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Any finance guys in here?


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#1 mattd1206

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Posted 06 January 2018 - 10:25 PM

Well seeing at GolfWRX is the most knowledgeable place known to man I figured I’d come over here to get some opinions. I’m majoring in finance in hope to become a financial advisor. Anyone have advice? Any specific certifications I will need? Really any little nuggets of knowledge would be cool. And yes I came to a golf website for insight on this because people tend to be real(ish) on here and would love some insight

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#2 baddomes

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Posted 07 January 2018 - 03:07 AM

Financial advisor CFA or financial advisor CFP?

CFA is an impressive designation. You can't fake it through. Guys who manage funds are CFAs, but that designation fits into a lot of places within finance.

CFP you need to run your own practice and be a good salesperson to make big money. Less about the finance and more about the relationships. But, like any sales job, if you can pull it off you'll make a killing while calling your own shots.



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#3 Wriggles

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Posted 07 January 2018 - 06:52 AM

Connections, connections, connections.

If you have connections, or have the personality to make them, you will do well.

As the marketing people say, "It's not the steak, it's the sizzle."

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#4 mattd1206

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Posted 07 January 2018 - 11:30 AM

View Postbaddomes, on 07 January 2018 - 03:07 AM, said:

Financial advisor CFA or financial advisor CFP?

CFA is an impressive designation. You can't fake it through. Guys who manage funds are CFAs, but that designation fits into a lot of places within finance.

CFP you need to run your own practice and be a good salesperson to make big money. Less about the finance and more about the relationships. But, like any sales job, if you can pull it off you'll make a killing while calling your own shots.


I think CFP would be more what I’m looking for. I’ve read about it and read it’s difficult to get into though? I know regardless I will need to work a number of years at a bank being a financial advisor or some kind of role like that. But in a perfect world I would be able to work independently with a select number of clients over years to build a portfolio.
Matthew HCP-12

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#5 baddomes

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Posted 07 January 2018 - 11:39 AM

View Postmattd1206, on 07 January 2018 - 11:30 AM, said:

View Postbaddomes, on 07 January 2018 - 03:07 AM, said:

Financial advisor CFA or financial advisor CFP?

CFA is an impressive designation. You can't fake it through. Guys who manage funds are CFAs, but that designation fits into a lot of places within finance.

CFP you need to run your own practice and be a good salesperson to make big money. Less about the finance and more about the relationships. But, like any sales job, if you can pull it off you'll make a killing while calling your own shots.


I think CFP would be more what Iím looking for. Iíve read about it and read itís difficult to get into though? I know regardless I will need to work a number of years at a bank being a financial advisor or some kind of role like that. But in a perfect world I would be able to work independently with a select number of clients over years to build a portfolio.

I think your career plan is right. Bank, then hopefully branch out.

I don't think it will be difficult to get into. You won't start out being a financial planner, may have to do more retail type banking first, but the opportunity should be there.

The barriers to entry for a new CFP are relatively low. The advice I'd give is to find a planner who has already "made it" and try to find a way to work for them. Whether they're working independently or under the umbrella of a bank/brokerage house.

To clarify the source: I don't have either of these designations but have worked for banks for the last 12 years with people who have both CFA and CFPs. I work in commercial lending now.


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#6 mtgrizinmn

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Posted 07 January 2018 - 02:53 PM

You could take the route of working for an established advisor as an associate financial advisor (AFA). I work for an Ameriprise practice that uses AFA's. They are generally newer to the business and looking to build their book of business. Typically an established advisor hires one to pare off some clients that don't generate a lot of income or business and have the AFA service them. It depends on the arraignment, but an AFA can be salaried until they reach a certain client base, or they pay their own costs.

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#7 The Pearl

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Posted 08 January 2018 - 12:31 PM

View Postmattd1206, on 07 January 2018 - 11:30 AM, said:

View Postbaddomes, on 07 January 2018 - 03:07 AM, said:

Financial advisor CFA or financial advisor CFP?

CFA is an impressive designation. You can't fake it through. Guys who manage funds are CFAs, but that designation fits into a lot of places within finance.

CFP you need to run your own practice and be a good salesperson to make big money. Less about the finance and more about the relationships. But, like any sales job, if you can pull it off you'll make a killing while calling your own shots.


I think CFP would be more what I’m looking for. I’ve read about it and read it’s difficult to get into though? I know regardless I will need to work a number of years at a bank being a financial advisor or some kind of role like that. But in a perfect world I would be able to work independently with a select number of clients over years to build a portfolio.

