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Going to be a Newbie

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mmckinz View Drop Down
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    Posted: Nov/08/2011 at 10:59am
Hello all,

I "plan" to be a newbie in about 2.5 years.

I am 25 years old, will be finished with my MBA from a top school in the St. Louis area, and then owe my company two years of service thereafter. Otherwise, I would have to pay back all costs of the MBA ~ $45k.

I have four months of financial services experience - the Northwestern Mutual summer internship. I did very well during the summer, reaching 9 lives. I ultimately decided to end the internship when I took on a Business Statistics tutoring position for the school of business at my undergrad college. In addition, I took 19 hours so that I could graduate in 4 years and have zero debt. A decision that I am very glad I did today.

Anyway, after finishing my MBA in May 2012, I am looking at pursing the CFP designation in my spare time. I think it will be a great segway into the career and will add "trust" from my friends and family as I begin to transition into a career in FP.

If you have any advice to help me make the next two to three years as productive as possible, I am all ears!

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 11:12am
Will you have the required professional experience to do the CFP?

Welcome to the board - I will restrict your access until you get your licenses.
When money is speech, speech isn't free.

[QUOTE=Crexis]
I agree with WET [/QUOTE]
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mmckinz Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 12:32pm
No, but I plan to complete the courses by the time I am eligible to leave my current company (around May 2013). Additionally, I plan to pick up some part-time work (i.e. seasonal tax work, or work for a financial planner) to begin satisfying the three year experience requirement.

As far as part-time work goes, what do you all suggest? I am looking for any and all ideas. I know it would not sound great, but I thought about going to the H&R Block's of the world to get a year or two of tax experience under my belt. I've also thought about finding an insurance agency that would allow me to be a part-time independent contractor. My goal is to help as many people as possible.

I know the first three to five years of this career is going to be very heavy on the sales side.

I know this is a difficult career, but I really believe that I have the "burning desire" that so many talk about. I already subscribe to and read Financial Planning Magazine, Financial Advisor Magazine, etc. I read financial blogs daily as well as financial planning books (Million Dollar Financial Advisor, StorySelling for F.A.'s, etc.)



I have an undergraduate degree in Finance, and
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RIArules View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 1:53pm
You can sit for the CFP exam without the experience. You just can't use the designation until you have it.
We may "rob you slowly," but you're not going to see that shit.

Edward Jones Newb, Circa September 2016
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mmckinz Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 2:31pm
Thanks for the reply RIA. I do plan to sit for the exam without the experience fulfilled. I would just like to shorten the period that I can put CFP next to my name.   

Any suggestions on part-time work that would help satisfy the three year experience requirement?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 2:46pm
I would find an independent FA that needs/wants a sales assistant.
We may "rob you slowly," but you're not going to see that shit.

Edward Jones Newb, Circa September 2016
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 3:19pm
Once you get your seven you will know everything you need to know or will ever learn from a CFP. The CFP is nothing but a drain of money and will do nothing for you. I recommend staying in school and obtaining a doctorate in finance and statistics from Yale. Time much better spent, just ask SN or IMo
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 4:10pm
Pretty sure I didn't say that U_C.

"Incidentally, I don't hate  the CFP certification.  I think it would make a nice entry level requirement into the business before you start selling - you know, general knowledge.  I just don't think it is as applicable to what MOST "financial advisors" do, which is investments.  That goes for the ChFC as well.  I don't think it's relevant.

The CIMA and CFA seem to be the only ones that are investment focused."

Yep, not what I said apparently.



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Post Options Post Options   Thanks (0) Thanks(0)   Quote Thanasi Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 4:14pm
While you have a great plan and it makes some sense to leverage your time and complete the CFP courses before the experience requirements I wouldn't recommend it. It's a rough industry and even rougher career and you want to know it's for you before you commit that kind of time and money into a designation. Especially if your hope is for it to help you bring in assets and make sales, the overall consensus is that it won't. Being successful is more about how hard you work and how good you are at prospecting and selling rather then what letters are next to your name.

Also even though money may not be your only concern, correlation studies have been done that show CFP holder's are not the top earners in this field, especially when compared to other designations.

