Part-time opportunities

You could join an existing branch of an indy b/d who is interested in bringing on p/t advisors.

[quote=famd]I am currently trying to locate a firm that caters to someone who wants to be a registered rep part-time. [/quote]

Is it your understanding that this is a career that affords opportunity for somebody who wants to do it part time?

Yes, DA, it can be done as a second career as long as your clients understand so, of course, and that you are able to perform to if not exceed their expectations, along with some flexibility in your first job. I have been doing it for the past couple of years but I need to sign up with a B/D in order to retain my licensing. That is why I am looking more so to joining an online B/D that somebody might be able to give me feedback on. Either the ones I listed above or any others.

So you’re looking for a place to park your license?  What licenses do you have?

Hi Famd ,

I work for a broker with Quest ,if you have any questions pm me. (Just don't give me any static about the Raiders!) I am suffering enough already!! 

Yes, DA, I am looking to park my license (at this time I have the 7 and looking to join a B/D to get my 66, etc.) as well as slowly build my business. If it gets to a point where I have more clients than time to afford to spend with them and meet their needs, then I will seriously look at doing it full-time.

[quote=famd]Yes, DA, I am looking to park my license (at this time I have the 7 and looking to join a B/D to get my 66, etc.) as well as slowly build my business. If it gets to a point where I have more clients than time to afford to spend with them and meet their needs, then I will seriously look at doing it full-time.[/quote]

Why would a client want to do business with a broker who was not paying attention to the markets and what is going on?

I am very intune with the market as I read in the morning and watch the market news, keep tabs on the market throughout the day via the Internet, and look at technical and fundamental research in the evening. My point is that this process can work fine for a small client base but if that base grows then of course the demands on all aspects of the business grow and thus that is when a decision to go full-time must be made. Of course if you day trade then part-time is not an option.

Would anyone trust a part-time doctor?

Why would someone trust you with their life savings if you're off doing a different job all day?

It's like those people who try to be part-time Realtors; if you focus only part-time on your business you'll never make it full time.

Being a financial advisor is a full-time job.  What if we do have a huge correction and your customers want to liquidate, or even just change their holdings?  Can they call you at your day job to do it?  Or are they forced to either call some nameless, faceless 800# where they aren't given any advice, or wait until the market has closed to talk to you that night?

Just curious, what is your "day job"?

This can work if your full time job is very flexible.  You don't have to tell them if your plan is to transition full time. 

Looks like JimmytheRocker understands my point. I just came out of the Brokerage business and have seen first hand alot in instances where clients are very happy with their brokers talking to them a few times a year since they can see the results in their account first hand. These brokers arent buying on the rumor and selling on the news but rather looking for trends, which as we know are established over time. They are trading in portfolios that have a core of its holdings in ETF or Mutual Funds, or both, so that reduces the volatility/risk you would see with single equity holdings. With the invention of the cellphone it has made people that more assessable so therefore I am a phone call away. I would say never advise someone to not do it part-time if that person wanted to test the waters to see if that is really what they wanted to do. Besides, if the client is not getting what he signed up for then we all know they have a choice. Sure, I would go to a part-time doctor. That doctor might be more effective and make a more accurate diagnosis of my condition than possibly a full-time doctor could because of his training, thought process, etc.   

The only people who compare our profession to doctors are people in our profession.

We are not the same.

check out repstradingplaces.com

I'm in the same position as you. There are many reasons why someone would want to do this part-time. I am a P&C Insurance Producer and want to be the "one-stop shop" for all my clients' personal and business needs. Like you, I'm already licensed, and have previously worked in the industry for a short time. There are many B/D's that will work with you. The site I mentioned works similar to Lendingtree.com where they send your information to b/d's free of charge. I must have had like 4 or 5 emails just a few hours after I signed up. They have contacts for almost everyone from Merril Lynch to brokersXpress.

Good luck.

[quote=BankFC]

The only people who compare our profession to doctors are people in our profession.

We are not the same.

[/quote]

The reality is that it's not a profession.  Professions have educational requirements.

This is a career choice, a selling career.  It's not unlike any other sales career.

But to call it a profession is a stretch.  In previous months this forum has witnessed near bragging about how uneducated the participants were.

Just read what is written and you'll know it's no profession--doctors, lawyers and Indidan Chiefs can spell.

[quote=Devil’sAdvocate

Just read what is written and you'll know it's no profession--doctors, lawyers and Indidan Chiefs can spell.

[/quote]

Now that is funny as hell.

Oops...

Just read what is written and you'll know it's no profession--doctors, lawyers and Indidan Chiefs can spell.

...there.

Hasn't it been said that sales is the oldest profession?

I wasn't comparing our jobs to doctors; I was just stating that I would not trust my life savings to a part-time financial advisor any more than I would trust my life to a part-time doctor.  I firmly believe that being a financial advisor is a full-time job.

As for educational requirements, those of us who are CFPs can attest to the educational aspects that were necessary in order to even sit for the test.

If investing were so easy that a part-timer with a cell phone could handle his clients investments while holding down a full-time job elsewhere, then why wouldn't those same clients just do it themselves and save the fees/commissions?

What if something major happens and those clients want to talk to their financial advisor but he's too busy working elsewhere?

I'm curious -- anyone on these forums start out part-time and are now successful as full-timers?

I was looking at becoming a RR, I currently have series 7, 63, 55 licenses, what other licenses would be needed. I primarily would be dealing with clients in NJ, NY, GA, and maybe CA.  I currrently trade equities and would look to dual register.  What firms allow dual registration?

