Why You SHOULDN'T Become a Financial Advisor… The Truth

[@BerthaHannahi7k]

We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.

[@RobertMichaelm4r]

Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.

[@LucasTheodorev6m]

You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst.

[@EmmelineMathilda]

Could you possibly recommend a CFA you've consulted with?

[@LucasTheodorev6m]

NICOLE ANASTASIA PLUMLEE' is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@EmmelineMathilda]

Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.

[@kingofthebridge8339]

Listening to this makes me want to do this more. I have no friends very passionate about investment and hate ever being in a comfort zone.

[@JoshOlfertCFP]

That's the hope! Filter out people who aren't going to make it and inspire those who will. You're going to crush it.

[@stanis8431]

Go for it.

[@jay-j6l]

give them the best few parts of your life for maybe nothing and low pay.

[@jadedjimmy]

Good stuff. I talked with a financial advising company for a while but I ultimately turned down the opportunity because they were, like you said, wanting me to essentially hit up every one of my contacts and ask if they’d be interested. Because I know so little about actual finance, it just felt really strange to ask people for my service when I had/have literally no financial advising experience to speak of. I think doing cold calls to strangers almost feels more comfortable than just asking all of my family and friends if they wanna get on board. 😂

[@JoshOlfertCFP]

Super strange! You’re exactly right. Luckily 90% of people have zero idea WTF is going on with their finances and if you’ve spent a year educating yourself you’ll be able to provide value. Ultimately a big reason for all the regulation in our industry … pretty much just to make sure that people who aren’t entirely pros can get started in the career and not blow up their clients.

[@carsonc29]

ive always thought the reason you meet with family and friends is mainly for training and getting referrals?

[@matthawks961]

@@carsonc29 dont worry, i laughed.

[@BadWeatherfreak]

So what did you ended up doing then?

[@carsonc29]

@@jadedjimmy sure, I can see that

[@awakentotruthmichaelsmith4698]

20 months in, and I can say it is an absolute grind. Drinking out of a firehouse, overwhelmed, and it can be exhausting. I focus on the big picture and it keeps me going

[@petestone4079]

My best advice is to work at a major bank while you're in college or just graduated. Work as a Relationship Banker, Customer Service Rep, or heck even a Teller for about a year. I did, and was ready to be done and I quit. I was barely getting by and meeting goals of selling the most basic banking products and lines of credit. You certainly learn about regulations and compliance. Just selling those basic products comes with a hefty set of rules. Nope, any career in being a Financial Advisor wouldn't have been a fit for me, even though I went to college and studied Business with a concentration in Financial Management. However, I found my calling in Supply Chain/Logistics and work that as my normal job during the Weekends (Sat-Mon, 3-13 Hour shifts) and when the market is open during the week when I'm available Tuesday-Friday I consider myself a day trader and manage my own trades and long term investments. I'm still doing what interests me and working for myself gives me the ultimate satisfaction. Thankfully technology has given everyone the tools and privileges to be market participants without working at an institution. Still takes years of educating yourself and hard work, but the point is do what works best for you.

[@JoshOlfertCFP]

Thanks for watching Pete! Glad you found something that worked. FA career is definitely not for everyone. You want to try and get a role that supports what you're passionate about and believe in. For myself, I wouldn't have been any good at being a banking advisors (selling credit, consumer banking products). It was all about investing. That's what I could believe in. If someone isn't insanely passionate about finance, the business itself or the outcome, its probably not the business.

[@Iluvmuneey]

Does being in supply chain management require heavy lifting? Is it an office job?

[@troythegreat777]

I think all I really needed was just the confirmation that all of those struggles you mentioned was normal and it wasn't just me. The grass really does look greener on the other side! Thank You Josh for the video. Your videos really brought me out of the darkness and illuminated me into what being an advisor was really about. This is a long haul. I was struggling and I thought it was just that I sucked or it was my company but no I just need to work harder and keep pushing. Knowing that this is all normal and that I'm not working for nothing is all I really needed to know. Now I can feel a lot better about myself and strive to create a positive impact in other people's lives. Thank you Josh!

[@JoshOlfertCFP]

I’m so happy Troy! My purpose on KZbin has been fulfilled lol! In the words of Naval Ravikant “It takes 10 years to build a career in anything.” FA Success = Reach (Prospects) x Storytelling (Pitch + Communication) x Effort. Beyond that the struggle is sticking with it without fail for 4 years. After that you’ll never have to prospect again unless you want to.