My opinion is no designations will determine success in the short-run and may even distract you from it, but for knowledge in the long-run it might be useful, though even from a knowledge standpoint there are better alternatives to the CFP.

As far as part-time work I agree with some of the suggestions made. The insurance side will give you the selling experience as well as an idea of what it's like to be responsible for your own success. The assistant side would give you more of an idea of how the investments side works and possibly an opportunity to be licensed but less of an idea of what it's like to run your own business.

I do wish you luck. Based on your enthusiasm and the research you seem to be doing I think you will do fine given the right opportunities.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 4:44pm
Originally posted by Moraen Moraen wrote:

Pretty sure I didn't say that U_C.

<div ="msg">"Incidentally,
I don't hate  the CFP certification.  I think it would make a nice
entry level requirement into the business before you start selling - you
know, general knowledge
.  I just don't think it is as applicable to
what MOST "financial advisors" do, which is investments.  That goes for
the ChFC as well.  I don't think it's relevant.

The CIMA and CFA seem to be the only ones that are investment focused."

Yep, not what I said apparently.








I was kidding, but you did put it on the level of simply being an entry level exam such as the series 7. Regardless I was just bustin your balls.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 4:47pm
Hard to tell sometimes.

I put it as an entry level examination so that we can say we are raising the standard for people, not because I believe the it is low quality.  It creates a higher barrier of entry.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mmckinz Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 4:50pm
Excellent advice.
I will re-think how much value the CFP will be to me as I move forward down the path.

So for the part-time work experience..

Insurance Companies:
Do any of you know any insurance companies in particular that allow for part-time folks to be independent contractors? I heard that Primerica does, but I would be a little embarrassed trying to bring in family and friends (hope I do not offend any Pro-Primerica folks out there...
What about Country, State Farm, etc. etc.
Does Northwestern Mutual, Mass Mutual, or NY Life offer part-time sales positions?

Compliance:
Let's say I find company XYZ which will allow me to obtain my life, health, series 6 & 63 licenses. I currently work for a large fortune 500 company in St. Louis that has around 15k employees in the area. It would be very tempting to offer my services to some of the folks that sit around me and mention that I would be glad to take a look at their situation, etc. Is there anything wrong with that as long as I don't start using my company contact list to seek clients?

Independent FA:
So let's say I share some discussions over the next couple of months with JOE LPL in St. Louis. He offers me a part time position as a sales assistant. Based on your guys' experience, what would a typical broker have me do as a part-time sales assistant?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 4:51pm
What exactly do you do currently, for the company that is paying for your MBA?
When money is speech, speech isn't free.

[QUOTE=Crexis]
I agree with WET [/QUOTE]
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mmckinz Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 5:16pm
I am currently a Business Analyst. I am part of a business skills rotation program offered by my company. Lots of PowerPoint charts, lots of Excel cruching (pivot tables, VLookups, etc). I provide weekly/montly data to managers. While it isn't the most exciting job nor what I want to do long-term, there are three important points I need to make.

1) I am thankful to be employed with such a great company while many friends who I thought would end up being "on the fast track" cannot find a decent job.

2) They are paying for an MBA at a great university and I will walk away debt free

3) The job has given me a very good working knowledge of Excel, PowerPoint, and using complex information systems

4) I have gained the ability to work though extremely complicated problems and develop actionable plans and steps for establishing success.

Before beginning this job, I was a purchasing agent. Much more on the people/social interaction side. But I really felt like I needed to spend at least a year in a job where I can learn the MS Office Suite front to back. I am almost there...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote newregrep Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 5:27pm
Welcome aboard.
 
It sounds like you're a well educated person and that's great that they are paying for your MBA.  One thing I can say is this job is 90% sales imo.  I'd learn how to ask questions effectively, and learn to deal with rejections.  But if you're already good at that, then you're way ahead of the game.
Helado for Prez
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mmckinz Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 5:54pm
Great put newregrep.

I think the Northwestern Mutual internship (although it is "stuff whole life insurance down the throat of every client") was great at given me that "Rhinoceros" skin they talk about. During those 4 months, I learned quite a few things that I still reflect on from time to time. Open-ended questions are key.

