Want to be a financial advisor, but will be relocating in 2 yrs

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Mar 26, 2011 3:55 pm

Hello all. I am seeking advice as I am in the process of evaluating the most effective way for me to become a financial advisor. My dilemma is that I will be moving to a brand new town shortly and probably only be there for two years (my wife is doing a post doc program and then most likely will work at a university in a different part of the country). I recognize the challenges of growing my book of business, even if I was familiar with the town and knew my family would stay settled. Considering my circumstance, which firms do you think it would easiest to build my practice with and then relocate? My intent is to stay with one company and continue serving as much of my clientele despite my eventual relocation. I recognize that most branch managers would probably not hire me if I told them upfront that I would probably have to move after two years. Also, I understand what I want to do is just not feasible based on the design of some firms' training programs and their new hire contracts. Despite these challenges, I just can't resist the urge to become a financial advisor and possibly leverage some virtual office tools. My hunch is that Edward Jones and the wirehouses would not support such an arrangement. Please let me know which firms I should target? Thank you very much.

Mar 29, 2011 8:04 pm

Stop looking for reasons to not even start.  This is a big picture business.

 You could start where you are and HATE this business and want to be out of it in 2 years. Say this "Geez guys, I'm done - wife has to move.: and walk away.  No harm no foul!

 OR You could establish relationships, love the work, move, keep your bigger clients and have a junior person in the firm pick up your smaller clients, freeing you up to work in the new location AND have a multi site team.

OR, you could start where you are, but prospect the areas where your wife may go and get licensed in those states, go there a few times a year to meet with prospects and voila - portable book that is waiting for you full time when you arrive.

 These companies move people all the time and it's a big business. You also need to understand that CLIENTs move all the time. I have clients all over the country . 

 You can move firms, move within a firm, etc. etc.  No BM is going to take a pass on confident, well educated, self starter who proves worth their salt out of the gate. In fact, a BM with career aspirations is going to want to become regional or bigger and want team players he can work with in his stable.  Think big.

Mar 30, 2011 1:51 am

Take a job as a sales assistant, and get all sorts of experience, make a salary, and gain a ton of valuable experience. Also, you'll figure out if the business really is of interest to you or not. While you're at it, you get licensed in the 7, insurance, all of that stuff. And, if you do a good job, when you relocate, the firm might help set you up. Going the advisor route, would be very stupid, and yes, a major league waste of time. Trust me, that advice comes from a ton of experience in a variety of distribution channels.

And, NEVER lie in this biz. Will haunt you.