After speaking with my uncle over the weekend and in light of my gf's father's current career, my interest has piqued in technology, specifically tech sales. One caveat, both of these gentlemen have over 20 years in the industry with various companies, such as EMC, Symantec, Veritas, and lesser known software and hardware providers. And now both earn well in the 6 figures, approaching 7's, get company trips, and write their own tickets. My uncle began his own tech consulting company and is doing quite well on 'his own time.'
Not that tech is the point of this thread. Rather the point is, both these men were beginning in an industry that was nowhere near where it's at, and ALOT of the men who make bank now, be it self employed, their own company, or working for an employer did so in a market that had GROWTH ahead of it. Major growth.
Focus: Based on your personal experience of a market you know or family/relative who is close enough to speak on, list some markets that are growing rapidly or COULD rapidly in the next few years which Dj's should consider for their own well-being or future careers.
~~~~~~~~~~~~~~~~~~~~~~~
On the personal side of Finance, I can speak at length.
Here's some pointers:
*Regulation is increasing. Compliance is going through the roof. This is forcing the lone planner/advisor/consultant to:
- increase his investment minimums.
- partner with other advisors or a major, well known company.
*Barriers to entry are increasing. The most reputable Certification in personal planning is the CFP. In order to sit for the examine you must have a 4 year degree.
*The baby boomers and pension shutdowns will increase asset rollovers. Also, healthcare providers who cut or eliminate healthcare programs will put a HUGE strain on needed savings rates. No longer is retirement 80% of what ou earned during your working years.
*Most planners are NOT asset managers, they are ASSET gatherers. Planners, the good ones, are expected to know tax, legal, investment, financial, and healthcare laws and information. Trying to manage a day to day portfolio is PEANUTS compared to knowing the ins and outs of various laws, programs, income structuring, estate planning, wills, trusts, and business arrangements. If you get an advisor or know one who does specific asset management...then...they are not doing a full job, have VERY high minimums, or are bsing you. I've heard of these guys, and given how volatile the market is, how price sensitive the average consumer is, its nigh impossible to manage a person's portfolio weekly, let alone monthly IF you have a practice over 100 people or more. THAT is alot of assets to track, even if they are mutual funds. And if they are NOT mutual funds, then he's screwing himself by buying individual stocks, because some of his clients are in fact suffering. Only the biggest of the big boys manage individual dollars. The "super star advisor" subcontracts everything, except his personal interact with you. He's a FINANCE DR, knowing everything, but personally doing very little. THis is a great thing, and a wake up call to those entering the industry or thinking of going that route to consult with one.
*New investment products come out all the time, and b/c of the babyboomers, they are creating investment vehicles with lower minimums. REITS, oil and gas trusts, etfs, variable annuities, equity indexed annuities, mutual fund platforms, separately managed accounts, leasing programs, and much much more are only the start.
*Comprehensive planning is the way to go. For the accountant looking for 'side projects' do taxes, and then learn estate and business taxation and planning. Ally with a financial planner and insurance company, a TPA, and learn about trusts, and watch the dollars roll in. The accountant is the most prominent finanicial advisor in the country, yet they do a diservice b/c the most important part of the financial plan for someone isn't BACK, it's FORWARD. And b/c a large % of accountants don't know financial planning, they shoot down alot of financial advice. Truth be told, accountants aren't really financially well off. Most are TOO conservative for their own good, and don't invest. That isn't ALL accountants, so no offense, but the ones I know, out of 10, only 1 is desirably wealthy, and that's because he OWNED the business, invested, and bought real estate. He then sold the tax business, and began financial planning. Same stuff, different information/products. Same clients.
~~~~~~~~~~~~~~~~~~~~~~~
For the intern:
Get ANY financial experience you can. Seek out financial placement firms. Ally with family members who do finance and see if you can do an internship. Go to your family CPA and see if you can do something, or even family financial planner.
Join ALL groups.
Read ALOT of finanice, sales, and psychology books. Personal planning is much more about the PEOPLE, than the products. Of the total amount of time spent, very little is on products or strategies. Most advisors KNOWN them verbatim, but few clients can converse on them to know anything valid.
Get your licenses early: Series 7, 63, 65/66 and life insurance license.
Learn marketing. The do not call list made it nigh impossible for cold callers, and the clients you want are now fully protected. Learn alternate methods, i.e. most people want to conduct business during business hours and go home to NO headaches and NO interruption. Find ways to make connections between products and solutions and your clients concerns and issues.
