How much do you think your financial advisor makes?

[Anonymous]

I think mine makes about $500k. Is it a viable industry? Would you recommend for a young college grad?

[Anonymous]

I know lots of FAs. I think that they make
In the range of aboit $75k to maybe $600k. I do think that it's a great career for someone right out of school. It's not a career for the timid though, and it is sales.

[Anonymous]

The ones I know make between 50k (year 1) and 2m (in business 30+ yrs). I would NEVER recommend it for a recent college grad. No way is someone going to give someone so young and inexperienced their money to invest. You need to be a member of a team to successfully start off as an FA or start as an assistant, learn the ropes and then become an FA.

[Anonymous]

Anonymous wrote:The ones I know make between 50k (year 1) and 2m (in business 30+ yrs). I would NEVER recommend it for a recent college grad. No way is someone going to give someone so young and inexperienced their money to invest. You need to be a member of a team to successfully start off as an FA or start as an assistant, learn the ropes and then become an FA.

I think it is a great business if you are sales oriented and have a love of finance.

My advisor is also my insurance agent. He is making high six or low seven figures. Built a business from scratch, one policy at a time. Very difficult to do when you are young, however he is killing it now. Lives in a low cost market and makes a big market salary.

The nice thing about it is you can work anywhere unlike a lot of businesses where you have to be near a larger market.

[Anonymous]

My uncle was a financial advisor at a major company. He made $50k and was hired after his second bankruptcy. Why do people pay these people?

[Anonymous]

My husband is a financial planner. He started out making about $50k at age 25, and now at age 40, he makes $500k. He built his practice from nothing, and despite what you would all like to think, he actually really helps people.

He makes a point of not recommending the highest cost products. Here's a little tip for the average investor- be very careful about what you are paying for fees on each financial product you own. It can make a huge difference on your return, but most people don't ask, compare, and read the fine print.

[Anonymous]

Anonymous wrote:My husband is a financial planner. He started out making about $50k at age 25, and now at age 40, he makes $500k. He built his practice from nothing, and despite what you would all like to think, he actually really helps people.

He makes a point of not recommending the highest cost products. Here's a little tip for the average investor- be very careful about what you are paying for fees on each financial product you own. It can make a huge difference on your return, but most people don't ask, compare, and read the fine print.

I work for an FA. He has a solo practice - besides me of course. I am his marketing/admin person. He has been in the biz for about 15yrs I guess? makes about $250-$300K a year but its feast or famine sometimes. Thank goodness for "trails" because sometimes the month looks a little light income-wise.

Its not an easy business and for sure no one is going to just hand a young kid out of college all their financials - unless they are a peer of his and close in age and not high-earners, yet.. He/she should start out mentoring under someone and scooping up all those 28-32 yr olds who will soon be getting married and having children. Solidify those relationships now because in about 20 yrs those same clients will be his bread and butter as they will be at the top of their earning years.