Advisorheads Homepage
Forum Home Forum Home > Introductions > Greenhorn Introductions
  New Posts New Posts RSS Feed - Am I in the right place?
  FAQ FAQ  Forum Search   Events   Register Register  Login Login

Am I in the right place?

 Post Reply Post Reply Page  12>
Author
Message
ether View Drop Down
Groupie
Groupie
Avatar

Joined: Dec/18/2014
Location: Columbia, SC
Status: Offline
Points: 28
Post Options Post Options   Thanks (0) Thanks(0)   Quote ether Quote  Post ReplyReply Direct Link To This Post Topic: Am I in the right place?
    Posted: Dec/19/2014 at 1:26am
I don't know if this community can help me, but I'm interested in fee-only advising. I want to help lower and middle class individuals build financial security through basic financial literacy. My goal is to advise people on how to reduce their expenses, invest in low cost investment services [like Vanguard ETFs], and progress towards financial independence. I'm also interested in advising people on how to acquire a college education cheaply and help people escape crippling debt. I don't expect to make much or any money doing this, but I want to try! I have a few ideas about how to test my skills and see if I could actually turn this into a business: 
1. Volunteer or work for an organization that focuses on promoting financial literacy [Do you all know any organization like this?]
2. Become a low level book keeper at H&R block. Do people's taxes and if they like my tax work, offer my financial planning skills  
3. Contact other fee-only advisors and try to learn & mimic how they built their businesses
4. Hangout around predatory loan offices [like payday or title loan businesses] and offer a free hour consultation to the poor schmucks getting loans
5. Call local high school counselors and offer a free parent seminar on financing a college education 

Let me know if this might work, or if you think it's a waste of time & energy.
Either way I appreciate the input!
Back to Top
bagua View Drop Down
Member
Member


Joined: May/03/2011
Status: Offline
Points: 258
Post Options Post Options   Thanks (0) Thanks(0)   Quote bagua Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 12:04pm
Ether,
Why? Towards what end?

Bagua
Back to Top
Moraen View Drop Down
Admin Group
Admin Group
Avatar
Batman

Joined: Mar/09/2010
Status: Offline
Points: 15604
Post Options Post Options   Thanks (1) Thanks(1)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 12:13pm
Originally posted by ether ether wrote:

I don't know if this community can help me, but I'm interested in fee-only advising. I want to help lower and middle class individuals build financial security through basic financial literacy. My goal is to advise people on how to reduce their expenses, invest in low cost investment services [like Vanguard ETFs], and progress towards financial independence. I'm also interested in advising people on how to acquire a college education cheaply and help people escape crippling debt. I don't expect to make much or any money doing this, but I want to try! I have a few ideas about how to test my skills and see if I could actually turn this into a business: 
1. Volunteer or work for an organization that focuses on promoting financial literacy [Do you all know any organization like this?]  Look at the AFCPE.  www.afcpe.org
2. Become a low level book keeper at H&R block. Do people's taxes and if they like my tax work, offer my financial planning skills  People who go to block are unlikely to pay what you would need them too.
3. Contact other fee-only advisors and try to learn & mimic how they built their businesses  They built it with small accounts, but looked for bigger.  People who become clients are skewed and generally upper middle to upper class.  Not lower.
4. Hangout around predatory loan offices [like payday or title loan businesses] and offer a free hour consultation to the poor schmucks getting loans  Ridiculous idea.  I mean this is a really dumb idea.
5. Call local high school counselors and offer a free parent seminar on financing a college education This could be a good idea.

Let me know if this might work, or if you think it's a waste of time & energy.
Either way I appreciate the input!
I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis

Fiduciary as Fuck - iMo
Back to Top
ether View Drop Down
Groupie
Groupie
Avatar

Joined: Dec/18/2014
Location: Columbia, SC
Status: Offline
Points: 28
Post Options Post Options   Thanks (0) Thanks(0)   Quote ether Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 12:35pm
Originally posted by bagua bagua wrote:

Ether,
Why? Towards what end?

