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Is this what I want?

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Whatnow? View Drop Down
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    Posted: Jul/10/2017 at 3:26pm
Hey folks.

I'm seriously thinking of pursuing a career in Financial Planning. 

My background: I got a B.S. in economics and while it made me a bad ass monopoly player, it didn't really give me the leg up i needed in the job market.  After graduating, i got a book keeping gig for a small business but i was just there to answer the phones from vendors demanding money and trying to get people to pay us. it sucked but co-workers made it fun. Then I got a big boy corporate job writing proposals and managing hundreds of Independent contractors invoicing. its been shit. cold as fuck corporate world, shuffling paper around to make someone else money.

needless to say I've gathered some professional experience and I am thankful for that. but i want more.

My friend turned me onto the mortgage industry as he is making a killing as a loan officer, would start from the bottom at a call center but he said its good money once you know the ins and out of the product. eh. 

While doing some research on that industry I came across some FP articles and its really sparked my interest. Theres a local university that offers a CFP specific program (18 credits) all online, which means i can be done in a year. Is this the way to go? how else could someone get into the industry?

what concerns me the most is that i would be putting in effort and time to avoid going down a "sales" road in the mortgage industry only to get into an industry where you have to build your own client base which seems to be very similar to sales! should i just save my self the trouble?

Any and all advice would be much appreciated. thanks! Beer 
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D.H.K. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Jul/10/2017 at 3:42pm
The big money in this industry is in sales.  Client-building... is sales... so people will buy more from you over time.

Sounds like you've already answered your own question.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/10/2017 at 4:04pm
Virtually any business you own/run has a very strong sales component to it. Most of the successful business owners I know (in various industries) are fantastic sales people, not just fantastic at their given trade.

Business is about growing revenue, period. If you don't want to be in sales, you REALLY don't want to be in this business.

And even after you "make it", so much of the job revolves around client management, not financial management.


"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18
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I've been doing some research and it appears there is a way into the industry following the paraplanner track. is this a realistic option? I've looked up listings and there does seem to be a need for people paying in the 40-50k range. While yes its not the money most of you make, it is enough for me for now. Maybe I can land a part time job while i get the required schooling for the CFP... do i even need a CFP?

Ideally I learn the craft and eventually branch out into client building. I understand there is money to be made but I honestly just want to hone a skill where I can make a decent living helping others. I think it will be better for me to really master the industry or enough of it to carve out a niche. 

down the line I am thinking of developing a niche to help Younger Single Men figure out their finances. I would focus on things such as early retirement planning, Home buying prep, Big purchase help and of course investments. I believe it would work best as a fee-only practice but again, i know nothing and this is way down the line.

I appreciate any and all advice. My last job fell into my lap and I hated it. i never considered if it would be good for me as the money was good. I want to make sure the next thing i do is something I want.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/11/2017 at 2:55pm
Originally posted by Whatnow? Whatnow? wrote:


(1) Ideally I learn the craft and eventually branch out into client building. 

(2) down the line I am thinking of developing a niche to help Younger Single Men figure out their finances. 

(1) Look, you either are willing to become an advisor and make good money, or you're not.

Becoming a "paraplanner" is nothing more than a stalling tactic. Now, maaaaybe it could work out the way you hope. But you would REALLY need to get on with the right firm for this to work (ie. where the principle is willing to help push your career along). Otherwise, you are just going to be viewed as a glorified admin.

And becoming a paraplanner will get you no closer to building a book than starting as an advisor from day 1 (and, in fact, will likely push that effort back, unless under some miracle you have a great boss that wants to transition some assets to you).

(2) You mean "People Without Money"?

Here's my opinion. DO NOT become a paraplanner. That's really just a glorified admin (albeit important, but is more for people that want a 9-3 job and get home so they are home for their kids).

If you truly want to "help" people (and aren't willing to become an advisor yet), then bite the bullet and work on your CFP while you are working. At least then, you can become an actual financial planner (rather than someone just entering data for the planners/advisors).

This will open up far more opportunities for you than getting a PP designation.
"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18
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RIArules View Drop Down
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Says the guy who has been clamoring for a more traditional career path for advisors.
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 bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/11/2017 at 5:05pm
B24 is right. Single guys.....WTF? Single guys drink. I also say skip the CFP for now and let's see if the business is for you
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hoss Quote  Post ReplyReply Direct Link To This Post Posted: Jul/11/2017 at 5:21pm
The big wire houses have training programs again. You will get paid while you learn, and many have the CFP program as well. Stay away from the mortgage business. Don't pick any kind of niche yet, get all the training an license first. Oh, and no part time anything else, pour everything you have into it or do something else.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Spaceman Spiff Quote  Post ReplyReply Direct Link To This Post Posted: Jul/12/2017 at 10:21am
I think you should join Primerica.  You can keep your 9-5 job making $40-50K per year, but work as a planner in the evenings when most people are home anyway.  Since you'll have a full time job, you shouldn't have to worry about the sales part of the job as you won't be relying on your commissions to pay the bills.  All the money from your part time planning business will be icing on the cake!!
I'll bet there lots of single men hanging out at bars in the evenings who really want to spend the night with you working on their financial future.   
 
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Omar View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Omar Quote  Post ReplyReply Direct Link To This Post Posted: Jul/12/2017 at 10:52am
Originally posted by bc2051 bc2051 wrote:

B24 is right. Single guys.....WTF? Single guys drink. I also say skip the CFP for now and let's see if the business is for you

+1.

