Comments on: Financial Planning: Where to Get Financial Advice http://www.mint.com/blog/how-to/where-to-get-financial-advice/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Sat, 11 Feb 2012 21:46:28 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Outsourced Paraplanning http://www.mint.com/blog/how-to/where-to-get-financial-advice/comment-page-1/#comment-47520 Outsourced Paraplanning Thu, 08 Apr 2010 07:34:29 +0000 http://www.mint.com/blog/?p=2890#comment-47520 I have a lot of interest in the finance field. How do I go about starting a Career in it? Could someone guide me, would appreciate it. Thanks! I have a lot of interest in the finance field. How do I go about starting a Career in it? Could someone guide me, would appreciate it. Thanks! ]]> By: G Martin Poole Cfp http://www.mint.com/blog/how-to/where-to-get-financial-advice/comment-page-1/#comment-42293 G Martin Poole Cfp Fri, 20 Nov 2009 16:40:22 +0000 http://www.mint.com/blog/?p=2890#comment-42293 Ana I am a user of MINT and find it can be a great benefit for clients who have trouble keeping track of their expenses. As I a Certified Financial Planner professional who works for a firm that only charges by the hour, I was intrigued when I saw the title of your article about seeking financial advice and how to do it. You have done a great job of the search process and especially the questions that people should ask. I want people to ask me these questions and do their research because then when they make their selection they know that they have made the decision that best suits their circumstances. Martin Ana
I am a user of MINT and find it can be a great benefit for clients who have trouble keeping track of their expenses. As I a Certified Financial Planner professional who works for a firm that only charges by the hour, I was intrigued when I saw the title of your article about seeking financial advice and how to do it. You have done a great job of the search process and especially the questions that people should ask. I want people to ask me these questions and do their research because then when they make their selection they know that they have made the decision that best suits their circumstances.
Martin ]]> By: aygonrib http://www.mint.com/blog/how-to/where-to-get-financial-advice/comment-page-1/#comment-41719 aygonrib Wed, 04 Nov 2009 17:14:21 +0000 http://www.mint.com/blog/?p=2890#comment-41719 Hi Scott, Look at the website CFP.net, there you will learn everything you need to know about what credentials you'll need in order to become a certified financial planner. It's great to know that you love finances, that is a good thing and will take you far if you decide to pursue this career. As far as what your parents tell you about finishing school, that is actually a good idea. If you finish college, you will have more opportunities available to you within this field. Also, to go for the CFP designation, you'll need to complete a 4 year degree. Give school a chance, believe me, it'll be over before you know it. What you can do now is keep researching the cfp.net site and learn what you will need in order to meet the requirements. Also, get involved with volunteer programs where you can learn about financial counseling and maybe even start counseling some folks. Once you finish school you'll be much more prepared than most! Here are some sites you can look into: www.cccsstl.org (Consumer Credit Counseling Services) Volunteermatch.org (here you can search to see what is available in finances or business) afcpe.org Association for Financial Counseling and Planning Education (AFCPE) If you are looking to make some side money, search around for a part-time job that makes you happy and fits in with your school schedule or any other activities you may have. Best of luck Scott! Ana Hi Scott,

Look at the website CFP.net, there you will learn everything you need to know about what credentials you’ll need in order to become a certified financial planner. It’s great to know that you love finances, that is a good thing and will take you far if you decide to pursue this career.

As far as what your parents tell you about finishing school, that is actually a good idea. If you finish college, you will have more opportunities available to you within this field. Also, to go for the CFP designation, you’ll need to complete a 4 year degree.

Give school a chance, believe me, it’ll be over before you know it. What you can do now is keep researching the cfp.net site and learn what you will need in order to meet the requirements. Also, get involved with volunteer programs where you can learn about financial counseling and maybe even start counseling some folks. Once you finish school you’ll be much more prepared than most!

Here are some sites you can look into:

http://www.cccsstl.org (Consumer Credit Counseling Services)

Volunteermatch.org (here you can search to see what is available in finances or business)

afcpe.org Association for Financial Counseling and Planning Education (AFCPE)

If you are looking to make some side money, search around for a part-time job that makes you happy and fits in with your school schedule or any other activities you may have.

Best of luck Scott!

Ana

]]> By: David C. http://www.mint.com/blog/how-to/where-to-get-financial-advice/comment-page-1/#comment-41670 David C. Tue, 03 Nov 2009 16:22:45 +0000 http://www.mint.com/blog/?p=2890#comment-41670 It sounds like you are of "regular" college-attending age. If you would like to start as a broker/advisor/financial planner at a major firm and probably most smaller firms, a Bachelor's degree will be required. So, listen to your parents. The major firms have programs where they pay you a salary for a year or two as you work to gain clients. Once that period is over, you are on commission-only. Other firms may pay you a draw - basically they are loaning you money that is to be paid back from commissions generated by your sales production. Something I did that you may want to consider while in school: I joined a company called Primerica Financial Services while in college. It is an MLM/Network Marketing Company [i.e. direct selling]. So, it is very different in many ways from a traditional business structure. But, the sales aspect is the same regarding the actual products which are primarily term life insurance and mutual funds. If you do this, you will learn about the industry. Also, you will gain an insurance license and you will gain Series 6 & 63 licenses. This will give you an edge over others when you obtain your Bachelor's degree because the only other license you will need will be the Series 7 license to become a full-fledged broker. Lastly, you will have the opportunity to earn money as an independent contractor. Who knows, if you do well enough, you may just stay at Primerica. The odds are most likely that that will not occur [check out the direct-selling industry's own statistics which show that the average Rep only recruits 2 people in their entire career and the average Rep only earns $2400 per year (before expenses)] . But, you never know. It sounds like you are of “regular” college-attending age. If you would like to start as a broker/advisor/financial planner at a major firm and probably most smaller firms, a Bachelor’s degree will be required. So, listen to your parents.

The major firms have programs where they pay you a salary for a year or two as you work to gain clients. Once that period is over, you are on commission-only. Other firms may pay you a draw – basically they are loaning you money that is to be paid back from commissions generated by your sales production.

Something I did that you may want to consider while in school: I joined a company called Primerica Financial Services while in college. It is an MLM/Network Marketing Company [i.e. direct selling]. So, it is very different in many ways from a traditional business structure. But, the sales aspect is the same regarding the actual products which are primarily term life insurance and mutual funds.

If you do this, you will learn about the industry. Also, you will gain an insurance license and you will gain Series 6 & 63 licenses. This will give you an edge over others when you obtain your Bachelor’s degree because the only other license you will need will be the Series 7 license to become a full-fledged broker.

Lastly, you will have the opportunity to earn money as an independent contractor. Who knows, if you do well enough, you may just stay at Primerica. The odds are most likely that that will not occur [check out the direct-selling industry's own statistics which show that the average Rep only recruits 2 people in their entire career and the average Rep only earns $2400 per year (before expenses)] . But, you never know.

]]> By: Scott Weiss http://www.mint.com/blog/how-to/where-to-get-financial-advice/comment-page-1/#comment-41051 Scott Weiss Sun, 25 Oct 2009 15:54:59 +0000 http://www.mint.com/blog/?p=2890#comment-41051 How do I start my career in investment advisor and financial planning? I have been using Mint.com for about 2 years. I really love finances and investing. My parents tell me to stay in school and finish my education before looking for a real job in business How do I start my career in investment advisor and financial planning? I have been using Mint.com for about 2 years. I really love finances and investing. My parents tell me to stay in school and finish my education before looking for a real job in business ]]> By: Dan http://www.mint.com/blog/how-to/where-to-get-financial-advice/comment-page-1/#comment-40978 Dan Fri, 23 Oct 2009 07:10:55 +0000 http://www.mint.com/blog/?p=2890#comment-40978 Go with a fee-only advisor. Insurance and securities brokers are salesman, not advisors. They suffer from major conflicts of interest, and do not have a fiduciary duty to their clients. Under FINRA's rules a broker is only required to recommend "suitable" investments; these are generally the ones that make the most money for them (and thus the least for you) within an asset class. Go with a fee-only advisor. Insurance and securities brokers are salesman, not advisors. They suffer from major conflicts of interest, and do not have a fiduciary duty to their clients. Under FINRA’s rules a broker is only required to recommend “suitable” investments; these are generally the ones that make the most money for them (and thus the least for you) within an asset class. ]]>