Bagua

The end goal is to help people. If I can make money doing it, great! If not, I'll be fine! 
I feel that the people that could use a financial advisor the most, will never get one because they don't have enough assets.  


Edited by ether - Dec/19/2014 at 1:07pm
Back to Top
ether View Drop Down
Groupie
Groupie
Avatar

Joined: Dec/18/2014
Location: Columbia, SC
Status: Offline
Points: 28
Post Options Post Options   Thanks (0) Thanks(0)   Quote ether Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:00pm
Moraen, 
1. Woah! AFCPE is exactly the type of thing I was looking for! I never knew there were academics writing about financial counseling.
2. If I could charge people $20 for a one hour session, I would be ecstatic. Do you think that people who go to the block wouldn't pay for that kind of service?
3. Do fee only advisors go after wealthier clients because the middle class don't see a need for advisors?  
4. Are there any organizations that attempt to council people that are getting payday loans? 
5. Great! I think the focus on my talk will be on how to get a college education cheaply. Maybe talk about how the first two years of college can be skipped through AP exams, CLEP exams, or Community College. Then talk about the state and federal programs that help pay for school, like the American Opportunity Tax Credit or the Education Lottery. What do you think? 





Edited by ether - Dec/19/2014 at 1:04pm
Back to Top
bagua View Drop Down
Member
Member


Joined: May/03/2011
Status: Offline
Points: 258
Post Options Post Options   Thanks (0) Thanks(0)   Quote bagua Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:07pm
Ether,
You won't make any money. The folks getting payday loans are not people that plan. They don't learn much from experience, and they generally can't envision the future beyond Tuesday. The value you could bring will not have any urgency or value attached to it. I don't know how you would get them to internalize and use what you are saying.

I have a client that has worked at McDonalds her entire life. Raised a son, a HS graduate, college on academic scholarships. She paid off her $140,000 mortgage last month. Paid off. She called excited about having more money, now that she has no mortgage. She's only ever made McD money, now about $10/hr. She is an amazing person, and stands out because she is the only one of her kind I have ever met. Her restaurant would like to hire 10 more people. They had 6 hired, ready to come in for their first day of training. zero showed up. The training is on the clock. Six fuckers that got jobs at a company that will pay them, couldn't keep it together long enough to get paid. That's who you are talking about prospecting.
Best of luck, and God Speed. When you get tired of banging your head into the wall, stop. It will feel great.

Bagua
Back to Top
Mike Damone View Drop Down
Senior Member
Senior Member
Avatar

Joined: Mar/15/2010
Status: Offline
Points: 4450
Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike Damone Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:11pm
Ether, take to heart what bagua wrote.   I think your heart is in the right place and you have great intentions... but your target market (distressed individuals) don't want your help.  Forget paying you $20 for advice. They won't take your help for free.
"Sorry about the mayonnaise, guys."
Back to Top
ether View Drop Down
Groupie
Groupie
Avatar

Joined: Dec/18/2014
Location: Columbia, SC
Status: Offline
Points: 28
Post Options Post Options   Thanks (0) Thanks(0)   Quote ether Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:17pm
Originally posted by bagua bagua wrote:

Ether,
You won't make any money. The folks getting payday loans are not people that plan. They don't learn much from experience, and they generally can't envision the future beyond Tuesday. The value you could bring will not have any urgency or value attached to it. I don't know how you would get them to internalize and use what you are saying.

I have a client that has worked at McDonalds her entire life. Raised a son, a HS graduate, college on academic scholarships. She paid off her $140,000 mortgage last month. Paid off. She called excited about having more money, now that she has no mortgage. She's only ever made McD money, now about $10/hr. She is an amazing person, and stands out because she is the only one of her kind I have ever met. Her restaurant would like to hire 10 more people. They had 6 hired, ready to come in for their first day of training. zero showed up. The training is on the clock. Six fuckers that got jobs at a company that will pay them, couldn't keep it together long enough to get paid. That's who you are talking about prospecting.
Best of luck, and God Speed. When you get tired of banging your head into the wall, stop. It will feel great.