Either get in the game or stay clear from it.  Single young guys have no money for the most part.  You want intelligent affluent people who have assets.

The CFP is not something you need right now.  You need to learn how to sell.  Read some books.
The game is out there. Either play or get played.
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Originally posted by bc2051 bc2051 wrote:

B24 is right. Single guys.....WTF? Single guys drink. I also say skip the CFP for now and let's see if the business is for you


Maybe she is hot and single guys would invest with her.... It's actually not a bad idea.   
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SometimesNowhere Quote  Post ReplyReply Direct Link To This Post Posted: Jul/12/2017 at 12:48pm
Originally posted by Whatnow? Whatnow? wrote:

I've been doing some research and it appears there is a way into the industry following the paraplanner track. is this a realistic option? I've looked up listings and there does seem to be a need for people paying in the 40-50k range. While yes its not the money most of you make, it is enough for me for now. Maybe I can land a part time job while i get the required schooling for the CFP... do i even need a CFP?

Ideally I learn the craft and eventually branch out into client building. I understand there is money to be made but I honestly just want to hone a skill where I can make a decent living helping others. I think it will be better for me to really master the industry or enough of it to carve out a niche. 

down the line I am thinking of developing a niche to help Younger Single Men figure out their finances. I would focus on things such as early retirement planning, Home buying prep, Big purchase help and of course investments. I believe it would work best as a fee-only practice but again, i know nothing and this is way down the line.

I appreciate any and all advice. My last job fell into my lap and I hated it. i never considered if it would be good for me as the money was good. I want to make sure the next thing i do is something I want.


You sound like a failure.
I sort of give a fuck.
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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Jul/12/2017 at 1:06pm
The answer to your question is "no."
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Jul/12/2017 at 1:42pm
Originally posted by Omar Omar wrote:

Originally posted by bc2051 bc2051 wrote:

B24 is right. Single guys.....WTF? Single guys drink. I also say skip the CFP for now and let's see if the business is for you

+1.

Either get in the game or stay clear from it.  Single young guys have no money for the most part.  You want intelligent affluent people who have assets.

The CFP is not something you need right now.  You need to learn how to sell.  Read some books.


Seems like even though I only made a tenth of what I make now when I was single, it sure felt like I had more money.
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

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Omar View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Omar Quote  Post ReplyReply Direct Link To This Post Posted: Jul/12/2017 at 2:37pm
Originally posted by Moraen Moraen wrote:

Originally posted by Omar Omar wrote:

Originally posted by bc2051 bc2051 wrote:

B24 is right. Single guys.....WTF? Single guys drink. I also say skip the CFP for now and let's see if the business is for you

+1.

Either get in the game or stay clear from it.  Single young guys have no money for the most part.  You want intelligent affluent people who have assets.

The CFP is not something you need right now.  You need to learn how to sell.  Read some books.


Seems like even though I only made a tenth of what I make now when I was single, it sure felt like I had more money.

That's because having a wife leads to having kids.  Having both leads to a big house and expensive curtains.  And then it's schools, trips, braces, and college savings. 

Staying single means buying fun stuff like cool cars, boat, gun collection, and trips with the boys.  Those cost money but nearly as much as the shit you have to buy for family.
The game is out there. Either play or get played.
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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Jul/12/2017 at 3:27pm
I still don't get the wife/kids thing. I still only spend about 45% of my net income and my wife pretty much spends without restriction.
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/12/2017 at 3:54pm
Originally posted by helado helado wrote:

I still don't get the wife/kids thing. I still only spend about 45% of my net income and my wife pretty much spends without restriction.


Pretty obvious. You're in the top 1% of all income earners
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Post Options Post Options   Thanks (0) Thanks(0)   Quote wiredup Quote  Post ReplyReply Direct Link To This Post Posted: Jul/12/2017 at 4:03pm
Originally posted by bc2051 bc2051 wrote:

Originally posted by helado helado wrote:

I still don't get the wife/kids thing. I still only spend about 45% of my net income and my wife pretty much spends without restriction.


Pretty obvious. You're in the top 1% of all income earners


PopQuiz:

If income was based on how quickly Helado was able to run every female off this board..... which country would buy straight cash?
Money can't buy happiness, but it's a damn good down payment!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Omar Quote  Post ReplyReply Direct Link To This Post Posted: Jul/12/2017 at 4:42pm
Originally posted by helado helado wrote:

I still don't get the wife/kids thing. I still only spend about 45% of my net income and my wife pretty much spends without restriction.

I think you answered your own question.  So she spends 55% of your net?  Or you save the 55% of your net and she spends all of hers?  The real point I was jokingly referring to was being able to buy stuff you really want like toys, drugs, and gambling.
The game is out there. Either play or get played.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Jul/12/2017 at 5:11pm
My wife spends without restriction - not pretty much.  "Hey babe, we made an extra $250,000 this year".

"Great job iMo.  Let's buy this condo".

Wife quits job, still wants to do academic research.  "I need about $20,000 for this study".

Also, do you guys know how much University of Chicago is as an undergrad?  They let us know that our expected family contribution is $71,000 per year.  Unlike some of you who started savings while your kids were younger, I have been paying for private school to the tune of $25,000 per year, and that's not including fucking all of the extras, such as $7000 for speech camp this summer and $9k for study abroad.

Now, I still have money to buy what I want, but I had more money when I was single as a percentage of my income.


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
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