Re: Tell us about your job
I graduated from college in '03 and after a few years of cardplaying I got a job with Securian Financial, the financial division of Minnesota Life Insurance Company. I took the job because of my relationship with one of the senior advisors at my firm who wanted me to be his protege'. The independence is the number one perk to working in this industry. This can be good if you have the discipline to run your own practice or have a good support staff in place, it is easy to succeed in this business. It can also be very easy to fail, esspecially right out of college.
I now primarily do fee-based financial planning. Developing a working budget and planning for retirement, mostly for people in my age group. Marketing in this business is key. Yes, in the beginning you may have to cold call, but as you put together some money and develop a network, you can afford to hire a marketing company, which I did. This can allow you to service your existing clients, while still growing your business. Another key is to be honest and loyal. It is important to remember that referrals are key, there is no better marketing tool.
Finally, you have to make an effort to focus on a specific market (i.e. attorney, doctors, business owners) and develop expertise in this market. This requires lots of extra time and effort. Taking the time to do a little research on what benefits offered by a hospital that they are employed, for example, in order to better coordinate someones personal finances with the benefits they receive.
I would recommend that someone work at a bank straight out of college and learn the products, and learn the market for a couple years in order to hit the ground running when you decide to become an advisor. Also, make sure that the company you choose to work for is right for you. This is critical. In this industry there are so many "chop shops" that will hire anyone but not offer the support, education, or salary to promote success with its employees.
Being a good stock picker does not define success either. If you have noone to tell, it doesn't matter.
Hope this is helpful
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