Part time financial planner

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Jun 14, 2006 3:09 pm

can this be done?
I would assume either it can be done independently or with a brokarage company that will take you on as a part timer (which I doubt any are out there) so solo would be basically the only way to go.
I understand that this career is even more than a fulltime career, dont get me wrong.  but i believe building a book slowly and surely is better than doing it like a dog at a wirehouse. and plus there is always ur salary from the other job to keep ur advising career going.  any thoughts on this?

Jun 14, 2006 7:22 pm

Maybe as a planner only.  Your not going to be able to offer investments with a full time job.  When you disclose outside business activities and 100% during market hours you will be shut down from any b/D not sure on the RIA side of the biz

Jun 15, 2006 12:32 am

all these views and only one reply?

Jun 15, 2006 1:25 am

Go independent, Waddell & Reed, Thrivent Financial, PrimeAmerica, or some chop shop insurance company.  These companies will let you work part time.

Jun 15, 2006 8:53 am

Not to mention...your current employer may find out and may fire you as a result.  At that point, you better hope your financial planning business is running well.   


It happened to a friend of mine, luckily he had taken enough clients from his employer to survive by the time they had found out and fired him.  Unfortunately, he has ruined his reputation as an employee in what is a fairly small city and better hope that the financial planning business continues to work out for him.


I would say to do it full time or don't do it.  Just my opinion.

Jun 15, 2006 1:47 pm

who said this would be done in the "downlow" just a side business doing seminars on the weekends and building my book while i make a steady income and then after 10 or so years when my fa career is good to go, i would just retire and do financial planning. I mean 10 years of doing seminars at least one every month should bring in some assets and my lovely personality will bring in the referals :)

but i would like opinions on this idea, give me the honost truth about what you all feel.

Jun 15, 2006 1:50 pm

So many views because the question is off (sorry trying to be nice)


would you give your hard earned , precious, money to someone who did this on the side???  Or someone who devoted their education, work experience to this career.

Jun 15, 2006 2:11 pm

It will definetley deter a few prospects if they find out i am doing this on the side, but would not kill it.  good comment, keep them coming. 

Jun 15, 2006 10:39 pm

Maybe you can be the one guy who can do this successfully.  I have never met or heard of anyone who could.  The people who are doing it part time are doing so because they can't quit their other job because they are not successful enough as a financial advisor.


It won't deter a few prospects.  It will deter all of your prospects who have money.   When your son is sick take him to your mechanic who does medical seminars on the weekend.

Jun 15, 2006 11:08 pm
brothaK:

can this be done?
I would assume either it can be done independently or with a brokarage company that will take you on as a part timer (which I doubt any are out there) so solo would be basically the only way to go.
I understand that this career is even more than a fulltime career, dont get me wrong.  but i believe building a book slowly and surely is better than doing it like a dog at a wirehouse. and plus there is always ur salary from the other job to keep ur advising career going.  any thoughts on this?


Do you know where the clients of slow book builders end up? In my C and D books.

Jun 16, 2006 3:13 am
1 what the prospects dont know, wont hurt them
#2 I am going to be independent with another job, so how would the clients be yours even if i'm slow.  I dont need to rush, and I wouldnt fail either, since I am already independent.  sorry sob but ur statement doesnt make much sense.
Jun 16, 2006 9:19 am
brothaK:
1 what the prospects dont know, wont hurt them
#2 I am going to be independent with another job, so how would the clients be yours even if i'm slow.  I dont need to rush, and I wouldnt fail either, since I am already independent.  sorry sob but ur statement doesnt make much sense.

Your clients will be mine because you will fail out of the business.

Jun 16, 2006 7:07 pm

I understand, but that would be impossible no matter what, since I will be independent which means I dont need to meet any requirements to stay at a firm and also I would have another job generating income, so the salary situation woulndt make me quit either.  There are no other reasons that an FA will "fail" or a better choice of words is to "give up"

Jun 16, 2006 10:51 pm

BrothaK,

First off...I'm in my 20's also.  Okay?  Let me tell you this.  You are very naive and also too cocky.  You think you've got it all figured out. 

If all you ever hope to do is set up folks to invest their monthly Roth IRA checks, then yeah, some folks would probably let you do that.

You'll be a million dollar producer in, oh, about 250 years, give or take.

If you want to be part of the real action, the multi million dollar deals, the 401Ks, the big rollovers, etc then you have to have KNOWLEDGE.  Where are you gonna get that working PART TIME???   No vet co-workers.  You gonna learn everything off of an internet forum????  Read Motley Fool all day???   That's just plain stupid.

You are setting yourself up to a very low end, bottom feeding salesman. 

Take some advice:  Either step up your game, grow a pair and go at it full time (quit being so scared about failing...I made it), or save some poor folks some money and stay out of the business.