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Hello from the Bay Area, CA!

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dj2485 View Drop Down
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    Posted: Apr/24/2019 at 7:41pm
Hello everyone!  Just found this forum and I'm excited to check it out! 

I'm a career changer who is looking to break into the financial planning scene this year.  I was originally thinking about becoming a CPA (I like business and numbers), but was told I would wither from lack of human interaction haha.  I don't know if that's true or not, but soon after, I discovered the world of financial advising/planning.  I honestly had no idea such a thing even existed.  As the guy who is constantly reading Personal Finance books and doling out financial advice to my friends, I was thrilled to learn that you could actually make a living out of helping people reach their financial goals!

And speaking of goals, my own personal goal is get a job at a Fee-Only Financial Planning firm while I study for my CFP.  

Who knows, if I'm lucky, maybe I'll be like you all someday : )

Thanks for having me!
-DJ


Edited by dj2485 - Apr/24/2019 at 7:46pm
"I realized I had a much better chance of being exceptional through my efforts than I did by my talents." Tony Dungy (via Eggward)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote missionshooter Quote  Post ReplyReply Direct Link To This Post Posted: Apr/24/2019 at 8:23pm
You will find this is a sales job first off. Your subscription to kiplinger's won't help. Unfortunately, it's a tough business as is any sales job, but very rewarding to the few that make it.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nathan Explosion Quote  Post ReplyReply Direct Link To This Post Posted: Apr/24/2019 at 9:02pm
Define Bay Area.....that could be cheap Stockton all the way to over priced shithole San Jose
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Apr/24/2019 at 9:11pm
Where is that asshole SN when you need him?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote dj2485 Quote  Post ReplyReply Direct Link To This Post Posted: Apr/24/2019 at 9:22pm
Originally posted by missionshooter missionshooter wrote:

You will find this is a sales job first off. Your subscription to kiplinger's won't help. Unfortunately, it's a tough business as is any sales job, but very rewarding to the few that make it.

Hey, I've seen your posts before!  I was trying to browse this forum at work earlier and I kept having to hide your icon from people walking by my desk haha

"You will find this is a sales job first off."

I knew I could count on you to keep it real.  

I enjoy selling as long as I'm not cheating anyone and the product is solid.  My brand of selling is more consultative / education / listening based so I'm hoping that will work well in this industry.

But before I can do any selling I need to first, do a ton of learning so that I really know my stuff.  For me, confidence comes as a result of competence.

And that's why I'm here.  To learn from the collective wisdom of the group!



Edited by dj2485 - Apr/24/2019 at 9:25pm
"I realized I had a much better chance of being exceptional through my efforts than I did by my talents." Tony Dungy (via Eggward)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote dj2485 Quote  Post ReplyReply Direct Link To This Post Posted: Apr/24/2019 at 9:23pm
Originally posted by Nathan Explosion Nathan Explosion wrote:

Define Bay Area.....that could be cheap Stockton all the way to over priced shithole San Jose

Good point haha

I'm in Hayward.  Not nearly as cool as saying "Bay Area," but a nice little city nonetheless.

I'll probably be working in SF though.


Edited by dj2485 - Apr/24/2019 at 9:26pm
"I realized I had a much better chance of being exceptional through my efforts than I did by my talents." Tony Dungy (via Eggward)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote dj2485 Quote  Post ReplyReply Direct Link To This Post Posted: Apr/24/2019 at 9:26pm
Originally posted by bc2051 bc2051 wrote:

Where is that asshole SN when you need him?

I can already tell I'm gonna like you guys : )
"I realized I had a much better chance of being exceptional through my efforts than I did by my talents." Tony Dungy (via Eggward)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Apr/24/2019 at 9:50pm
You will fail...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote dj2485 Quote  Post ReplyReply Direct Link To This Post Posted: Apr/24/2019 at 10:41pm
Originally posted by advisorman advisorman wrote:

You will fail...

Oh yeah, I'm definitely gonna like you guysHug


Edited by dj2485 - Apr/24/2019 at 10:42pm
"I realized I had a much better chance of being exceptional through my efforts than I did by my talents." Tony Dungy (via Eggward)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Apr/24/2019 at 11:35pm
In fifth. I'm losing my touch.
8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nathan Explosion Quote  Post ReplyReply Direct Link To This Post Posted: Apr/24/2019 at 11:51pm
Originally posted by luvindy luvindy wrote:

In fifth. I'm losing my touch.

You gotta stop going to the Bernie rallies
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Apr/25/2019 at 8:45am
Are you sure you aren't from the Bay Area in Norman, OK?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hacksaw Quote  Post ReplyReply Direct Link To This Post Posted: Apr/25/2019 at 9:09am
Originally posted by dj2485 dj2485 wrote:

Hello everyone!  Just found this forum and I'm excited to check it out! 

I'm a career changer who is looking to break into the financial planning scene this year.  I was originally thinking about becoming a CPA (I like business and numbers), but was told I would wither from lack of human interaction haha.  I don't know if that's true or not, but soon after, I discovered the world of financial advising/planning.  I honestly had no idea such a thing even existed.  As the guy who is constantly reading Personal Finance books and doling out financial advice to my friends, I was thrilled to learn that you could actually make a living out of helping people reach their financial goals!

And speaking of goals, my own personal goal is get a job at a Fee-Only Financial Planning firm while I study for my CFP.  

