Poll: Would you want to be a financial advisor?

[just_hatched]

If you're currently a financial advisor, please don't overload the results by choosing option 4.

I'm sure there are many more answers out there.

[REWahoo]

I was ready to pull the trigger on option 4 when I realized no financial planner is going to "give" anyone anything...not even gas.

[brewer12345]

I have thought about a second career as a financial advisor when I burn out from the heavy hours and stress of my current gig. I already help my parents and my cousin, and several family friends have asked my advice in the past. I may very well pursue this in the future, but I will have to figure out how to get around two major hurdles:

1) Liability. I have no doubt that I could and would do the right thing for potential clients, but that doesn't mean you won't get sued. I suspect that a big E&O policy is prbably the answer, but I have no idea what that would cost.

2) Marketing. My suspicion is that the people who make the most money in the field are those who sell the sizzle rather than the steak. I am not interested in taking clients for a ride. I would only do this as fee-only, and I would have to think long and hard as to whether I wanted to offer anything other than an hourly rate. I don't particularly want to spend a lot of time giving seminars, etc.

[MRGALT2U]

Quote:

Originally Posted by brewer12345 I have thought about a second career as a financial advisor when I burn out from the heavy hours and stress of my current gig.* I already help my parents and my cousin, and several family friends have asked my advice in the past.* I may very well pursue this in the future, but I will have to figure out how to get around two major hurdles: 1) Liability.* I have no doubt that I could and would do the right thing for potential clients, but that doesn't mean you won't get sued.* I suspect that a big E&O policy is prbably the answer, but I have no idea what that would cost. 2) Marketing.* My suspicion is that the people who make the most money in the field are those who sell the sizzle rather than the steak.* I am not interested in taking clients for a ride.* I would only do this as fee-only, and I would have to think long and hard as to whether I wanted to offer anything other than an hourly rate.* I don't particularly want to spend a lot of time giving seminars, etc.

I'd skip it.

JG

[HFWR]

After being downsized in '98, I investigated changing careers, from tech, to financial, particularly financial advisor...

Most "opportunities" were for cold-call sales positions, peddling life insurance and annuities, for a meager base plus commission. Not interested.........

If I wasn't so lazy, I'd take the courses/get the licenses on my own, and hang out my shingle for "fee-only" planner, then spout a lot of Bogle, Bernstein, et al, disguised, of course, as my own infinite wisdom...* 8)

[MooreBonds]

Quote:

Originally Posted by brewer12345 I have thought about a second career as a financial advisor when I burn out from the heavy hours and stress of my current gig. I already help my parents and my cousin, and several family friends have asked my advice in the past. I may very well pursue this in the future, but I will have to figure out how to get around two major hurdles:

Brewer,

I'd also LOVE to be a fee-only financial advisor (or, if I were truly FIRE, perhaps even for free, since I LOVE numbers and number crunching ). However, I also fear the two worries you list.

As for E/O insurance, my relative is a commercial contractor. While E/O policies vary by industry, construction engineering for his company would run about $6,000/year for a $1 million E/O policy with a $25,000 deductible. A $25k deductible is about the highest deductible you could get.