Went to a Financial Advisor recruiting/job briefing: confused and unsure
Hi there, Im graduating college very soon with a biology degree and am still a little naive about the real world. I really like stock investing and think it may be one of my passions. I went to a briefing for a financial advisors business where they talked about the position and how we would apply/get licensed if we were interested. I decided to walk out at the end and call back to schedule the interview if I decided I was interested. I was wondering if could tell me about this sort of thing because something didn't sit right with me about it (it seemed like they were more so recruiting people and getting them to find clients themselves?). They mentioned no cold calling but something just didn't sit right with me that I cant put my finger on... maybe it was the swarms of people they were briefing this to or the way he sort of looked down at me when I asked questions to find out more. I am getting really into stock investing and I am looking for a position that is honest and can really help me learn more about this. If not financial advising, do you have any other opinions on it? Thanks! I really want to travel the world and enjoy my life but this whole thing seems like something that will lock me down to the area for the next 3-5+ years (if I get in). It's also just about the fact that I like certain aspects like the knowledge it will get me and the possible connections and income but I feel like those are superficial reasons that will lead me to ruin. (plus, they explained how the income was based off % commission off everything our clients invest in) Warren Buffett said to do what youd do if you were financially independent and I dont know if it would be this.. so is this all baloney and the stuff I can get from this job simply stuff I can learn on my own online and therefore I should just move on?
Without the name of the company and a job description I can't be 100% sure but I think this "financial advising" you speak of is not really stock picking/investing. it's building a book of clients, with those clients you then try to sell them financial products that your company offers like stocks, mutual funds, etfs, that sort of thing. the more products they buy from you and your company the more commission you will generate and the more money will be in your pocket. the company may want to sway you to join with phrases like "owning your own business" or "unlimited earning potential" which is true in a sense because if you have a very large client base you can generate loads of fees and commissions but if things aren't going the way you want you're making a base of minimum wage w/o commissions and will likely give up or be forced out. there's a high turnover rate. i don't know the exact rate for financial advisors but "financial representatives" at firms like Northwestern Mutual, who sell life insurance, typically burnout at like 90% their first year or two. i think at first you will be selling to your friends and family which for me personally would be awkward. but some people can do well. the recruiting departments can achieve scale by presenting this job to rooms full of people because if they can hook you initially they know that at least you might be able to generate business from your friends and family. and they probably expect you to quit after a couple months or so. churn 'em and burn em and move on to the next batch of hires.
it's great if you are very sociable and have great people skills and like selling. since you're a biology major it sounds like you might like stock picking because it is analytically and intellectually rigorous (i'm not saying that biology majors are necessarily socially inept).
my advice is to look into stock picking/finance more and read as many investment books as you can (there are many fine posts on this site and on google that can point you in the right direction). i don't want to be a bummer but attempting to get a financial analyst job with no previous experience on the whim of "i think it might be one of my passions" is a tough sell to someone who is hiring especially now that wall street is contracting.
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