[@Jozgen1]

Lmao

[@CapitalWorksPro]

I laughed at how your first gripe was not seeing your friends for the first 18 months. All I can say is, having a baby is very similar to this. My youngest is 19 months old, and it wasn't until 3, maybe 4 months ago, that I started going out to spend time with friends on a semi-regular basis again.

[@dachin99]

I think it’s important to touch on pay structure and how different firms operate. It’d be interesting if that statistic about failures was revisited and the poll asked how many of these advisors were commission only.

[@JoshOlfertCFP]

I would venture to guess this failure statistics is only for commission based advisors. It would never be that high for advisors who are paid a base salary.

[@James-ws9ze]

Exactly. Those commission only jobs really suck. If you're going to be commission only, you might as well start your own company.

[@brettogata4410]

I have an MBA, retired Electronic Tech in the Navy, Cyber Security Supervisor but my passion is is cars and investing, so should I can I? Retiring again soon, my staff most don’t care about investing and future. I’m looking for folks who want advice and don’t want to depend of the government to take care of them. I have homes in a few states and overseas but I’m not rich, just comfortable and looking to help people. I have made many mistakes and time can be your enemy.

[@JoshOlfertCFP]

You can have immense power in this career if you're post-economic (don't need* income, don't need* to sell to survive). If you're proficient and just need a side income you can likely do really great work for a select few people as a way to deliver value and do something meaningful in retirement.

[@ashleycaldarelli3257]

I switched from finance to computer science because the work life balance of tech interests me, but I'm not sure if I like coding yet. I have a huge passion for business, entrepreneurship, and helping people with their finances, but the work life balance in finance seems horrible. I'm not sure what to choose

[@JoshOlfertCFP]

I can't speak much for computer science, but in Financial Planning/Advice if you have the grit to bust through the first 3-4 years, you can have an amazing work life balance for the last 30-40. Not the case in other areas of finance like Investment Banking, Accounting, Consulting, Management, etc.

[@LornaShore160]

I have a really weird interest of figuring out what the cost of living would be in various places around the United States. Rental prices, what jobs pay on average, what the local tax rates are. I don’t really have any skills, except if somebody were to throw out the name of a random city or town I can tell you exactly where it is and how much it cost to live there lol I can tell you what the weather is usually like and all kinds of things. I feel like that’s my only real interest and it’s really weird. I’m trying to figure out what career field would suit me.

[@scrappymark]

Ha! That’s fascinating! Sounds like a market research/statistical analysis career would suit you well!

[@JonathanLizRoland]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@JonathanBram]

Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks

[@JonathanLizRoland]

@@JonathanBram However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitment

[@JonathanBram]

@@JonathanLizRoland Oh please I’d love that. Thanks!

[@JonathanLizRoland]

@@JonathanBram Clementina Abate Russo is her name

[@JonathanLizRoland]

Lookup with her name on the webpage.

[@hccproadvisors]

Hi, excellent video, I'm preparing for become Financial Advisors right now, Its a long time for me but in my case is a PASSION, I love the Finance, Business and Investment! I will star with Serie 6, 63, 65 and I always keep FOCUS in this.. Im Tax preparer and my business is an Accounting firm, Bookkeeping, Payroll, and Business Credit etc. Thanks you, you Canal is Great!!

[@kilo_golf]

Hi Josh! Want to say a word to you. Im a 33yo financial advisor from Poland with a 12yo carrer in business. For me it is very encouraging to hear that our little in comparison to NA polish financial advisory market works just as yours. Want to hear and watch more from you. Salud! 💪

[@JoshOlfertCFP]

Thank you Kamil! I appreciate you taking the time to watch.

[@michellesteele6726]

Hello Josh, I am curious to know the difference between a financial advisor and someone who trades (day trades) securities on the financial markets whether that consists of bonds, foreign currencies, future indexes or commodities?

[@brianfretes3033]

hey josh, I love your videos and they help a ton, but I got a quick question. Since I know so little but have interest in the career, I would I really find out if I love this path and have a passion for it? I am a sophomore in college and about to start my finance classes in the fall.

[@misfit2022]

This reminds me why I quit finance. My manager used to have a plaque on his desk which said “is that the light at the end of the tunnel? No it’s just some b’stard bringing me more work” though my clients were businesses and very demanding businesses. I had to date co-workers, frowned upon now but very popular then, because anyone I saw outside the company could not live with the hours I worked.

[@zad5246]

What do you do now?

[@misfit2022]

@Zad I think the technical term is economically inactive 😁

[@zad5246]

@@misfit2022 😂

[@Therealsupremeleader]

Josh do you recommend to go from a mortgage broker to a financial advisor (career change)?