Any books you would recommend on asking questions effectively and dealing with rejection?


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Post Options Post Options   Thanks (0) Thanks(0)   Quote mmckinz Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 5:59pm
Before we steer this conversation into a different place....

Anyone want to take a stab at my previous questions regarding Part Time work???
-----------------------------------------------------------------

Insurance Companies:
Do any of you know any insurance companies in particular that allow for part-time folks to be independent contractors? I heard that Primerica does, but I would be a little embarrassed trying to bring in family and friends (hope I do not offend any Pro-Primerica folks out there...
What about Country, State Farm, etc. etc.
Does Northwestern Mutual, Mass Mutual, or NY Life offer part-time sales positions?

Compliance:
Let's say I find company XYZ which will allow me to obtain my life, health, series 6 & 63 licenses. I currently work for a large fortune 500 company in St. Louis that has around 15k employees in the area. It would be very tempting to offer my services to some of the folks that sit around me and mention that I would be glad to take a look at their situation, etc. Is there anything wrong with that as long as I don't start using my company contact list to seek clients?

Independent FA:
So let's say I share some discussions over the next couple of months with JOE LPL in St. Louis. He offers me a part time position as a sales assistant. Based on your guys' experience, what would a typical broker have me do as a part-time sales assistant?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 6:22pm
Originally posted by mmckinz mmckinz wrote:

Before we steer this conversation into a different place....

Anyone want to take a stab at my previous questions regarding Part Time work???
-----------------------------------------------------------------

Insurance Companies:
Do any of you know any insurance companies in particular that allow for part-time folks to be independent contractors? I heard that Primerica does, but I would be a little embarrassed trying to bring in family and friends (hope I do not offend any Pro-Primerica folks out there...
What about Country, State Farm, etc. etc.

Primerica does, but you're right about tarnishing your name by going there.  There are no Primerica lovers on this board, we're all real brokers. 

Does Northwestern Mutual, Mass Mutual, or NY Life offer part-time sales positions?

Most companies are not going to let you join for part time sales.  Your best bet would be to find an indy that needs help with the bottom 20% of his book, that would sponsor you for licenses, let you learn the ropes and work that portion of his book.  

Compliance:
Let's say I find company XYZ which will allow me to obtain my life, health, series 6 & 63 licenses. I currently work for a large fortune 500 company in St. Louis that has around 15k employees in the area. It would be very tempting to offer my services to some of the folks that sit around me and mention that I would be glad to take a look at their situation, etc. Is there anything wrong with that as long as I don't start using my company contact list to seek clients?

Your b/d won't give a shit how you get clients...just that you do get them.  Now your current employer might be upset if you prospect co-workers...

Independent FA:
So let's say I share some discussions over the next couple of months with JOE LPL in St. Louis. He offers me a part time position as a sales assistant. Based on your guys' experience, what would a typical broker have me do as a part-time sales assistant?

I'd go into a selling role, not an assistant role.  A sales assistant generally answers the phone, does paperwork, follows up with paperwork that's been sent out for processing, takes service calls, processes redemptions, sends thank you/birthday/holiday cards, etc.  Same shit any other assistant does.

 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pens95 Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 9:19pm
I would listen to Ice and get into sales.  Find an insurance agent and maybe work part time with them.  I took the CFP early in my career as an advisor and really value all the knowledge it provided. It was a big commitment and Thanasi is right, maybe go slow to make sure the industry is for you before committing all the time and money.  Good luck. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BigFirepower Quote  Post ReplyReply Direct Link To This Post Posted: Nov/08/2011 at 10:10pm
Nothing wrong with being an admin, because knowing that stuff has real value in all sorts of ways. Also, you bring value to the person that needs you. Selling takes a while, you would be a net drag to begin with...

My partner was my admin for three yes, selling after two, easy small stuff to begin with, small iras etc...

Now, he can sell, is admin guru, runs our books as Indy. With me now ten yes. He was valuable to me, and I promoted him, further .... Now 40
Percent owner. He good, me also fair and generous.

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