yes.[/font]

[font=Arial, Helvetica, sans-serif]
[/font]

[font=Arial, Helvetica, sans-serif]For most...no.[/font]

[font=Arial, Helvetica, sans-serif]
[/font]

[font=Arial, Helvetica, sans-serif]Whether or not it's for YOU is not up to anybody else to decide, isn't that why your interning at Merrill Lynch? You probably have a better idea than 98% of NT. 
[/font]
[font=Arial, Helvetica, sans-serif]
[/font]

 

[alife epidemix]

[font=Arial, Helvetica, sans-serif]"Is becoming a financial advisor all its cracked up to be?"[/font]
[font=Arial, Helvetica, sans-serif]
[/font]

[font=Arial, Helvetica, sans-serif]For some...yes.[/font]

[font=Arial, Helvetica, sans-serif]
[/font]

[font=Arial, Helvetica, sans-serif]For most...no.[/font]

[font=Arial, Helvetica, sans-serif]
[/font]

[font=Arial, Helvetica, sans-serif]Whether or not it's for YOU is not up to anybody else to decide, isn't that why your interning at Merrill Lynch? You probably have a better idea than 98% of NT. 
[/font]
[font=Arial, Helvetica, sans-serif]
[/font]

 

[aaronpayumo]

I want an internship there. Tips?

 

[aaronpayumo]

I want an internship there. Tips?

 

[shoehead117]

Originally Posted by alife epidemix

[font=Arial, Helvetica, sans-serif][/font] isn't that why your interning at Merrill Lynch?

[font=Arial, Helvetica, sans-serif][/font]
[font=Arial, Helvetica, sans-serif]
[/font]

Based on my time there so far, it seems like something I could see myself doing, but I'm not really sold on the success factor. Any NTers that have tried it out?



aaronayumo- I applied through my school's job posting site, if you have any sales or consulting experience I would highlight it in your resume. My boss was an alumni from my school so I think thats what got me in.

 

[shoehead117]

Originally Posted by alife epidemix

[font=Arial, Helvetica, sans-serif][/font] isn't that why your interning at Merrill Lynch?

[font=Arial, Helvetica, sans-serif][/font]
[font=Arial, Helvetica, sans-serif]
[/font]

Based on my time there so far, it seems like something I could see myself doing, but I'm not really sold on the success factor. Any NTers that have tried it out?



aaronayumo- I applied through my school's job posting site, if you have any sales or consulting experience I would highlight it in your resume. My boss was an alumni from my school so I think thats what got me in.

 

[money making a]

Originally Posted by ShoeHead117

Hey NT, I'm currently interning at Merrill Lynch in Wealth Management. Most of my work really consists of getting leads by cold calling

other than that I look over my Boss's portfolios and listen in on what stocks he offers to his clients to invest in. My boss is actually a pretty cool dude, young guy and I think he makes roughly around 200-250k a year with his client base.


My question: Is becoming a financial advisor all its cracked up to be? How many actually make it through the training program? The one at Merrill Lynch is a program in which you get salary for the first 3 years as you build your clients, then after its purely commission. I know within that time period you have to get your Series 6, 7 and 63. My concern is, the market is flooded with financial advisors, so would working at a firm with a reputation such as Merrill Lynch better increase my chances of getting accounts?




Any input would be great.

It's basically a sales position in the beginning till you build your book, which take years to do, and all the big brokerages have really high hurdles during the training. I think you have to bring in about 20+ million during the first 3 years or you will won't graduate from the program, and 20 mill AUM isn't a lot, that will only give you about 50k/yr in salary. It's really hard to succeed in this industry unless you are a GREAT salesman or you have a huge network of affluent people, the turnover rate is like 80%. But, it can be a great career, it's pretty much your own business but you have a company supporting you and providing you with tons of resources, you can create your own hours, and it can be very lucrative...

 

[money making a]

Originally Posted by ShoeHead117

Hey NT, I'm currently interning at Merrill Lynch in Wealth Management. Most of my work really consists of getting leads by cold calling

other than that I look over my Boss's portfolios and listen in on what stocks he offers to his clients to invest in. My boss is actually a pretty cool dude, young guy and I think he makes roughly around 200-250k a year with his client base.


My question: Is becoming a financial advisor all its cracked up to be? How many actually make it through the training program? The one at Merrill Lynch is a program in which you get salary for the first 3 years as you build your clients, then after its purely commission. I know within that time period you have to get your Series 6, 7 and 63. My concern is, the market is flooded with financial advisors, so would working at a firm with a reputation such as Merrill Lynch better increase my chances of getting accounts?




Any input would be great.

It's basically a sales position in the beginning till you build your book, which take years to do, and all the big brokerages have really high hurdles during the training. I think you have to bring in about 20+ million during the first 3 years or you will won't graduate from the program, and 20 mill AUM isn't a lot, that will only give you about 50k/yr in salary. It's really hard to succeed in this industry unless you are a GREAT salesman or you have a huge network of affluent people, the turnover rate is like 80%. But, it can be a great career, it's pretty much your own business but you have a company supporting you and providing you with tons of resources, you can create your own hours, and it can be very lucrative...

 

[doctaoctagon]

75% don't make it past 2 years
of the 1 out of 4 that make it..
93% don't make it past 4 years.

If that still interests you then go for it and make it happen.

I started in 2002.  Haven't looked back since.

 

[doctaoctagon]

75% don't make it past 2 years
of the 1 out of 4 that make it..
93% don't make it past 4 years.

If that still interests you then go for it and make it happen.

I started in 2002.  Haven't looked back since.

 

[shoehead117]

Originally Posted by doctaOCTAGON

75% don't make it past 2 years
of the 1 out of 4 that make it..
93% don't make it past 4 years.

If that still interests you then go for it and make it happen.

I started in 2002.  Haven't looked back since.

Congrats on being the other 7%. Is the only way of getting clients through cold calling?



I would think in this day and age there would be more effective ways of marketing to affluent people. It would be great if I had a handful of millionaires I networked with.

 

[shoehead117]

Originally Posted by doctaOCTAGON

75% don't make it past 2 years
of the 1 out of 4 that make it..
93% don't make it past 4 years.

If that still interests you then go for it and make it happen.

I started in 2002.  Haven't looked back since.

Congrats on being the other 7%. Is the only way of getting clients through cold calling?



I would think in this day and age there would be more effective ways of marketing to affluent people. It would be great if I had a handful of millionaires I networked with.