Bagua

You're right, I can't advise the poorest of the poor, keep my sanity, or help them. Do you have any idea why your client was able to be so responsible and build her and her family up on a McDonalds pay? 


Edited by ether - Dec/19/2014 at 1:19pm
Back to Top
ether View Drop Down
Groupie
Groupie
Avatar

Joined: Dec/18/2014
Location: Columbia, SC
Status: Offline
Points: 28
Post Options Post Options   Thanks (0) Thanks(0)   Quote ether Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:23pm
Originally posted by Mike Damone Mike Damone wrote:

Ether, take to heart what bagua wrote.   I think your heart is in the right place and you have great intentions... but your target market (distressed individuals) don't want your help.  Forget paying you $20 for advice. They won't take your help for free.

I do want to help, but I now agree that payday loans are a terrible place to start. What about my idea about the high schools or the H&R block. These are all people that have income and the ability to hold down jobs. I think I could help people there, do you agree? 
Back to Top
Moraen View Drop Down
Admin Group
Admin Group
Avatar
Batman

Joined: Mar/09/2010
Status: Offline
Points: 15604
Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:26pm
Originally posted by ether ether wrote:

Moraen, 
1. Woah! AFCPE is exactly the type of thing I was looking for! I never knew there were academics writing about financial counseling.
2. If I could charge people $20 for a one hour session, I would be ecstatic. Do you think that people who go to the block wouldn't pay for that kind of service?  What are you going to be able to do for lower and middle income people in a one hour session?
3. Do fee only advisors go after wealthier clients because the middle class don't see a need for advisors?  No, it's because middle class people don't have any disposable income. 
4. Are there any organizations that attempt to council people that are getting payday loans? There shouldn't be.  People who get payday loans typically have many more issues than poor money management. 
5. Great! I think the focus on my talk will be on how to get a college education cheaply. Maybe talk about how the first two years of college can be skipped through AP exams, CLEP exams, or Community College. Then talk about the state and federal programs that help pay for school, like the American Opportunity Tax Credit or the Education Lottery. What do you think? Could work





Two things:

First, I noticed that you don't really care about making money.  I must assume either you have a spouse who makes a lot of money or you are independently wealthy.  Either way, this is a hard business to do for little to no money - its' not worth it.

Second, I once had an AFC designation and I was like you and wanted to help lower and middle income people.  What I have found is that if I make a lot of money, I have more time to volunteer and do those things.

Volunteer a weekend or a Friday once you have made it.  I spend an entire four month period, one weekend every month working with low income veterans.  You cannot do a one hour session with these folks.  
I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis

Fiduciary as Fuck - iMo
Back to Top
Raging-Rak View Drop Down
Groupie
Groupie
Avatar

Joined: Sep/22/2014
Status: Offline
Points: 41
Post Options Post Options   Thanks (0) Thanks(0)   Quote Raging-Rak Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:34pm
Go work for Dave Ramsey. You could help those people all day long. 
Someone once told me not to bite off more than I can chew. I told them I would rather choke on greatness than nibble on mediocrity.
Back to Top
B24 View Drop Down
Moderator
Moderator
Avatar

Joined: Mar/09/2010
Status: Offline
Points: 15425
Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:37pm
Originally posted by Moraen Moraen wrote:

 
Second, I once had an AFC designation and I was like you and wanted to help lower and middle income people.  What I have found is that if I make a lot of money, I have more time to volunteer and do those things.

Volunteer a weekend or a Friday once you have made it.  I spend an entire four month period, one weekend every month working with low income veterans.  You cannot do a one hour session with these folks.  

This is a great point. In this business, once you have a stable client base and you are making money, you can do whatever the hell you want.

When you are scrounging for clients to make ends meat, it is too stressful to do pro-bono work.
Back to Top
Mike Damone View Drop Down
Senior Member
Senior Member
Avatar

Joined: Mar/15/2010
Status: Offline
Points: 4450
Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike Damone Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:37pm
Originally posted by ether ether wrote:

Originally posted by Mike Damone Mike Damone wrote:

Ether, take to heart what bagua wrote.   I think your heart is in the right place and you have great intentions... but your target market (distressed individuals) don't want your help.  Forget paying you $20 for advice. They won't take your help for free.

