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Any non-sales oriented career paths?

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slapshotbob View Drop Down
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    Posted: Jul/29/2012 at 3:32pm
Hello All,

Are there any non-sales oriented career paths available in financial advising? I'm currently in corporate accounting but I think I'd really be better at financial advising. When I have lunch conversations with my fellow accountants I can clearly see that I know much more than they do about investments, personal taxes, economics, and general business. They even ask my opinions about major real-life financial decisions so I know that I've earned their respect.

However, when I look at financial advisor posts on careerbuilder I see that the main qualification is general sales experience (not financial knowledge). So it looks like someone who's been selling cars for five years or telemarking is better qualified than I am to be a financial advisor. I'm not trying to knock sales, but I just cannot see myself cold-calling and convincing friends/relatives to work with me. It's just not my personality. Is there any career path where you work your way up actually advising clients rather than convincing them to work with you in the first place? In accounting, law, medicine, etc you work your way up in those fields by actually doing the relevant work. Maintaining a client base is a small part of the focus and that's only later on after you've established yourself and go out on your own.   
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nest View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote nest Quote  Post ReplyReply Direct Link To This Post Posted: Jul/29/2012 at 4:18pm
There are analyst positions that do the background work for advisors, but true advising is a sales position in all cases to my knowledge. An exception would perhaps be working with a bank advising their clients.  They are still in a sales type role, but I don't think they are quite as responsible for prospecting type activities. I admit I know little on the topic, but I have read of advisors moving to banks after not having success with traditional advising firms (aka Edward Jones and the like).
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SometimesNowhere View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SometimesNowhere Quote  Post ReplyReply Direct Link To This Post Posted: Jul/29/2012 at 4:58pm
Being a financial advisor is always going to be a sales oriented job. In order to advise clients, you have to have clients to advise, and that entails convincing people to work with you. The closest thing you might come up with is working at a call center for a big DIY shop like Fidelity or something, but even then I imagine they are going to severely restrict what advice you can give.

I sort of give a fuck.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Jul/29/2012 at 5:49pm
This is a sales job but if your smart better yet a good test taker more so than smart and can work on a bank or something first while you study for the CFA then that'd be my advice.
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Sportsfreak View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Jul/29/2012 at 9:10pm
SlapshotBob- What would be your motivation to go into the "advisory" business? Is it money, lifestyle, or purely the high level of interest you have in the subject. If its the latter, how would you feel about being in the business and having 1. the same level of control over your future, and job security as a corporate employee does, and 2. a limit as to how much money you can make.

Answer those questions first. I think if you do, and post your answers, it will help us help you.

The vast majority here are motivated by 1. money, 2. lifestyle, and 3. control. If that stuff is important to you, and you want to do this business, then just strap on a pair of balls and get into the sales role - hard . If those three things are not that important to you, then consider what has already been suggested - Fidelity, Schwab, etc. Or a bank. In a bank setting, you will still have to sell, but not prospect. The bank will provide the prospects. I dont think, though, that you can get a bank job without experience in the industry. They dont have training programs. I think. Others might better be able to address that.
Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Jul/29/2012 at 9:16pm
When I meant bank I was thinking manager or teller or loan officer, not advisor. The reason for it was so you can get SOME (albeit a small) income and some (albeit small) experience in customer service and some kind of finance field etc. and would allow you to study for whatever credential will get you to a salaried position doing what you are aiming for.

Which by the way is what?

Running money institutionally?
Financial Planning?
Debt consolidation?
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Mike Damone View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike Damone Quote  Post ReplyReply Direct Link To This Post Posted: Jul/30/2012 at 8:30am
The largest RIA in my part of the state has a full time CFP.  She does no sales, only does financial plans for clients.
"Sorry about the mayonnaise, guys."
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rookie Bull Quote  Post ReplyReply Direct Link To This Post Posted: Aug/01/2012 at 3:03pm
All the branch banking world is these days is Sales. They've even dumbed down the wealth roles so that it's more about how many checking accounts urrrrr "units" you sell in a day rather than how much sound financial advice you gave and how many clients came back to see you specifically because they trust your advice.

It's a sad state of affairs.


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Sportsfreak View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Aug/01/2012 at 7:58pm
You are about to learn that the wirehouse world is not much different. Just a different style. But same substance. Its all about how much you sell, and if you sell what they want you to sell. But its a good place to build a book if you can
Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014
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