Part-time advisor?

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Apr 11, 2007 8:35 am

Can a person who holds the requisite licenses work full-time in a non-brokerage related field and still do financial planning on a part-time basis?


Apr 11, 2007 8:48 am

Sure. Why not? Taking responsibility for the financial futures of people is a wonderful hobby.

Apr 11, 2007 8:57 am
Bobby Hull:

Sure. Why not? Taking responsibility for the financial

futures of people is a wonderful hobby.





Excellent!



It has all the thrill-seeking dangers of skdiving, and you don't have to leave

your living room!

Apr 11, 2007 9:37 am

The serious answer would be 'yes', if you can find a broker dealer who will
1.)  Approve your outside employment.
2.)  Allow you to work on a part time basis, and you will be able to meet their minimum production requirements.

Having said that, this is a complex business and we already have too many part time 'hobbyists' out there tearing up people's net worth.  Make a decision whether or not you are serious about being in this business and act accordingly.

Apr 11, 2007 9:47 am

Due to "commissions" - it probably wouldnt hurt to work parttime to ensure this is what you want to do or ready to take the full plunge.  Some other sales related careers may go parttime and keep regular jobs to make ends meet...until they start doing well: real estate agents, for example.  It's also a way to slowly build up your book or client base, too especially if you feel it would be a struggle financially to do the job fulltime.


Ameriprise requires 80 or more hours a week and at $25K draw: so with this in mind, you may want to slowly make the move considering these factors. 


Apr 11, 2007 8:09 pm

Let me clarify. I came to this business from law enforcement. Now, instead of putting handcuffs on criminals, I work among them. (Though not as co-workers in the same firm, of course.)


I've just about had all I can tolerate of seeing people get taken by unscrupulous, greedy annuity salesmen on a daily basis.


I'm considering going back to law enforcement, but I'd like to keep my family, friends and a few others as clients. How does a person go about doing that?



Apr 11, 2007 8:31 pm
Borker Boy:

Let me clarify. I came to this business from law enforcement. Now, instead of putting handcuffs on criminals, I work among them. (Though not as co-workers in the same firm, of course.)


I've just about had all I can tolerate of seeing people get taken by unscrupulous, greedy annuity salesmen on a daily basis.


I'm considering going back to law enforcement, but I'd like to keep my family, friends and a few others as clients. How does a person go about doing that?





Having a hard time competing with successful salespeople, copper? Have you considered doing what we do, instead of living in mediocrity? Go back to being a cop if you can't hack it. It's a cool profession and every day is a new adventure.

Apr 11, 2007 8:54 pm
Borker Boy:

Let me clarify. I came to this business from law enforcement. Now, instead of putting handcuffs on criminals, I work among them. (Though not as co-workers in the same firm, of course.)


I've just about had all I can tolerate of seeing people get taken by unscrupulous, greedy annuity salesmen on a daily basis.


I'm considering going back to law enforcement, but I'd like to keep my family, friends and a few others as clients. How does a person go about doing that?





Check out World Financial Group.  They allow part timers and you'll really really like them based on your comments.

Apr 11, 2007 8:55 pm
Borker Boy:

Let me clarify. I came to this business from law enforcement. Now, instead of putting handcuffs on criminals, I work among them. (Though not as co-workers in the same firm, of course.)


I've just about had all I can tolerate of seeing people get taken by unscrupulous, greedy annuity salesmen on a daily basis.


I'm considering going back to law enforcement, but I'd like to keep my family, friends and a few others as clients. How does a person go about doing that?





Seriously, though, if you hate that so much, if you really believe that so many people are being screwed(and by the way I generally agree with you), then why would you leave the business.  Stay and help people do things the right way!

Apr 11, 2007 9:02 pm
joedabrkr:
Borker Boy:

Let me clarify. I came to this business from law enforcement. Now, instead of putting handcuffs on criminals, I work among them. (Though not as co-workers in the same firm, of course.)


I've just about had all I can tolerate of seeing people get taken by unscrupulous, greedy annuity salesmen on a daily basis.


I'm considering going back to law enforcement, but I'd like to keep my family, friends and a few others as clients. How does a person go about doing that?






Seriously, though, if you hate that so much, if you really believe that so many people are being screwed(and by the way I generally agree with you), then why would you leave the business.  Stay and help people do things the right way!


He's using his disgust with the industry to make his failure look like something that was outside of his control. He's no different than the rest of the pikers. Except he's probably used excessive force on the unsuspecting public a time or two. What a swell guy.

Apr 11, 2007 9:28 pm

Having defended EDJ in the not-too-distant past, and now looking to leave the fold, I'm curious what your current opinion of the mean green machine is...

Apr 11, 2007 11:03 pm
Indyone:

Having defended EDJ in the not-too-distant past, and now looking to leave the fold, I'm curious what your current opinion of the mean green machine is...



I have to agree with Indyone. What about the office you took over? It sounded like you were doing great.  I also have to agree with Joedabrkr. If you leave, who is going to help those people who listened to that annuity salesman?  Stick around, make good money, and help people. 


Don't get me wrong, there are few professions as noble as being a cop. But, you wouldn't quit being a cop because you can't rid the country of crime. So, don't quit being a broker because you can't rid the industry of unethical salespeople.

Apr 18, 2007 5:35 pm
Borker Boy:

Can a person who holds the requisite licenses work full-time in a non-brokerage related field and still do financial planning on a part-time basis?




Yes, set up your own RIA through your state. Then you can work part time and charge by the hour or project or based on AUM. I do both AUM and hourly, but I have a buddy who has a full time job and does consulting work part time for $175/hr.


You don't need anyone's permission to do this and it's very inexpensive to set up. You just need the S66 and some experience, like from a brokerage.


PM me if you want some more details.

Apr 19, 2007 7:38 pm

I've noticed that the website for Quest Capital (www.qcwelcome.com) is no longer. Apparently, it's been taken over by some kind of search engine thing-a-madilly.


Hey radar, are they still around?

Apr 19, 2007 9:16 pm

Google it and find out.

Apr 20, 2007 7:28 pm
Philo Kvetch:

Google it and find out.


It still shows up under "google", but that doesn't mean it's still around. I checked the NASD site and there's nothing on there about them folding. However, I think the poster "radarnation" (who works with QC) posted something about leaving them to work for someone else.


The combination of radar's post and QC dropping the website got me curious.

Apr 21, 2007 5:33 pm

Well, the QC website is back-up. I wonder what happened?


Wow, I've gotta get a life....

Apr 23, 2007 10:27 pm

Question:  I am a mortgage broker and would like to take the series 7.  However, i'd like to continue offering my clients mortgages and still like to stock portfolios, insurance etc.  If I become a registered rep, does that mean I can't do mortgage unless it is approved by the broker/dealer?

Apr 24, 2007 12:33 am

 Bobby I may be able to help you if your 6,63 licensed. I'm sending you a pm.

Apr 24, 2007 8:05 am
khoiey:

Question:  I am a mortgage broker and would like to take the series 7.  However, i'd like to continue offering my clients mortgages and still like to stock portfolios, insurance etc.  If I become a registered rep, does that mean I can't do mortgage unless it is approved by the broker/dealer?


Correct.