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Should I become an FA?

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Steadyeddy View Drop Down
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    Posted: Jul/19/2019 at 11:21pm
Hi all,

I’m thinking about taking the plunge and changing careers to financial advising. I wanted to do it straight out of college, and every time I have a bad day at work these days I can’t help but daydream about it. At the same time, I’m battling a lot of doubts.

I’m 32, married with a two year old son. I work as a Customer Success Manager for a tech startup (sales to and retention of existing customers). Comp is 60/40 base/commission; OTE is $110k and I’ll make about $125k this year. I have always been good at sales and relationship building, but never had to do full time prospecting. Wife makes $50k and has good benefits. We spend about $90k/yr and have about $400k in retirement accounts.

I’ve always loved personal finance and managing my own retirement portfolio. I’m the guy who reads behavioral finance books for fun, and know I would get a ton of satisfaction from helping people with their investments.

I also know that this career is 1% helping people and 99% prospecting and selling for the first 5-10 years. I’m worried I’ll fail. I’m worried I (and my wife) won’t be able to cope with years of long hours. I’m worried I’ll survive but end up worse off financially than if I kept selling software.

I’m here to read as much as I can and then either commit to my current career or get the courage to take the risk and follow my passion. I’m also trying to figure out where to apply if I make the leap. I’ve read that Edward Jones is a slightly easier place to start with lower gates, but there are a lot of haters too. I’m not looking to get filthy rich; just make low six figures, feel like I’m helping people, and have a decent work-life balance (at least eventually).

Any advice is appreciated!


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ClarenceBeeks View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ClarenceBeeks Quote  Post ReplyReply Direct Link To This Post Posted: Jul/20/2019 at 12:38am
You would be selling to people. Not helping people. Whatever z
Good luck and good selling.
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PEACH_cm View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote PEACH_cm Quote  Post ReplyReply Direct Link To This Post Posted: Jul/20/2019 at 7:55am
If you like your wife and kid— stay in your current position.

If you want to watch a dumpster fire— make the change.
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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: Jul/20/2019 at 9:12am
based on your biography there, the reward does not outweigh the risk in my opinion.

And after being on this board for 3 plus years I’ve come to the general conclusion that if coming on a message board and asking the opinion of people you don’t know about whether you should make a major life change is in your behavioral make up, then you probably don’t have the true inner confidence necessary to succeed.

Just my take

Edited by Fitness1983 - Jul/20/2019 at 9:13am
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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/20/2019 at 9:37am
Start part time with an Indy or RIA and keep your day job.

Money doesn't seem to be your motivator.

Do something you think you'll enjoy. Someday it will be enough revenue for you to go full time.
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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RickRoss View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RickRoss Quote  Post ReplyReply Direct Link To This Post Posted: Jul/20/2019 at 10:19am
Why are you spending $90K/year?
"Act as if you are the MF bomb..... even if you are one of those snap pops you throw on the ground."
-gotplanning, 2/9/12
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bc2051 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/20/2019 at 10:38am
Originally posted by RickRoss RickRoss wrote:

Why are you spending $90K/year?


Really?
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B24 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/20/2019 at 10:39am
Originally posted by RickRoss RickRoss wrote:

Why are you spending $90K/year?
?? That's 7500 a month.
"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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Post Options Post Options   Thanks (0) Thanks(0)   Quote TheWolf22 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/20/2019 at 11:16am
No
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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: Jul/20/2019 at 11:50am
Originally posted by TheWolf22 TheWolf22 wrote:

No


Adjourned

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advisorman View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Jul/20/2019 at 12:37pm
No
King of sarcasm and speling
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Iamlegend View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Jul/20/2019 at 12:46pm
Originally posted by B24 B24 wrote:

Originally posted by RickRoss RickRoss wrote:

Why are you spending $90K/year?
?? That's 7500 a month.

🤣🤣🤣🤣

Chief? 🤣🤣🤣🤣
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Iamlegend View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Jul/20/2019 at 12:48pm
Originally posted by helado helado wrote:

Start part time with an Indy or RIA and keep your day job.

Money doesn't seem to be your motivator.

Do something you think you'll enjoy. Someday it will be enough revenue for you to go full time.


Either this or keep stashing money away in your personal investments and when you children are grown take a stab at this profession.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Linescreamer Quote  Post ReplyReply Direct Link To This Post Posted: Jul/21/2019 at 3:58pm
If you are worried you will not succeed don't even think about it.  This career is for someone who will not fail and willing to risk it all. Failure can't be an option.
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Nathan Explosion View Drop Down
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Originally posted by Linescreamer Linescreamer wrote:

If you are worried you will not succeed don't even think about it.  This career is for someone who will not fail and willing to risk it all. Failure can't be an option.