I do want to help, but I now agree that payday loans are a terrible place to start. What about my idea about the high schools or the H&R block. These are all people that have income and the ability to hold down jobs. I think I could help people there, do you agree? 

You will probably make little to zero money, but you could call the local credit counselors and introduce yourself.  Perhaps they can refer to you or allow you to do a seminar.
"Sorry about the mayonnaise, guys."
Back to Top
ether View Drop Down
Groupie
Groupie
Avatar

Joined: Dec/18/2014
Location: Columbia, SC
Status: Offline
Points: 28
Post Options Post Options   Thanks (0) Thanks(0)   Quote ether Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:42pm
Originally posted by Mike Damone Mike Damone wrote:

Originally posted by ether ether wrote:

Originally posted by Mike Damone Mike Damone wrote:

Ether, take to heart what bagua wrote.   I think your heart is in the right place and you have great intentions... but your target market (distressed individuals) don't want your help.  Forget paying you $20 for advice. They won't take your help for free.

I do want to help, but I now agree that payday loans are a terrible place to start. What about my idea about the high schools or the H&R block. These are all people that have income and the ability to hold down jobs. I think I could help people there, do you agree? 

You will probably make little to zero money, but you could call the local credit counselors and introduce yourself.  Perhaps they can refer to you or allow you to do a seminar.

I like the idea. What would you say is the major difference between a credit counselor and a financial advisor? How do they financially sustain themselves?  


Edited by ether - Dec/19/2014 at 1:49pm
Back to Top
ether View Drop Down
Groupie
Groupie
Avatar

Joined: Dec/18/2014
Location: Columbia, SC
Status: Offline
Points: 28
Post Options Post Options   Thanks (0) Thanks(0)   Quote ether Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:44pm
Originally posted by Moraen Moraen wrote:

Originally posted by ether ether wrote:

Moraen, 
1. Woah! AFCPE is exactly the type of thing I was looking for! I never knew there were academics writing about financial counseling.
2. If I could charge people $20 for a one hour session, I would be ecstatic. Do you think that people who go to the block wouldn't pay for that kind of service?  What are you going to be able to do for lower and middle income people in a one hour session?
3. Do fee only advisors go after wealthier clients because the middle class don't see a need for advisors?  No, it's because middle class people don't have any disposable income. 
4. Are there any organizations that attempt to council people that are getting payday loans? There shouldn't be.  People who get payday loans typically have many more issues than poor money management. 
5. Great! I think the focus on my talk will be on how to get a college education cheaply. Maybe talk about how the first two years of college can be skipped through AP exams, CLEP exams, or Community College. Then talk about the state and federal programs that help pay for school, like the American Opportunity Tax Credit or the Education Lottery. What do you think? Could work





Two things:

First, I noticed that you don't really care about making money.  I must assume either you have a spouse who makes a lot of money or you are independently wealthy.  Either way, this is a hard business to do for little to no money - its' not worth it.

Second, I once had an AFC designation and I was like you and wanted to help lower and middle income people.  What I have found is that if I make a lot of money, I have more time to volunteer and do those things.

Volunteer a weekend or a Friday once you have made it.  I spend an entire four month period, one weekend every month working with low income veterans.  You cannot do a one hour session with these folks.  

I'm single, work part-time, and passionate about personal finance. I have lots of spare time and I want to teach people skills. 
I have no idea what it's like to advise for a living, does it slowly drain you? Is that why it's not worth doing for little or no money?
Would you say this work is a lot like a psychiatrist? But instead of dealing with behavioral & mental issues you are dealing with financial issues?
Back to Top
B24 View Drop Down
Moderator
Moderator
Avatar

Joined: Mar/09/2010
Status: Offline
Points: 15425
Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:48pm
I think you probably need to finish up your degree and turn the legal drinking age before you start counseling people on money.

