4 answers
mikayla
Student
New Orleans, Louisiana
2
Questions
Asked
1336 views
Do you have a lot of free time at work being a finance adviser ?
I want to become a personal finance adviser and I want to know will you have a lot of off time? Will i be able to make my own schedule?
#finance #personalfinance
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4 answers
Xavier Aguayo-Díaz, CPWA®, CEPA®
Financial Advisor
7
Answers
San Juan, Puerto Rico
Updated
Xavier’s Answer
Of course..being a Financial Advisor affords full control of your time. That is one of the reasons why I am so happy as an FA. I, however, end up working much more than a 9-5 at times but interestingly, it seldom feels like work.
Tiffany Ellis
strategy
1
Answer
Montreal, Quebec, Canada
Updated
Tiffany’s Answer
Hi Mikayla,
I will echo Garrett’s answer to you.
Being a personal financial advisor is like running your own business. When you start and are new to the business, you have to establish credibility, network, make sure you are up to speed on the investment landscape, tax impact/implications, etc. You are essentially competing with other financial advisors, so what about you and what you have offer sets you apart, ie. why should a client work with you? This is a very competitive landscape, so you are really looking to differentiate yourself from the field.
As Garrett said, at the start, it will require more effort and more hours. You need to establish a client base, which takes time. Also note that relationships take time, so it could be that some prospects sign on with you immediately or it could be that it takes a few months or even a few years. Financial Advising is a relationship business.
Financial services is also a highly regulated industry. You will likely need licenses to even speak to clients (this is country specific, so which licenses depends on where you are located). I am not located in the U.S., so here is a link that details which licenses: https://www.investopedia.com/ask/answers/091815/do-financial-advisors-have-be-licensed.asp
In Canada I needed a designation (CIM) and to be registered with the Ontario Securities Commission: https://www.osc.gov.on.ca/en/Dealers_initial-requirements_index.htm.
Lastly, will you be able to make your own schedule? I would say yes and no. There is some flexibility (dependent on where you work of course), but clients will call you late at night, on the weekend or early in the morning, etc. It is a service industry and being there for your clients and that responsiveness is very important. Also, you should be available when the markets are open, ie during trading hours. For example, the NYSE has normal trading hours from 9:30 a.m. to 4 p.m. local time.
I hope this helps and answers your questions well.
Best,
Tiffany
I will echo Garrett’s answer to you.
Being a personal financial advisor is like running your own business. When you start and are new to the business, you have to establish credibility, network, make sure you are up to speed on the investment landscape, tax impact/implications, etc. You are essentially competing with other financial advisors, so what about you and what you have offer sets you apart, ie. why should a client work with you? This is a very competitive landscape, so you are really looking to differentiate yourself from the field.
As Garrett said, at the start, it will require more effort and more hours. You need to establish a client base, which takes time. Also note that relationships take time, so it could be that some prospects sign on with you immediately or it could be that it takes a few months or even a few years. Financial Advising is a relationship business.
Financial services is also a highly regulated industry. You will likely need licenses to even speak to clients (this is country specific, so which licenses depends on where you are located). I am not located in the U.S., so here is a link that details which licenses: https://www.investopedia.com/ask/answers/091815/do-financial-advisors-have-be-licensed.asp
In Canada I needed a designation (CIM) and to be registered with the Ontario Securities Commission: https://www.osc.gov.on.ca/en/Dealers_initial-requirements_index.htm.
Lastly, will you be able to make your own schedule? I would say yes and no. There is some flexibility (dependent on where you work of course), but clients will call you late at night, on the weekend or early in the morning, etc. It is a service industry and being there for your clients and that responsiveness is very important. Also, you should be available when the markets are open, ie during trading hours. For example, the NYSE has normal trading hours from 9:30 a.m. to 4 p.m. local time.
I hope this helps and answers your questions well.
Best,
Tiffany
Garrett Gollehon
AML Analyst at PricewaterhouseCoopers - Service Delivery Center (PwC SDC)
13
Answers
Columbia, South Carolina
Updated
Garrett’s Answer
Hey Mikayla,
It really depends on a number of factors:
1. If you are relatively new to the market you will have to work harder to build up a client base (10-12 hours per day working trying to get meetings)
2. The client base you work with (if you are working with younger clients you may have to have night meetings, while working with retired folks can meet during the day)
3. How much money you want to make (You can limit yourself to a 40hr work week but you are limiting your income to only what you do in that work week, the more hours you work almost always leads to more money made).
4. The market you are in (is there a lot of competition, is there a large market for people looking for wealth management, etc.)
Hope this helps.
Garrett
It really depends on a number of factors:
1. If you are relatively new to the market you will have to work harder to build up a client base (10-12 hours per day working trying to get meetings)
2. The client base you work with (if you are working with younger clients you may have to have night meetings, while working with retired folks can meet during the day)
3. How much money you want to make (You can limit yourself to a 40hr work week but you are limiting your income to only what you do in that work week, the more hours you work almost always leads to more money made).
4. The market you are in (is there a lot of competition, is there a large market for people looking for wealth management, etc.)
Hope this helps.
Garrett
Derek Biggs
Operations Manager
23
Answers
Mesa, Arizona
Updated
Derek’s Answer
Great responses so far. If you are looking for a career that you don't have to work hard for and still get paid well, then a financial advisor is not the role for you. This is the epitome of "You work hard, you play hard" role. If you want more free time, you need to work harder to get more assets to manage. This doesn't come by chance.
Remember, you are managing people's money, so if they think that you are out on vacation and staying at home often, they will not feel confident in how you manage their money. Great finance companies, such as Morgan Stanley, JP Morgan and Edward Jones offer financial advisor programs that will help you learn the industry more and learn whether or not it is something you want to keep pursuing.
Best of luck!
Remember, you are managing people's money, so if they think that you are out on vacation and staying at home often, they will not feel confident in how you manage their money. Great finance companies, such as Morgan Stanley, JP Morgan and Edward Jones offer financial advisor programs that will help you learn the industry more and learn whether or not it is something you want to keep pursuing.
Best of luck!