Who knows, if I'm lucky, maybe I'll be like you all someday : )

Thanks for having me!
-DJ

Careful with this mindset.  Fee-only doesn't mean what many try to make it seem - lack of conflict.  Not saying you view it this way, but many smart people come in thinking they will do fee-only because that is the ethical way to do this business.

I do wonder how you didn't know this career existed.  Are you young, or just not had an Edward Jones guy knock on your door yet?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Apr/25/2019 at 10:38am
There are no EJ in Bay Area. Strip mall office space is nonexistent
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Post Options Post Options   Thanks (0) Thanks(0)   Quote dj2485 Quote  Post ReplyReply Direct Link To This Post Posted: Apr/25/2019 at 11:16am
Originally posted by Hacksaw Hacksaw wrote:

I do wonder how you didn't know this career existed.  Are you young, or just not had an Edward Jones guy knock on your door yet?

Haha.  Both?  I'm in my mid-30's so young-ish, and I've never had an EJ rep come-a-knockin'.  I would guess that's because I've lived in the "low-income" parts the Bay Area for my entire adult life.  

I'm originally from Texas so I still can't bring myself to pay the outrageous rental prices out here.  $2k for a studio?! Pass.

I'd rather pay less, save more, and take the BART in to the city. 

Originally posted by Hacksaw Hacksaw wrote:


Careful with this mindset.  Fee-only doesn't mean what many try to make it seem - lack of conflict.  Not saying you view it this way, but many smart people come in thinking they will do fee-only because that is the ethical way to do this business.


I'm gonna level with you Hacksaw.  This is exactly what I thought.  I should have known that you can't be in sales, be 100% ethical, AND make a living.  

I'm having trouble seeing where the conflict lies though.  Not saying there isn't any, just saying I don't see it yet because I'm still a n00b.

If I'm the doctor and the patient is paying me for my time and expertise only (meaning no product kickbacks), where's the conflict?  If I help them get (and stay) healthy, hooray!  I've done my job, made some money, and everyone's happy.

What am I missing?

"I realized I had a much better chance of being exceptional through my efforts than I did by my talents." Tony Dungy (via Eggward)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote dj2485 Quote  Post ReplyReply Direct Link To This Post Posted: Apr/25/2019 at 11:29am
Originally posted by Moraen Moraen wrote:

Are you sure you aren't from the Bay Area in Norman, OK?

Just googled Norman, Oklahoma. Seems like a nice place visit when you want to get away from the SF Bay Area : )


"I realized I had a much better chance of being exceptional through my efforts than I did by my talents." Tony Dungy (via Eggward)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Apr/25/2019 at 1:59pm
Originally posted by dj2485 dj2485 wrote:

Originally posted by Moraen Moraen wrote:

Are you sure you aren't from the Bay Area in Norman, OK?

Just googled Norman, Oklahoma. Seems like a nice place visit when you want to get away from the SF Bay Area : )




It's a shit-hole.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Apr/25/2019 at 2:01pm
Originally posted by dj2485 dj2485 wrote:

Originally posted by Hacksaw Hacksaw wrote:

I do wonder how you didn't know this career existed.  Are you young, or just not had an Edward Jones guy knock on your door yet?

Haha.  Both?  I'm in my mid-30's so young-ish, and I've never had an EJ rep come-a-knockin'.  I would guess that's because I've lived in the "low-income" parts the Bay Area for my entire adult life.  

I'm originally from Texas so I still can't bring myself to pay the outrageous rental prices out here.  $2k for a studio?! Pass.

I'd rather pay less, save more, and take the BART in to the city. 

Originally posted by Hacksaw Hacksaw wrote:


Careful with this mindset.  Fee-only doesn't mean what many try to make it seem - lack of conflict.  Not saying you view it this way, but many smart people come in thinking they will do fee-only because that is the ethical way to do this business.


I'm gonna level with you Hacksaw.  This is exactly what I thought.  I should have known that you can't be in sales, be 100% ethical, AND make a living.  

I'm having trouble seeing where the conflict lies though.  Not saying there isn't any, just saying I don't see it yet because I'm still a n00b.

If I'm the doctor and the patient is paying me for my time and expertise only (meaning no product kickbacks), where's the conflict?  If I help them get (and stay) healthy, hooray!  I've done my job, made some money, and everyone's happy.

What am I missing?


You can always be ethical.

In blue - the conflict is in incentives. How much time do you spend helping them?  Did you really need to spend that much time?  Do you avoid doing a test because it's an expense to you?  Do you do a test, and pay a markup because the cost of the use of the machine needs to be allocated some way?  Are you pricing that appropriately?
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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Post Options Post Options   Thanks (1) Thanks(1)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Apr/25/2019 at 2:15pm
Here’s another and one you can relate to our industry. A “great advisor” who is fee only gets people out of annuities and since they are older they have great benefits to the client. He moved them out of an annuity that they paid a commission on in the past to another advisor. He busts up the annuity and charges a fee to manage. He’s fee only and this is how he gets paid on those assets. He wasn’t going to get paid on the annuity how it was and now he is. That’s a conflict even tho he kinda believes 12 dividend stocks is better. There is conflict everywhere.

And to take a stronger stance on what Mo made bold- you can be in sales, be fair and ethical, and make a great living. Many here are

Edited by bc2051 - Apr/25/2019 at 2:18pm
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Apr/25/2019 at 2:22pm
Here’s some more real talk. Don’t waste your time getting the CFP right now. Let’s figure out if you can sell and then you can go get that in six months if you can sell
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