[@JoshOlfertCFP]

It's very situational! It depends on what you believe in. I think that it would be easier to break through and survive in the early days as a mortgage broker. Upfront compensation is big enough to live on and you can create partnerships and referral networks (realtors, etc). Financial advisor path requires substantially more education (to be a half decent one) and a bigger grind to get the machine going. The reward for all the sacrifice is recurring income structure. That way you don't have to worry where the money will come from every month and you can focus on the clients.

[@Therealsupremeleader]

@@JoshOlfertCFP thank you for your answer yes I agree the pay per deal for a mortgage broker is generally speaking pretty big, just getting tired of an going grind, I don’t have a problem grinding it out to be good later on, but that’s not the case when you’re a mortgage broker customers aren’t loyal, so you’re always looking for new clients no matter how many years you have in the business. I been doing this for 12 years

[@thegamingfool524]

Is it really impossible to do this without a degree... Even if I pass all the exams and put forth all the effort is schooling just inevitable.... I've been in business fields my work life from teller to banker to 401k I'm looking to try to go further in finicaing and this is something to me that is interesting...

[@justinmiller7083]

Great video. I didn't start making money til year 3. But now at year 10 things are pretty good. Stick with it!

[@JoshOlfertCFP]

Awesome!! Glad to hear your experience was similar. I appreciate the hope and encouragement.

[@matthawks961]

Hey Justin, im considering the position. I love personal finance, especially budgeting. You said you didnt make money till year 3. thats terrifying for me. How did you afford to live?

[@ottoyisanoba5902]

How did you survive?

[@justinmiller7083]

@ChefboyRdee I had a 2nd job at night to pay the bills. I made a little bit of money the first 2 years but by year 3 I quit my 2nd job

[@WillSornberger]

He Josh, can starting off as a financial rep at a big bank be a path to get into investment banking or MBB management consulting? Recent grad from a target school.

[@michellesteele6726]

Does financial advisors have vast understanding of “price action” across all assets classes? Are financial advisors also people who trade instructions in the financial markets?

[@yashbisla9923]

Sir, can you enlighten me with the courses/ certifications/graduation/ MBA i should do to become a financial planner/ Investment banker?

[@JoshOlfertCFP]

Really depends on the country and state. I’d highly recommend looking up the CFP board where you are and determining what your local CFP authority requires.

[@yashbisla9923]

@@JoshOlfertCFP just one more thing 😁 CFP certification is better or CWM(chartered wealth manager) Mainly for the beginning

[@bestmlmcompanies]

yeah man, same thing happens to business loan brokers. Good video

[@coreyatkins0992]

Thank you for your authenticity!

[@JoshOlfertCFP]

That's all I can offer! Thanks for watching.

[@bestmlmcompanies]

Hey you have a lot of bots replying to your commenters, I would block them if I were you.

[@aerialdude]

Having to go through your phone and hit up all your contacts made me cringe so hard. I would flat out refuse to do that.

[@JoshOlfertCFP]

The cringiest of cringes.

[@pranavvhankate2079]

Heyy Josh!! Legit love your channel and appreciate your work mate...really helpful and insightful

[@JoshOlfertCFP]

You're totally right! I'm not well versed in production at all but will likely start integrating more of this as the channel grows and the monetization can pay for features like that.

[@pranavvhankate2079]

@@JoshOlfertCFP yesss :)))

[@theafg5449]

2 mins into the vid... Well I was alone for my entire highschool period and I'm now fine with being and doing stuff by my self. So yes so far I can last quite some time without people.

[@seancampbell7375]

Hey josh, I love your channel. Quick question. I’m a recent grad and determined to be a financial advisor, but I’m waiting on all these employers getting back to me. What should I be doing in my free time? Should I be studying for the finra licenses exams? Or something else? Thank you for taking the time, I’m telling all my friends about your awesome channel!

[@JoshOlfertCFP]

Thank you Sean! I appreciate that. In the meantime, I think you can get a massive head start by doing a few things: 1) Read the foundational books in personal finance. These are so much more important to the job that the licensing exams and textbooks. Start with these: kzbin.info/www/bejne/gZ3Elqh4YpikrpI 2) Start assembling a list of people that might want to work with you. Go through all your contacts or social media connections and try to determine who your first 50 clients might be. If you don’t have 50, start producing or curating online content on social media or a blog to get attention and you’ll get 50 in short order. If you have both of these things you’ll quickly find that employers will be in a RUSH to get back to you. Cheers,

[@seancampbell7375]

@@JoshOlfertCFP Thank you!!!

