Becoming an advisor

[blinkau]

Hi guys I read here often but dont post all that often! I was hoping you guys could help me out with something. I have been studying hard over the last few years and so far have done the following

-diploma in international business
-double degree in management/marketing
-post grade in financial anlaysis (doing now, only just did exams today) ill be over half way through provided things go well

I work for a broking and have been for about 18+ months now in the back office. Since working there I have dealt with alot of advisors and some of the guys have noticed I was keen to get into the business and have set me up with a chance to become an advisor which is great!

The only downsides are:

- I am 22 (turning 23 at the end of the year) so very young to be an advisor
- Will need to move interstate (to the opposite end of Australia)

The main issue with moving interstate is I will need to build my own client base up and make my own way

I am meeting with the general manager of the branch to have an interview and need to let him know that I mean business. I need to let them know I will really build a client base and won't sit around and wait for the phone to ring. I was wondering what you guys can suggest? I thought you all would be the best to ask since youv had alot of experience in the industry.

The main thing I am looking for

- Is how do I let them my age won't be a issue
- How would I go about building up a client base when moving interstate? I have a general idea but your help here guys would be really appreciated!

Thanks

 

[dutchie]

G'day Blinkau

Congratulations on your education to date.

Go for it (job that is).

You are young but the following may help:-
1. Be honest and sincere.
2. Be helpful and friendly.
3. Be professional.
4 Always dress professionally (suit and tie). Look and act the part!
5 If you don't know the answer to a question - say so - and say that you will follow it up and find out the answer.
6. do not bullsh#t - ever! (note the responses on this forum if someone tries to bs)
7. Learn from others (get a mentor?).
8. Display your qualifications in your office (and business cards)
9. Be available.


Getting a client base

Join and/or visit service clubs (Lions/Rotary/Retirement clubs etc etc

Give a talk on share trading/ what services you provide etc etc

Ask clients for feedback and ask if they would recommend you to their rels, friends etc

Good luck

Cheers

Dutchie

 

[Russh]

The first thing i will tell you is that i am in a similar position. I'm 23 and work as a Technical Adviser at a wealth management company. I have a degree in Economics and Financial planning, and currently doing post grad studies in Applied Finance and Investment at FINSIA.

Advisers need two skills to succeed:
Technical Skills and Communication Skills

The second thing I will tell you is that there are different "kinds" Financial Advisers. Some of them (and the ones who will disagree with this post) just sell or push financial products. The other kind offer advice on the full spectrum of financial advice/planning (i.e Securities, Derivatives, Managed Investments, Insurance, tax planning, debt reduction, Superannuation, Estate Planning, UK pensions, trust structures etc and etc).

If the position you are hoping to get just requires you to sell products, then you are probably equipped enough to get it. Just work on your interpersonal skills (everyone needs to work on it). Start with a book called "Selling for Dummies". It's written by Tom Hopkins.

In the interview tell the manager that you love finance and communicating with new people. Tell him that you have had many sales assistant jobs (while studying at uni) and you loved the exposure to the customer/client, and that you believe the skills you gained in those jobs are transferable to this new one. Talk up your studies. Basically just show him that you are confident and driven.

But

If the position requires you to offer advice on the full financial planning process (as listed above) then i don't believe you would be prepared enough..just yet (being honest here ).

If this is the case, I would suggest learning as much as you possibly can in the technical field before moving into the 'sales' field.

Don't jump at the first opportunity that comes your way. Try and find a financial planning company that will develop your technical skills and help mentor you into an advising position down the track. This way they will give you referrals, and start you off with some of your mentor’s clients as your own.

If you still disagree with me, then ask yourself the question i ask myself when i think about making the move...."When your 40, have a family, earning good money, have different tax structures, own shares/options, variety of different loans etc and etc...would you go to a 22 year old kid for financial advice?" The answer I always come up with is a no.

 

[CanOz]

Hi guys I read here often but dont post all that often! I was hoping you guys could help me out with something. I have been studying hard over the last few years and so far have done the following

-diploma in international business
-double degree in management/marketing
-post grade in financial anlaysis (doing now, only just did exams today) ill be over half way through provided things go well

I work for a broking and have been for about 18+ months now in the back office. Since working there I have dealt with alot of advisors and some of the guys have noticed I was keen to get into the business and have set me up with a chance to become an advisor which is great!

The only downsides are:

- I am 22 (turning 23 at the end of the year) so very young to be an advisor
- Will need to move interstate (to the opposite end of Australia)

The main issue with moving interstate is I will need to build my own client base up and make my own way

I am meeting with the general manager of the branch to have an interview and need to let him know that I mean business. I need to let them know I will really build a client base and won't sit around and wait for the phone to ring. I was wondering what you guys can suggest? I thought you all would be the best to ask since youv had alot of experience in the industry.

The main thing I am looking for

- Is how do I let them my age won't be a issue
- How would I go about building up a client base when moving interstate? I have a general idea but your help here guys would be really appreciated!

Thanks

Have you ever considered applying for a job as a junior trader? In Australia there are no floor traders left, but surely an experience such as trading for a big firm would be priceless.

Cheers,

 

[blinkau]

Thanks for all your comments Russh & Dutchie it has given me alot to think about, I agree with the age problem I think I might need to take it from a different angle to overcome it. I

CanOz, how do you go about getting a job as a junior trader and what does it involve? I don't think we have any at our firm.

 

[TheRage]

Thanks for all your comments Russh & Dutchie it has given me alot to think about, I agree with the age problem I think I might need to take it from a different angle to overcome it. I
QUOTE]

Generally there is a rule of thumb in the financial industry that you should see clients plus or minus 10 years. I believe this rule works really well unless you are exceptionally mature or have a bucket load of life experience. So your angle could be that you market yourself to younger clients by doing seminars workshops etc. However unfortunately this group are the hardest to crack as they mostly believe they are doing things right or don't tend to worry about planning for the future until they turn 55.

Why not apply to work as a paraplanner and do a lot of backoffice work slowly building up client relationships through helping the planner.