Define what you mean by “dual register”.

[quote=Devil’sAdvocate][quote=BankFC]

The only people who compare our profession to doctors are people in our profession.

We are not the same.

[/quote]

The reality is that it's not a profession.  Professions have educational requirements.

This is a career choice, a selling career.  It's not unlike any other sales career.[/quote]

I am registered to trade with one firm, I would like to register to provide financial planning etc. with another firm that provides many investment options that I could in turn offer potential clients.  My current firm doesn’t offer such an option.

[quote=Matthew]I am registered to trade with one firm, I would like to register to provide financial planning etc. with another firm that provides many investment options that I could in turn offer potential clients.  My current firm doesn't offer such an option.[/quote]

I'm not aware of any firms that allow this, and I would think it would be a tough sell, particularly if you are looking to do this part-time.  It sounds like you need to find another firm that does everything you are needing.

[quote=famd]Yes, DA, I am looking to park my license (at this time I have the 7 and looking to join a B/D to get my 66, etc.) as well as slowly build my business. If it gets to a point where I have more clients than time to afford to spend with them and meet their needs, then I will seriously look at doing it full-time.[/quote]

I don't think you're gonna have to worry too much about going full time.

[quote=Matthew]I was looking at becoming a RR, I currently have series 7, 63, 55 licenses, what other licenses would be needed. I primarily would be dealing with clients in NJ, NY, GA, and maybe CA.  I currrently trade equities and would look to dual register.  What firms allow dual registration?[/quote]

I would make sure that you get a driver's license.

What would work is be part time with the intention to transition over full time.  I know a guy who was part time advisor till he made his first 15k, then reduced his day time job down to part time.  Eventually he made much more as an advisor than his original job and pulled the cord on his old career.  It's tough to do, but I've seen it done.

Or get a salary at a wirehouse and pull the plug on your old career from the get go.

Being part time can be done. The only thing is if you are expecting to be a "wealth manager" for high net worth people,than that can  make it very difficult. If you start by focusing on one thing,like preferred stocks,munis ,etc. You can build revenue,at which time you can then transition into a full time career and go after your target market. 

[quote=famd]Yes, DA, it can be done as a second career as long as your clients understand so, of course, and that you are able to perform to if not exceed their expectations, along with some flexibility in your first job. I have been doing it for the past couple of years but I need to sign up with a B/D in order to retain my licensing. That is why I am looking more so to joining an online B/D that somebody might be able to give me feedback on. Either the ones I listed above or any others. [/quote]


http://www.1dbreps.com/enjoyyoursucess.php

I would love to hire a series 7 and insurance licensed part-timer right now, for my indy b/d neighborhood office. Someone could get an income and learn the business by servicing my lower book. Surely there are plenty of independent b/d offices that could use a part timer. Look around your neighborhood.

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I think I can pitch in on this subject because I had spent 15 years or so trying to answer this question. The answer of course would be yes you can do it part-time. But WHERE or WHAT broker dealer would you go with to maximize your chance? That IS the more important question.

I am an Enrolled Agent. My primary business is Tax Preparation and Tax Planning. Financial Planning is the complementary part of my business. As I often say to my clients: There are two ways to have more money -- earn more, and pay less. (Earn more returns from your money and pay less tax, legally of course, are two ways to do that.)

So last year I chose to change to another broker dealer for the 3rd time in my FA career, and I truly believe would be the last time. I think the two main factors to consider if you want to start out part-time is that, you need to find a BD that gives you a little less quota pressure. As you have less available time to build per given period of time. You don't want to set yourself up for crashing and burning. So that would most likely mean you would want to go with an "Independent BD." A couple of characteristics of that type arrangement are that you get paid on 1099's, and you pay for your own expenses.

So that "you pay for your own expenses" part is very important. Remember if you want to have more money (in this case, be profitable on your FA business,) you pretty much have to earn more and/or pay less? COST makes all the difference, as I have learned. And some BD will not tell you all those hidden charges before they sign you up. Well, probably all of them do that. But some do it more blatantly than others. So best of luck out there! If there's one thing you should take away from this post, is that Controlling Your Cost matters a lot for you, especially for the FA's that may not have as much available time to increase FA revenue quickly (which is the most part-time FA's.)

Well, there is one thing you can do - continue to do your research to find a lower cost BD that's still a good value. In my case, my current BD is definitely not as "fancy." There's no high-end planning software that comes with your subscription. But they don't charge thousands of dollars to renew your licenses either. My previous BD charged me more than 3k per year to renew, to be more accurate. And hundreds of dollars each month on top of that for maintenance.

Or, you can take the easier route -- Get in touch with me. I'll tell you which company my BD is.

Yeah yeah. Don't post to criticize that I'm "just trying to recruit." I think I have a valid point. And for the rookie reading this, or even an experienced FA who is still struggling to find a reasonable solution to provide financial planning service to clients, I'll throw in one more clue - or at least a possible indicator that the BD maybe of lower cost: that it may just be an insurance-based BD! See they are trying to encourage to the core of their agents to add on FA business. But for their agents, FA business is more like a "part-time" business. They cannot make it so demanding that, a part-time FA would have touch time to succeed.

Got it? Now e-mail me :) Because not all insurance-based BDs are created equal. Also, you should be looking at a team that will have the proper, reasonable motivation to coach you to success. And I came from primarily FA business to gradually adding on insurance-based business. I can explain that to you the pros and cons of this route, in a private message.