Do you love what you do?
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Why are you a financial advisor? What is your primary motivating factor? Is it mostly the money or do you love what you do for some other reasons?<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I ask these questions because I’m in a position where I need to make a decision. I used to work for a financial news company as a liaison between sales and technology for both internal and external clients. What I enjoyed most about my old position was working with clients to help identify their needs and then using available resources to best meet those needs. I resigned from that position 10-months ago to focus my efforts on finishing my MBA at NYU/Stern and finding a new career path where I would be part of a profit center and not part of a cost center. After months of soul searching and finishing my MBA, I have decided that my interests and skills are aligned with a career in wealth management. I am good at consultative selling, my social network is very strong, I have a genuine interest in financial markets and I have a legitimate interest in helping families successfully manage their finances in order to best meet their life goals.
So far I have been offered two positions. One is as an FA for Merrill Lynch and the other is as a sales engineer for my old employer. While the initial pay for the FA position is about ½ of the initial pay from the other position, I can honestly see my heart being in the FA position. The issue is that I need to realistically weigh the chances of me being successful. A wise friend of mine told me that “If you follow your heart then the rewards will come.” I agree with him but mostly because if you do what you enjoy then the work will come easier and you will be more dedicated to your career. I’m trying to better determine if this is the case for those of you who are successful.
I have already received a lot of advice about entering the POA program at ML. I fully understand that the success rate is very low and that much of the success has to do with your ability to sell and luck. However, I also understand that the more that you get yourself in front of people, the greater the chances are that you will be lucky. While I have not yet accepted the position, I have decided to completely rework my business plan to increase my chances for success.
Thank you,
WM
Nothing personal and I dont mean this with any disrespect, but I feel you ask the same question over and over in your posts. If you think you can do it take the job, it feels like youve been thinking about it for a month now.
[quote=keith121883]Nothing personal and I dont mean this with any disrespect, but I feel you ask the same question over and over in your posts. If you think you can do it take the job, it feels like youve been thinking about it for a month now. [/quote]
No disrespect taken.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I will have had this verbal offer from ML for one week tomorrow. The official written offer will be in hand on Monday. Today I had over an hour call with the national sales director of my old employer. They are trying to convince me to take their offer. I’m resisting this much higher offer because I feel my long-term goals are better aligned with the ML position. The purpose of this post is to determine if loving what you do was a big factor in your success or if there were other bigger factors. As you know, it’s not easy being successful in this career. I’m hoping to go in with my eyes wide open so that I can increase my chances for success.
you are either afraid of success or afraid of failure. if you like being an employee don’t become an FA. You either sink or swim by your actions. Over-analystical people do NOT make good salespeople.
[quote=BankFC]I wouldn't trust my career decisions to a bunch of anonymous forum posters.[/quote]
No, but it is my hope that I could gain some insight.
I love my career. I would also guess that in this industry, you will find a relatively high percentage of people that feel that way. It is an interesting, stimulating career, and you have a real chance to make a difference in people's lives...can' ask for much more than that...
...oh, and eventually, the money is pretty nice too...
[quote=Maxstud]I have a banana in my pocket.[/quote]
I won't turn my monkey loose then. Don't w
ooopss (fumble fingers)
What I meant to say was...I won't turn my monkey loose then Max...don't want you to take a beating.
[quote=Devoted SA]
[quote=Maxstud]I have a banana in my pocket.[/quote]
I won't turn my monkey loose then. Don't w
[/quote]
Wow! Thank you for all of your insightful information!
I guess the signal to noise ratio is very low here.
WM
I cannot imagine a better carreer.
However
It is so much harder than anyone can describe out here. You can
ask all of the qustions you want, but your indecision now may prove to
be your biggest roadblock. I cannot explain it, but every rep out
here understands my point. Right?
agreed rightway. <!–
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[quote=WealthManager]
Why are you a financial advisor? What is your primary motivating factor? Is it mostly the money or do you love what you do for some other reasons?<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I ask these questions because I’m in a position where I need to make a decision. I used to work for a financial news company as a liaison between sales and technology for both internal and external clients. What I enjoyed most about my old position was working with clients to help identify their needs and then using available resources to best meet those needs. I resigned from that position 10-months ago to focus my efforts on finishing my MBA at NYU/Stern and finding a new career path where I would be part of a profit center and not part of a cost center. After months of soul searching and finishing my MBA, I have decided that my interests and skills are aligned with a career in wealth management. I am good at consultative selling, my social network is very strong, I have a genuine interest in financial markets and I have a legitimate interest in helping families successfully manage their finances in order to best meet their life goals.
So far I have been offered two positions. One is as an FA for Merrill Lynch and the other is as a sales engineer for my old employer. While the initial pay for the FA position is about ½ of the initial pay from the other position, I can honestly see my heart being in the FA position. The issue is that I need to realistically weigh the chances of me being successful. A wise friend of mine told me that “If you follow your heart then the rewards will come.” I agree with him but mostly because if you do what you enjoy then the work will come easier and you will be more dedicated to your career. I’m trying to better determine if this is the case for those of you who are successful.
I have already received a lot of advice about entering the POA program at ML. I fully understand that the success rate is very low and that much of the success has to do with your ability to sell and luck. However, I also understand that the more that you get yourself in front of people, the greater the chances are that you will be lucky. While I have not yet accepted the position, I have decided to completely rework my business plan to increase my chances for success.
Thank you,
WM
[/quote]
Yes.
[quote=rightway]I cannot imagine a better carreer.
However
It is so much harder than anyone can describe out here. You can ask all of the qustions you want, but your indecision now may prove to be your biggest roadblock. I cannot explain it, but every rep out here understands my point. Right? [/quote]
Thank you for your input. I've decided to go with ML but my old employer has been trying to change my mind by throwing more incentives at me. I'm just trying to make sure that the reasons for my decision are sound. My biggest reason for becoming an FA is because I truly believe I will love the career. <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />