To all my career changers out there… what do you need to know in order to make it as a financial professional?
As a coach to financial advisors, I run across a lot of career changers from all walks of life and all ages.
I get a very common question, what steps should I take to make it as a financial advisor? It’s not an easy question, but I’m going to do my best to help you out. Because this is a great profession in need of really great people.
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- Decide on your route. I’ve mentioned the traditional vs. the non-traditional route before, but it involves the degree to which you want to be regulated.In short, as a financial coach that just specializes in budgeting and/or debt reduction or student loan counseling that doesn’t not advise on investments you can avoid being regulated. Not that regulation is necessarily bad or good, but if you find yourself helping friends and families with a strategy to reduce debt and you’re really good at it, why would you subject yourself to mastering how to build financial plans or pick investments? This is why you should take some time to see what you are good at and decide on your route.
- Decide on your build. What does this mean? Well, what are you trying to accomplish? I’ve gotten a lot of “Hey Dominique, can I be a financial advisor as a side hustle?”Some want to actually quit their current career cold turkey and start. Others might be the “go-to” for friends and family and are considering a switch. Any of these are valid reasons but they lead to the inevitable questions of “what should you build?” Building a full-service financial services firm is difficult. Do you want to remain solo? Or would you like to plug into existing infrastructure? There are pros/cons to each. If you want a full list of what to consider check out this video.
- Build some runway. This can be done in a lot of forms including (1) Reducing your expenses for “x” months while still working your job, or (2) having a working spouse while you save.In either case, you will need margin and runway while you transition. The biggest mistake I see aspiring financial professionals make is not considering how long this will take and not having enough margin to get up and running. This should be 18-24 months of expenses to help you transition. This leads to what you would need this for….Mainly to cover your living expenses while you are trying to build a client roster. But the business will have expenses depending on the type of filing you make, the infrastructure you want, etc.
- Hire a coach. I can’t stress this enough. What I’m doing on this channel is somewhat unique to help you with a lot of the common questions through virtual mentorship. But you will undoubtedly have questions that I won’t answer in this format. You need someone that can help you through some of the strategy involved in building a successful practice and making the pivot from your previous career. A coach is helpful in deciding the following:(1) How will you focus your energy? What gets done now vs. later? (2) Developing your marketing plan. Which type of clients will you target or go after and how? (3) How should you price your services? My recommendation is to join my facebook group and then reach out to me about my coaching program to help you develop your plan further. I’m usually accepting 2-3 candidate applications per month for my Masterclass to help you grow your business as a financial professional.
Thanks for listening, reading and watching.
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