There is no "getting into" the CFP program.  It is a certification program with certain steps to be able to use the "designation."

https://www.cfp.net/...fp-professional

The CFA and CFP programs are two different animals.  The CFA is an "investment" and "portfolio management" program designed for those who want to be fund managers, run hedge funds, be security analysts, etc.   The CFP is for those who want to hold out to the public that they have achieved a very degree of professional education in the financial planning field.  There are many that hold both.  

A few things.  There are no barriers to entry to being a "financial advisor".  There are no educational requirements.  Depending on the route you take, you must pass one or more of the securities exam required and register with FINRA, the SEC, or your respective state division of securities.   Historically, there are two paths.  You can hire on at one of the commissioned sale brokerages and sell your way to success and either stay or branch off on your own or you can get on with a fee only wealth advisory firm, start out as a true fiduciary and work your way up or eventually branch off to start your own practice.

I strongly urge the second option.   The sales track is dead man walking due to far better educated public seeking financial advice and ongoing efforts by the government to make every advisor giving advice to act as a fiduciary.  I would encourage you to read Josh Brown's book Backstage Wall St.

In terms of being a finance major, that is a good way to go, however, much depends on your school and your program.  There are colleges that have specific financial planning tracks that prepare you to sit right away for the CFP exam.  If you are going through a traditional finance program, other than the nuts and bolts of academic investing, you are going to get very little to prepare you for the CFP exam.  You will more than likely have to sign up for a CFP educational course to prepare you for the exam.

With that said, you can get a jump start on your competition by educating yourself about the industry and quite frankly, if you are motivated and have reasonable intelligence, you can teach yourself much of the CFP curriculum.  I would look for a fee only wealth management firm in your area to intern for during the summer or on weekends.   This will give you some practical experience, even if it is nothing more than opening mail.  Ideally, what you want is to graduate and show any of the firm's that you are looking at that you are ahead of the curve in terms of knowledge of the field and how the business works, as opposed to just getting a finance degree and showing up for the interview without a clue what a financial advisor/planner does.

The person to follow in the industry is Michael Kitces at The Nerd's Eye View blog.   He has tons of resources and much of it is geared toward career planning and does focus on young folks wanting to get into the profession.    https://www.kitces.com/

You should also start to educate yourself on the fiduciary rules.  http://scholarfp.blogspot.com/

I will also start following Abnormal Returns.  Tadas does a weekly financial planning curation.  You can start your education there and this will lead to a treasure trove of experts in the field to follow.   https://abnormalreturns.com/

Other people to follow are Wade Pfau,  Bob Veres, among others.  There are also trade pubs that you get access to, at least a portion free, like Thinkadvisor.com,  Financial-Planning.com, and fa-mag.com.

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#8 mattd1206

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Posted 08 January 2018 - 01:48 PM

View PostThe Pearl, on 08 January 2018 - 12:31 PM, said:

View Postmattd1206, on 07 January 2018 - 11:30 AM, said:

View Postbaddomes, on 07 January 2018 - 03:07 AM, said:

Financial advisor CFA or financial advisor CFP?

CFA is an impressive designation. You can't fake it through. Guys who manage funds are CFAs, but that designation fits into a lot of places within finance.

CFP you need to run your own practice and be a good salesperson to make big money. Less about the finance and more about the relationships. But, like any sales job, if you can pull it off you'll make a killing while calling your own shots.


I think CFP would be more what I’m looking for. I’ve read about it and read it’s difficult to get into though? I know regardless I will need to work a number of years at a bank being a financial advisor or some kind of role like that. But in a perfect world I would be able to work independently with a select number of clients over years to build a portfolio.

There is no "getting into" the CFP program.  It is a certification program with certain steps to be able to use the "designation."

https://www.cfp.net/...fp-professional

The CFA and CFP programs are two different animals.  The CFA is an "investment" and "portfolio management" program designed for those who want to be fund managers, run hedge funds, be security analysts, etc.   The CFP is for those who want to hold out to the public that they have achieved a very degree of professional education in the financial planning field.  There are many that hold both.  

A few things.  There are no barriers to entry to being a "financial advisor".  There are no educational requirements.  Depending on the route you take, you must pass one or more of the securities exam required and register with FINRA, the SEC, or your respective state division of securities.   Historically, there are two paths.  You can hire on at one of the commissioned sale brokerages and sell your way to success and either stay or branch off on your own or you can get on with a fee only wealth advisory firm, start out as a true fiduciary and work your way up or eventually branch off to start your own practice.