Back to Top
Moraen View Drop Down
Admin Group
Admin Group
Avatar
Batman

Joined: Mar/09/2010
Status: Offline
Points: 15604
Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:50pm
Originally posted by ether ether wrote:

Originally posted by Moraen Moraen wrote:

Originally posted by ether ether wrote:

Moraen, 
1. Woah! AFCPE is exactly the type of thing I was looking for! I never knew there were academics writing about financial counseling.
2. If I could charge people $20 for a one hour session, I would be ecstatic. Do you think that people who go to the block wouldn't pay for that kind of service?  What are you going to be able to do for lower and middle income people in a one hour session?
3. Do fee only advisors go after wealthier clients because the middle class don't see a need for advisors?  No, it's because middle class people don't have any disposable income. 
4. Are there any organizations that attempt to council people that are getting payday loans? There shouldn't be.  People who get payday loans typically have many more issues than poor money management. 
5. Great! I think the focus on my talk will be on how to get a college education cheaply. Maybe talk about how the first two years of college can be skipped through AP exams, CLEP exams, or Community College. Then talk about the state and federal programs that help pay for school, like the American Opportunity Tax Credit or the Education Lottery. What do you think? Could work





Two things:

First, I noticed that you don't really care about making money.  I must assume either you have a spouse who makes a lot of money or you are independently wealthy.  Either way, this is a hard business to do for little to no money - its' not worth it.

Second, I once had an AFC designation and I was like you and wanted to help lower and middle income people.  What I have found is that if I make a lot of money, I have more time to volunteer and do those things.

Volunteer a weekend or a Friday once you have made it.  I spend an entire four month period, one weekend every month working with low income veterans.  You cannot do a one hour session with these folks.  

I'm single, work part-time, and passionate about personal finance. I have lots of spare time and I want to teach people skills. 
I have no idea what it's like to advise for a living, does it slowly drain you? Is that why it's not worth doing for little or no money?
Would you say this work is a lot like a psychiatrist? But instead of dealing with behavioral & mental issues you are dealing with financial issues?


You are absolutely dealing with behavioral and mental issues.  This job is great once you have clients trained.  People who can be trained are usually people who are fairly intelligent - basically they are on the right tail of the income/wealth distribution.

You are talking about dealing with the left-tail and middle.  This area is NOT profitable and a model has not yet been invented to make it profitable to offer a consultative role. 

Further, those in the left-tail and middle are even harder to deal with.  They have more issues, they cannot cover emergencies.  They always want ton consume more.
I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis

Fiduciary as Fuck - iMo
Back to Top
ether View Drop Down
Groupie
Groupie
Avatar

Joined: Dec/18/2014
Location: Columbia, SC
Status: Offline
Points: 28
Post Options Post Options   Thanks (0) Thanks(0)   Quote ether Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:51pm
Originally posted by B24 B24 wrote:

I think you probably need to finish up your degree and turn the legal drinking age before you start counseling people on money.


I know, I'm just curious about the industry and like to talk about this kind of stuff! You know, young and thinking he can help the world type person.


Edited by ether - Dec/19/2014 at 1:52pm
Back to Top
Moraen View Drop Down
Admin Group
Admin Group
Avatar
Batman

Joined: Mar/09/2010
Status: Offline
Points: 15604
Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:51pm
Financial counselors are typically pretty left-tailed on the income and wealth distribution too.
I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis

Fiduciary as Fuck - iMo
Back to Top
B24 View Drop Down
Moderator
Moderator
Avatar

Joined: Mar/09/2010
Status: Offline
Points: 15425
Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Dec/19/2014 at 1:54pm
Originally posted by ether ether wrote:

Originally posted by B24 B24 wrote:

I think you probably need to finish up your degree and turn the legal drinking age before you start counseling people on money.


I know, I'm just curious about the industry and like to talk about this kind of stuff! You know, young and thinking he can help the world type guy. 

If you really want to help people with no money, do it en masse (ie. big seminars in a church or library). You will never have the time/money to help poor people with no money one-by-one, unless your service is funded somehow (state program, grant, etc.).
Back to Top
 Post Reply Post Reply Page  12>
  Share Topic   

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 11.04
Copyright ©2001-2015 Web Wiz Ltd.

This page was generated in 0.125 seconds.