For the job seeker:
Know that MOST companies operate on fees and commission. YOU KEEP WHAT YOU KILL. The ones who do offer a pithy base do so by cutting your commissions or doing what are known as "draw Programs", or borrowing, and then paying it back based on commissions earned.
This is a BUSINESS. Not a sales job. A business. Point blank. Marketing. Sales. Service. Alot of people come seeking SALES, but it's not, since alot of the work is done AFTER the initial sale, based on your promise. And each year is a year of proving your worth. If service fails, bye bye clients. Unlike alot of other sales positions, this is communication + technicality.
The turn around time is as LONG as you like, but it's always 3-6 months longer than the company says. Alot of guys come over with big bills, needing to make bridge income fast. Problem is, closing cases can take awhile, and b/c of regulation, it gets longer. Set aside several months income and work your butt off, that way you have extra ready to go. Don't come hoping to make big bucks in a month unless you're a proven star, upon which you should make a buck quick, and can write your own ticket.
~~~~~~~~~~~~~~~~~~~~~
The finance industry attracts alot of quick talkers and people who want big bucks, without realizing, money is the funniest thing to discuss, and when you deal with money and people, you deal with some of the hardest issues in life. Where people came from. WHere they are going. How they earned it. Parents. Kids. The economy. Politics. Taxation. Death. Marriage. There's a whole melieu in there, and you get AS personal as any doctor, ESPECIALLY if you do a life insurance policy. This industry, on the personal side, is a life long game. Statistics say, if you make good money in 5 years, you stay for life.
Now, wholesalers, the guys who want into advisors' offices and pitch THEIR product, IMO, are on the decline. Wholesalers don't provide much value, and since they are COMPANY specific, advisors are hesitant to ally themselves with one company, especially if they have financial problems. No advisor wants to explain why they are "independent" and yet, they have 100% of client A's money at Fidelity or Schwab. So if you go this route, even though its good money, several hundred k per year, know that your time is short lived, goals escalate fast, and turn over even faster. It's all about getting to an advisor, much like a Pharma rep and getting them to use your product. I've heard kids in college want to do it, but its on the decline as an industry pathway.
As far as internal service and money management, I think there's always room there, but not so much for the hard sought jobs.
I can add more as people request more.
A-Unit
Not that tech is the point of this thread. Rather the point is, both these men were beginning in an industry that was nowhere near where it's at, and ALOT of the men who make bank now, be it self employed, their own company, or working for an employer did so in a market that had GROWTH ahead of it. Major growth.
Focus: Based on your personal experience of a market you know or family/relative who is close enough to speak on, list some markets that are growing rapidly or COULD rapidly in the next few years which Dj's should consider for their own well-being or future careers.
~~~~~~~~~~~~~~~~~~~~~~~
On the personal side of Finance, I can speak at length.
Here's some pointers:
*Regulation is increasing. Compliance is going through the roof. This is forcing the lone planner/advisor/consultant to:
- increase his investment minimums.
- partner with other advisors or a major, well known company.
*Barriers to entry are increasing. The most reputable Certification in personal planning is the CFP. In order to sit for the examine you must have a 4 year degree.
*The baby boomers and pension shutdowns will increase asset rollovers. Also, healthcare providers who cut or eliminate healthcare programs will put a HUGE strain on needed savings rates. No longer is retirement 80% of what ou earned during your working years.
*Most planners are NOT asset managers, they are ASSET gatherers. Planners, the good ones, are expected to know tax, legal, investment, financial, and healthcare laws and information. Trying to manage a day to day portfolio is PEANUTS compared to knowing the ins and outs of various laws, programs, income structuring, estate planning, wills, trusts, and business arrangements. If you get an advisor or know one who does specific asset management...then...they are not doing a full job, have VERY high minimums, or are bsing you. I've heard of these guys, and given how volatile the market is, how price sensitive the average consumer is, its nigh impossible to manage a person's portfolio weekly, let alone monthly IF you have a practice over 100 people or more. THAT is alot of assets to track, even if they are mutual funds. And if they are NOT mutual funds, then he's screwing himself by buying individual stocks, because some of his clients are in fact suffering. Only the biggest of the big boys manage individual dollars. The "super star advisor" subcontracts everything, except his personal interact with you. He's a FINANCE DR, knowing everything, but personally doing very little. THis is a great thing, and a wake up call to those entering the industry or thinking of going that route to consult with one.