I strongly urge the second option.   The sales track is dead man walking due to far better educated public seeking financial advice and ongoing efforts by the government to make every advisor giving advice to act as a fiduciary.  I would encourage you to read Josh Brown's book Backstage Wall St.

In terms of being a finance major, that is a good way to go, however, much depends on your school and your program.  There are colleges that have specific financial planning tracks that prepare you to sit right away for the CFP exam.  If you are going through a traditional finance program, other than the nuts and bolts of academic investing, you are going to get very little to prepare you for the CFP exam.  You will more than likely have to sign up for a CFP educational course to prepare you for the exam.

With that said, you can get a jump start on your competition by educating yourself about the industry and quite frankly, if you are motivated and have reasonable intelligence, you can teach yourself much of the CFP curriculum.  I would look for a fee only wealth management firm in your area to intern for during the summer or on weekends.   This will give you some practical experience, even if it is nothing more than opening mail.  Ideally, what you want is to graduate and show any of the firm's that you are looking at that you are ahead of the curve in terms of knowledge of the field and how the business works, as opposed to just getting a finance degree and showing up for the interview without a clue what a financial advisor/planner does.

The person to follow in the industry is Michael Kitces at The Nerd's Eye View blog.   He has tons of resources and much of it is geared toward career planning and does focus on young folks wanting to get into the profession.    https://www.kitces.com/

You should also start to educate yourself on the fiduciary rules.  http://scholarfp.blogspot.com/

I will also start following Abnormal Returns.  Tadas does a weekly financial planning curation.  You can start your education there and this will lead to a treasure trove of experts in the field to follow.   https://abnormalreturns.com/

Other people to follow are Wade Pfau,  Bob Veres, among others.  There are also trade pubs that you get access to, at least a portion free, like Thinkadvisor.com,  Financial-Planning.com, and fa-mag.com.



Wow a lot of info to digest there. I’ll have to read through this a few times to understand it all but thank you for the in-depth input much appreciated.
Matthew HCP-12

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#9 Hawkeye77

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Posted 12 January 2018 - 08:43 PM

View Postmtgrizinmn, on 07 January 2018 - 02:53 PM, said:

You could take the route of working for an established advisor as an associate financial advisor (AFA). I work for an Ameriprise practice that uses AFA's. They are generally newer to the business and looking to build their book of business. Typically an established advisor hires one to pare off some clients that don't generate a lot of income or business and have the AFA service them. It depends on the arraignment, but an AFA can be salaried until they reach a certain client base, or they pay their own costs.

LOL, depends on the arraignment! There's a slip.

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#10 spazo

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Posted 13 January 2018 - 12:38 AM

Both are pretty useless for most Americans. Go for tax accounting or actuarial science. Much note useful and widespread application. At the end of the day, cfp or cfa success is going to lie solely in your ability to sell yourself. The two mentioned above, you can make money that way but don't have to.

You also don't have to make money by pushing products on people that they don't want or need...so there's that benefit too

Edited by spazo, 13 January 2018 - 12:39 AM.


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#11 STPBMW

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Posted 13 January 2018 - 05:05 AM

I went for finance because it was an interest. Ended up taking a low level financial (unliscensed) job when the market was weak. It has worked out after 10 years and 5 promotions. Work hard get promoted blah blah. Think about golf, wish you played more golf...

Edited by STPBMW, 13 January 2018 - 05:07 AM.


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#12 mattd1206

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Posted 13 January 2018 - 07:13 PM

View PostSTPBMW, on 13 January 2018 - 05:05 AM, said:

I went for finance because it was an interest. Ended up taking a low level financial (unliscensed) job when the market was weak. It has worked out after 10 years and 5 promotions. Work hard get promoted blah blah. Think about golf, wish you played more golf...

Well more than likely I could golf for a living and still think about golf and wish I played more. (Probably)
Matthew HCP-12

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#13 Rob G 89

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Posted 13 January 2018 - 11:33 PM

I have a finance and mba degree with a business management job. Finance is so broad I think they need to split it up into even more majors for better career readiness.

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#14 mattd1206

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Posted 14 January 2018 - 11:43 AM

View PostRob G 89, on 13 January 2018 - 11:33 PM, said:

I have a finance and mba degree with a business management job. Finance is so broad I think they need to split it up into even more majors for better career readiness.

I agree you can do anything from selling stocks to selling insurance and everything in between. It’s tough to find the right route.
Matthew HCP-12

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