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Hello - Career switcher following my passion

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onius View Drop Down
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    Posted: Nov/29/2016 at 5:17pm
Hello everyone,

I've been speaking to a few FAs to gain some insights into the industry, and more than one of them has recommended this forum as a resource. I look forward to reading and eventually contributing.

My background is in the life sciences, and while I enjoy my job in that industry, my natural inclination has been toward the financial services industry. Specifically, I absolutely love personal finance, markets and economics. Moreover, I absolutely love helping people understand difficult concepts...so I guess you could say I'm a teacher at heart, too.

All those attributes draw me toward being a financial advisor, and so I am looking to learn as much as possible before making the switch. My initial thoughts are to take CFP courses online then take the CFP exam and Series 65 so I can begin serving as an advisor for some initial contacts in my network part-time (during evenings/weekends). If I am truly good at this, I would seek more business and eventually quit my regular job to build my business.

Looking forward to learning more from all of you!
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anonymous View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote anonymous Quote  Post ReplyReply Direct Link To This Post Posted: Nov/29/2016 at 5:26pm
Welcome aboard! Looks like a good plan. The only thing I would add is you should probably either get a masters degree or the CFA (preferably both) before you start advising clients.

"Just do shit. It doesnt matter what as long as it gets you and your name in front of people" - Sportsfreak
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BravoSierra Quote  Post ReplyReply Direct Link To This Post Posted: Nov/29/2016 at 6:52pm
When your hobby becomes your livelihood, things can change.  That said, the business is changing drastically right now.

Also, getting a CFP isn't always a good thing.  I compete with CFP's and frankly, most are better off doing plans and not trying to manage the investments as they are not as good at that as others who focus on that.

Best of luck! 
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Fitness1983 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Fitness1983 Quote  Post ReplyReply Direct Link To This Post Posted: Nov/29/2016 at 8:09pm
What's your sales experience?
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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: Nov/29/2016 at 9:07pm
Just be prepared to do your job. Which is to sell. A lot. Then sell more. You will hate your life for the first 5 years. If you can get past that, it gets easier.
Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014
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wiredup View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote wiredup Quote  Post ReplyReply Direct Link To This Post Posted: Nov/29/2016 at 9:25pm
Gotta know more about what you do in life sciences.

Also, you mainly need your Series 6 and 66 unless you want to do individual securities, and then it's the 7 and 66. Don't forget your commodities license, it's a must, Series 31. And in order to be the main guy in the office you'll need your Series 24 to start cracking skulls. You'll also need your life insurance license. Most people fogging a mirror can get that one in 2-3 weeks. CFP is great and all, but you're putting the cart before the horse. You can take the classes but can't use the cert until year 3 in experience.... Which Sportsfreak's said, you're going to hate your life for the first 5-7 years. And it's a sales job first, investment job second... For the first 10 years. Coming home exhausted looking at a shower and a toaster oven plugged in will be your daily grind for those fun years.

And this industry is changing pretty rapidly and is about to make the new FA role very, very difficult if the DOL rule stays in put.

Edited by wiredup - Nov/29/2016 at 9:26pm
Money can't buy happiness, but it's a damn good down payment!
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Fitness1983 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Fitness1983 Quote  Post ReplyReply Direct Link To This Post Posted: Nov/29/2016 at 10:56pm
Life sciences haha
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antonuus View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote antonuus Quote  Post ReplyReply Direct Link To This Post Posted: Feb/22/2017 at 7:34am
I feel, the difference between an hobby and your prime job is reality. Have you been  in sales before? Sales is a rough quarter and you will need a lot of stamina. It is like taking a dive into a deep water and then trying to swim up to the surface. Good luck to you!
JH
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