*New investment products come out all the time, and b/c of the babyboomers, they are creating investment vehicles with lower minimums. REITS, oil and gas trusts, etfs, variable annuities, equity indexed annuities, mutual fund platforms, separately managed accounts, leasing programs, and much much more are only the start.
*Comprehensive planning is the way to go. For the accountant looking for 'side projects' do taxes, and then learn estate and business taxation and planning. Ally with a financial planner and insurance company, a TPA, and learn about trusts, and watch the dollars roll in. The accountant is the most prominent finanicial advisor in the country, yet they do a diservice b/c the most important part of the financial plan for someone isn't BACK, it's FORWARD. And b/c a large % of accountants don't know financial planning, they shoot down alot of financial advice. Truth be told, accountants aren't really financially well off. Most are TOO conservative for their own good, and don't invest. That isn't ALL accountants, so no offense, but the ones I know, out of 10, only 1 is desirably wealthy, and that's because he OWNED the business, invested, and bought real estate. He then sold the tax business, and began financial planning. Same stuff, different information/products. Same clients.
~~~~~~~~~~~~~~~~~~~~~~~
For the intern:
Get ANY financial experience you can. Seek out financial placement firms. Ally with family members who do finance and see if you can do an internship. Go to your family CPA and see if you can do something, or even family financial planner.
Join ALL groups.
Read ALOT of finanice, sales, and psychology books. Personal planning is much more about the PEOPLE, than the products. Of the total amount of time spent, very little is on products or strategies. Most advisors KNOWN them verbatim, but few clients can converse on them to know anything valid.
Get your licenses early: Series 7, 63, 65/66 and life insurance license.
Learn marketing. The do not call list made it nigh impossible for cold callers, and the clients you want are now fully protected. Learn alternate methods, i.e. most people want to conduct business during business hours and go home to NO headaches and NO interruption. Find ways to make connections between products and solutions and your clients concerns and issues.
For the job seeker:
Know that MOST companies operate on fees and commission. YOU KEEP WHAT YOU KILL. The ones who do offer a pithy base do so by cutting your commissions or doing what are known as "draw Programs", or borrowing, and then paying it back based on commissions earned.
This is a BUSINESS. Not a sales job. A business. Point blank. Marketing. Sales. Service. Alot of people come seeking SALES, but it's not, since alot of the work is done AFTER the initial sale, based on your promise. And each year is a year of proving your worth. If service fails, bye bye clients. Unlike alot of other sales positions, this is communication + technicality.
The turn around time is as LONG as you like, but it's always 3-6 months longer than the company says. Alot of guys come over with big bills, needing to make bridge income fast. Problem is, closing cases can take awhile, and b/c of regulation, it gets longer. Set aside several months income and work your butt off, that way you have extra ready to go. Don't come hoping to make big bucks in a month unless you're a proven star, upon which you should make a buck quick, and can write your own ticket.
~~~~~~~~~~~~~~~~~~~~~
The finance industry attracts alot of quick talkers and people who want big bucks, without realizing, money is the funniest thing to discuss, and when you deal with money and people, you deal with some of the hardest issues in life. Where people came from. WHere they are going. How they earned it. Parents. Kids. The economy. Politics. Taxation. Death. Marriage. There's a whole melieu in there, and you get AS personal as any doctor, ESPECIALLY if you do a life insurance policy. This industry, on the personal side, is a life long game. Statistics say, if you make good money in 5 years, you stay for life.
Now, wholesalers, the guys who want into advisors' offices and pitch THEIR product, IMO, are on the decline. Wholesalers don't provide much value, and since they are COMPANY specific, advisors are hesitant to ally themselves with one company, especially if they have financial problems. No advisor wants to explain why they are "independent" and yet, they have 100% of client A's money at Fidelity or Schwab. So if you go this route, even though its good money, several hundred k per year, know that your time is short lived, goals escalate fast, and turn over even faster. It's all about getting to an advisor, much like a Pharma rep and getting them to use your product. I've heard kids in college want to do it, but its on the decline as an industry pathway.
As far as internal service and money management, I think there's always room there, but not so much for the hard sought jobs.
I can add more as people request more.
A-Unit