I am kinda getting a bit tired of this line of BS.  Any business person, salesperson, entrepreneur better fucking be worried about failing.....if not you will never identify weaknesses and avoid pitfalls.  This dude has a two year old son and a wife...I really hope you have a strong concern of not making it so that you really  make the right choice for the family.  I hear all the time from the green mothership and the regional circle jerks about no plan B and failure isn't an option...fuck yeah it is.  The question is what are you in control of to avoid it.  
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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/21/2019 at 5:41pm
I agree with Nathan.  It's rhetoric.  I have a plan B, C, and D to this day.  
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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Iamlegend View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Jul/21/2019 at 6:23pm
Originally posted by helado helado wrote:

I agree with Nathan.  It's rhetoric.  I have a plan B, C, and D to this day.  

What are those plans?
I am guessing plan B is your real estate?
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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/21/2019 at 8:02pm
Originally posted by Iamlegend Iamlegend wrote:

Originally posted by helado helado wrote:

I agree with Nathan.  It's rhetoric.  I have a plan B, C, and D to this day.  

What are those plans?
I am guessing plan B is your real estate?
 
Well this will sound really fucked up. 
 
B was getting my real estate appraiser's license.  I did this maybe 5 years ago when I started to get really paranoid about this industry.  I took the classes, but didn't pull the trigger on the apprenticeship (it's 2,000 hours in my state).  I figured I can always do the apprenticeship if this ship starts to sink.
 
C was real estate (and still is). 
 
D was getting my P&C license, which I've pretty much abandoned because I think that industry is more commoditized than ours. 
 
I stopped worrying as much about this the last few years, and especially now.  I'll be over $100 million within a month, maybe 6 weeks.  I have a younger client base than average, with a shitload of clients, and probably a million a year coming in (net) on systematic investment (and withdrawal) plans. 
 
I can lose $250K a month in AUM, have the market go absolutely nowhere, and it will take me over 33 years to be out of business.  That would take me past RMD age.  So I figure, my worry about our industry is probably legitimate.  But not over the time period that would actually matter to me.  I just have to not be a retard and get barred from the industry.  And continue to live on 1/3rd of what I make.  And I'm pretty much set for life. 
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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Iamlegend View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Jul/21/2019 at 9:43pm
Originally posted by helado helado wrote:

Originally posted by Iamlegend Iamlegend wrote:

Originally posted by helado helado wrote:

I agree with Nathan.  It's rhetoric.  I have a plan B, C, and D to this day.  

What are those plans?
I am guessing plan B is your real estate?

 
Well this will sound really fucked up. 
 
B was getting my real estate appraiser's license.  I did this maybe 5 years ago when I started to get really paranoid about this industry.  I took the classes, but didn't pull the trigger on the apprenticeship (it's 2,000 hours in my state).  I figured I can always do the apprenticeship if this ship starts to sink.
 
C was real estate (and still is). 
 
D was getting my P&C license, which I've pretty much abandoned because I think that industry is more commoditized than ours. 
 
I stopped worrying as much about this the last few years, and especially now.  I'll be over $100 million within a month, maybe 6 weeks.  I have a younger client base than average, with a shitload of clients, and probably a million a year coming in (net) on systematic investment (and withdrawal) plans. 
 
I can lose $250K a month in AUM, have the market go absolutely nowhere, and it will take me over 33 years to be out of business.  That would take me past RMD age.  So I figure, my worry about our industry is probably legitimate.  But not over the time period that would actually matter to me.  I just have to not be a retard and get barred from the industry.  And continue to live on 1/3rd of what I make.  And I'm pretty much set for life. 

👍👍
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Indyone Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2019 at 2:22am
I think you can make it, but I'd recommend going another 3-4 years and setting aside a bunch of cash to take you through the lean years and/or find a successful indy practice and hire on as a planner/assistant/junior.  You can help people while learning the business and building a book of your own.

You'll get a lot of negative information and it's not wrong...this is a high failure industry, but there's a lot you can do to greatly reduce the failure rate:

1.  Build up a big cash reserve before you go.
2.  Start as an assistant where you are paid a salary and have no production goals while you are learning the business.
3.  Work in a high referral business like a bank.
4.  Edward Jones if you get a goodnight.
5.  Have a spouse with a good job and healthcare benefits.

Most of the failures are young reps without a safety net or people who are just too lazy and/or stupid for this business.
"Independence is like the Berlin Wall. People are only jumping in one direction." - Philip Palaveev - November 2005. "You are never free...unless you are independent..." - Indyone - May 2005.
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