Was wondering if anyone knows anyone that has been a financial advisor and could share some details on what they know? I just graduated from college last semester and was trying to get my foot in the door. I'll pretty much take anything available. As a matter of fact, I have a job interview next Tuesday with a not-for-profit corporation, that pays an hourly wage that is so-so ($13/hour starting X 40 hours per week = $520/week X 1 year = $27,040/year not including taxes).....So this is a very low salary, I was hoping for upper 30s or low 40s starting. However, $13 is higher than I've ever had before and times are rough right now so I am considering taking it (although when I heard $13 an hour I almost hung up the phone on the person).

Anyways, I am rambling on but the point of this thread is that I also have an interview next week with Waddell and Reed, a financial firm, to be a financial advisor. From my research, all of these financial advisor positions are basically the same: You supposedly have an unlimited earnings potential, you are an "independent advisor" that represents the company, and you are basically a salesman trying to sell mutual funds! First of all I am not a salesman, second of all everyone already lost all their money in their mutual funds in the last year and a half, third of all after reading around, you basically start with trying to sell to your friends and family and then are on your own from there. Fourth of all, I've read a lot of people who were F.A.'s say that it is a scheme where top management make money out of your commissions, and they basically hire as many new F.A.'s as possible and so they make out like a fat cat while the F.A.'s slave away, knocking on doors, cold calling, and repeating the same failed sales pitch to random people in grocery store check out lines. On the other hand, I hear if you can get a lot of people then you can definitely make some good money (+$60,000/year). But who is going to put there money in a mutual fund right now? With the economy in shambles, sales is not the best place to be, imo.

Does anyone have any input? Can you share a story of past experience as a F.A.? Should I look for something else? Take the $13/hour job and go for a Master's Degree and hope the economy is back under control in a couple years? This last option is what I am leaning towards. Thanks for any responses in advance!

Nathan

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Nathan I have no experience to give you it's just not my field by a long shot, but as an FYI when I've had to call my broker (Scottrade) to place on order I have noticed that first I'll talk to somebody who is 'unlicensed' then I get handed over to a 'licensed' associate to actually place my order. It appears Scott (and perhaps others) employ individuals to field calls and perhaps handle chores around the office. Perhaps there's an opportunity there?
Best wishes as you go forward,
Jeff

Jeff, it's funny you mention Scottrade. I trade with them and I've been many times to the local office. I'm assuming the setup is the same at all branches. A small office, with a small sitting area and two tvs both playing CNBC. A young lady at the front desk who answers the phone and deals with the walk-in customers. Behind the front desk is a medium-sized open space with two work desks on opposite sides of the room. One male occupies one work desk and is a licensed broker. The other desk occupied by a female and is the second broker. This is the setup at my local branch. Now what's funny is there is an opening at Scottrade to be a broker at another location near my house and I did apply. I'm sure they're looking for someone with a little bit more experience so I probably won't even get an interview. They start at $40,000/year. I'm not sure about the front desk job, I'm just guessing but they probably start at around $10 or so an hour, and I'd imagine they are gender bias and only consider women for that position. Thanks for the response though and I'll keep you updated on my job status at this thread.
Nathan

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No problem Nathan I'm glad my thoughts weren't totally irrelevant.
I've been to my local office in Fresno quite a number of times, the last time just a couple weeks ago and it was the first time in the visits I've made that I dealt with a woman employee, so not too certain that a gender bias might exist but would not doubt it either. The branch manager is the only face I recognize from my first visit, so I assume they experience quite a bit of turnover on the other office positions.

Other than as a means to pay the bills, don't consider todays "job", the goal is five years from now. Ask yourself where you want to be in five years then work backwards from there.

Will the FA job help you meet your goal?

Will the FA job be a learning experience or a grind that delays your goal?

Will the FA job help you get your degree or certification to move toward your goal while you work?

Will your time as a grunt FA allow you to build a client base and contact list for your future?



Good Luck

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That is excellent advice.

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