Anyone else here a financial advisor?
Edward Jones here.
Would anyone like to know what my job is like?
You cold call and shake hands for like 5 years, then if you're good, you're set if you want to stop. If you're smart you won't, and if you're good you won't need to look very far for new clients.
Every year that goes by, more people wise up and manage their own investments with index and low-cost mutual funds. In five years, you'll be about as "set" as someone selling 8-track cassettes or fax machines.
No because I already know what it's like. "Professionally" managed investments don't consistently outperform random investments in the same risk level. Plus, "professional" investment managers have no fiduciary responsibility whatsoever towards their clients, and are incentivized to give their clients small marginal gains while eating up their earnings on fees. So fuck that noise, and invest by yourself, or get in with someone who you know and you could invite to your house for dinner without him feeling awkward.
I work for Sunlife Financial and this is pretty spot on. We are the John Wayne Gacy of the financial services industry. Where 1 mutual fund through any other institution will be diversified enough, we take your money and diddle it through 9 or 10 different piles of shit that severely undeperform the market in good times. Training is mostly motivational seminars with youtube videos of Tony Robbins and all of that bullshit. I know dick all about investments, and as useless as a flaccid cock when it comes to investment advice. I'm just an errand boy sent by grocery clerks to collect the bill.
Also generally ethnic minorities with large extended families do good in this business. But when you're done shilling out financial horse shit to your family, the well runs pretty dry and it comes time to spamming resumes at Burger King again.
It's not all bad and there isn't any churning if you do it the right way. Sales calls are challenging though
I'm 3 years in and you are probably right. Hard first couple of years but life is pretty good atm
Not true, most brokerage firms are evolving as the investment world changes. With millions of boomers retiring each year and the average broker over 50, there is a ton of opportunity. The majority of people don't know how to navigate the retirement landscape and would rather talk to a real person than a call center or website
I'm talking about doing it as a career. If you think that most people are getting ripped off, why not join the industry and give them good advice?
Managed mutual funds aren't bad investments at all, and you can invest clients in index funds if you think those are better.
A financial advisor doesn't really do much asset management, it is mostly transferring general good money management principles to individual investors situations.
I can't speak for sunlifew(I know a lot of those big insurance companies sell a lot of high price funds and annuities sometimes), but my experience at Edward Jones has been completely the opposite. We have great choices of options for clients, and there is no real spamming of your family.
We are transparent about fees and I feel like I always do what is best for my clients