Career as an Investment Advisor?

Can somebody give me some information about a career as an Investment Advisor? I would like to know what skills are needed for the job and if they are commission based jobs?

Thanks

Hi,

Actually, I'm just getting out of the profession, but I can give you some insight based on my experience.
As far as your skills, you will need some technical / analytical skills, and of course, people skills.
Let me summarize what I have found to be the case with this profession. Obviously you need to be knowledgeable regarding finances, and credentials can help. Being a nice and trustworthy person is good, but in reality, this is pure sales, 100%, and if you don't get the clients, you won't survive. To succeed, you must have the 'sales personality', that is, you must be very persistent. And, you may have to solicit every person that you know, friends, family, etc. and money will have to be the priority goal of your life.
That was my particular downfall. I was nice enough, and smart enough, but I didn't want to place that awkwardness in my relationships with family and friends by hitting them all up for sales all the time. You might say 'those people know what I do for a living, so when they need something, they will come to me'. That might be true, and eventually, if they have a need, they would, but in the meantime, you have to get clients in front of you, and to do that, you will have to go outside and scream in the streets, offer free dinners, whatever it takes, to get people to come. This industry is highly competitive as well. I'm guessing that 90% or more of the people who enter the industry don't make it past the first year. Please keep that rate in mind. Not to scare you off, but you must really evaluate the situation before you jump in. And if you do jump in, be mentally prepared to do what it takes, even possibly endanger your relationships with friends, since now they may perceive you as a pest, and begin to avoid you. But that could be what it takes. My boss apparently has no friends to speak of, and I suspect it is because at some point he approached them so much to sell them stuff, that it turned them off to him completely.
If you decide to get in, you will have to take the necessary exams to market the financial products, such as series 7 and 63, and probably your life agent license also. Series 7 is tough enough, but if you are persistent you will get through it. There is a need for this profession, but like I said, very competitive, and it really boils down to sales. In my opinion, there is almost no such thing as a financial planner, investment advisor, etc. You can do these things, but unless you sell a product, all the advice you give in the world won't make you a penny. This was my situation, anyway, I know there can be other compensation arrangements, but you must get the customers! Good luck.

You might do well to visit a local college and talk to a counsellor. They won't mind. It's what they're there for. They don't have to know whether you're going to attend their school.

Another possibility for information is the Career Handbook at your local library.

I think the best information will come from some investment advisors themselves. Just go into, oh I don't know, 3 - 4 banks in your area and ask them. They'll tell you a lot about it.

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