Before you decide to embark on the challenging yet rewarding journey of becoming a financial advisor, do your research. Find the right system, company and culture to provide synergy to your efforts.
1. Do I understand the role of a financial advisor?
In thinking about becoming a financial advisor you will have to affiliate with a firm that will sponsor, train and develop you. Be sure to find out how the firm views the role of their financial advisors and whether your philosophies align.
Will you be selling products and getting paid commissions? Will you be charging a fee for financial advice? Will you be selling insurance or will you be focused on investments? How does the firm’s sales process work and how much pressure will you have to perform?
At Parsonex, we believe a financial advisor’s most important role is that of a coach. A personal trainer identifies a client’s fitness goals, develops a plan to achieve those goals, and reinforces proper behavior over long periods of time to create lasting results. Becoming a financial advisor who creates lasting results for investors is a similar process.
2. Do I understand the commitment required to be a successful financial advisor?
Becoming a financial advisor is not a casual endeavor. It costs time, money and energy to get started. You will have to pass a battery of regulatory exams and complete a professional training program. To be successful you will have to spend most of your time early on prospecting for clients and hearing “no.” Avoiding the arduous task of prospecting is a recipe for disaster and overcoming this innate fear will determine your success or failure in the business.
In order to persevere, you must be committed to the long term vision of what you can accomplish. Successful advisors can make excellent income while making a difference for families and enjoying a flexible lifestyle uncommon in most careers. But results don’t happen overnight. You have to stay in business long enough to build your business.
3. Will I receive the proper training, development and support to be successful?
There is much to learn beyond just getting licensed—investment fundamentals, people skills, sales, products, technology, compliance and other mechanics. In becoming a financial advisor you must also learn the craft of the trade which takes time and experience.
Find a company who is willing to take a chance on you despite the fact that a high percentage of those thinking about becoming a financial advisor fail or quit before they are successful. Make sure you affiliate with a firm that will provide you a professional training program and pair you with a mentor who can guide you in your chosen path of becoming a financial advisor.
It’s not an overnight journey and there’s no guarantee of success … there’s no such thing. But if you’re willing to learn your craft, make an investment of time, effort and even some resources on the front end and if you find the right company to help set you on the right track, you can become a successful financial advisor.
To learn about becoming a financial advisor with Parsonex visit parsonexopportunity.com.
ABOUT THE AUTHOR
Jonathan Miller, President & CEO or Parsonex, is an accomplished financial advisor and entrepreneur. He has managed over $200 million in client assets, trained hundreds of financial advisors and built several successful companies.
Parsonex Enterprises, Inc. is headquartered in Englewood, Colorado and owns several companies including two FINRA registered broker dealers, an SEC registered investment advisor, an insurance agency and a franchise company. The firm has 9 branch offices and over 60 independent financial advisors across the United States, including five franchise locations.
Securities offered through Parsonex Securities, Inc. 8310 S. Valley Highway Suite 110, Englewood, CO, 80112 (303) 662-8700 Investment Advisory Services offered through Parsonex Advisory Services, Inc.