[@glowds]

@@seancampbell7375 I’m in the same boat. Been studying for the SIE. If you pass this you’ll be more marketable to those companies! What kid already has a license or two before becoming part of the company? Not many!

[@seancampbell7375]

@@glowds I appreciate the reply! I will start studying for the SIE more!

[@leovargas760]

Did you get your associates or your bachelors?

[@mraa4950]

Hi Josh I want to understand finance & stock market better . What courses do you recommend ?

[@JoshOlfertCFP]

Start here - and KZbin or Google every term, concept or idea that you don’t understand. It will take you down a rabbit hole: kzbin.info/www/bejne/jXanep1vf6eHeZo

[@mraa4950]

@@JoshOlfertCFP Thank you !

[@jpalathinkal5u]

Gotta respect the hustle-dropping tips just to keep everyone else behind! 😂👑

[@BEY.961]

I am having such a hard time finding a cfp I can work with. Any advice?

[@JoshOlfertCFP]

I would reach out to someone you trust who works with one and ask for a referral! That or search XY Planning Network if you're in the USA.

[@AribellaAC]

As a natural workaholic who thrives under extreme pressure, you’re making this really easy for me. 😂

[@tenzingejhe5806]

Brother i just got done with my school and got all my licenses. First month in working as a junior fa, i am already done with it

[@alexisbobe]

Im gonna do it!

[@dominkurian6296]

Can you share your blog page that you wrote about financial matters

[@JoshOlfertCFP]

Long defunct - and probably not worth reading 😅 My YT channel in the new blog page.

[@dominkurian6296]

@@JoshOlfertCFP can you give a link to the page?

[@NicholasFerdinand-it4lv]

Cynthia Mcclure Alexander is the licensed fiduciary my family use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@moshematabologa9103]

Haha, ironically I was just searching for a vid like this and this uploaded.

[@JoshOlfertCFP]

Right place right time!

[@tylerdeleon3322]

1 in 4 people actually become an advisor. 3 in 4 are smart

[@GarthScrivner]

Hey Jason - I am an advisor out in Albuquerque, NM - really like you content. I can see how it would be very helpful to a younger advisor in the business. Where are you located at?

[@JoshOlfertCFP]

Hey Gareth! (just having fun). Thank you so much for following along. I'm up in Canada! Yes. The tools advisors

[@genwe1894]

Don’t go work for a life insurance company….. not going to name a mutual company name.

[@chantellemodisane]

Yeah_because technically you’re an insurance salesman, not an actual advisor.

[@jasoncortez1238]

@@chantellemodisane exactly when i see others with that job title “financial advisor” and see the insurance company they work for i just roll my eyes.

[@palesamphatsoe959]

How does financial planning differ from financial advising, is it also commission based? Also I'm currently doing my final year in Investment management, any advice on career opportunities i should pursue? Not financial advising

[@JoshOlfertCFP]

As far as I can tell there’s not much of a difference. Mostly just depends on how someone chooses to label themselves. As for commission, again it really depends on the individual advisor. Some charge commissions some don’t. (We don’t) Career options depend as well (😂 sorry, so much depending, but it’s true) on what your strengths are and what you find meaning in. Do you like to be by yourself and get into the data to solve other peoples problems? You could be a portfolio manager or analyst for a small or large investment management institution. Do you like being around people and connecting with others and building relationships? Maybe a client facing role with an RIA, etc. I would probably have to know more about you to give a decent set of recommendations. Thanks!

[@citrinehills7131]

How come you didn't go into ib?

[@JoshOlfertCFP]

Thanks for watching! (and for the comment). Its a long story, but its pretty simple. I value freedom > money/status.

[@mathewz2078]

Financial advising is not investment banking at all

[@Sahil-v8h9e]

I don't think so People are going to Financial Advisors for Their Financial Planning in The Near Future

[@JoshOlfertCFP]

I imagine it will become more polarized. Very few people on the fence. You either need one badly or you're DIYing.

[@nikopriest6762]

Would this be a great path for someone who loves numbers, business and learning about investing? I've been reading and investing for the past 7 years I just think I should make it a career now since I already do it for fun and all my friends come to me anyways

[@JoshOlfertCFP]

That's exactly how I started! Just make sure you're prepared to grind it out for the first 3 years.

[@rayemanuel7460]

Hey Josh. Is Merrill Lynch a good company to start out as a Financial Advisor in? Have you heard anything about their training program, etc?

[@TMeyer-ge5pj]

Financial advisors are just salespeople. There are better sales jobs if you want to go into sales

[@k11yle]

Sorry man but investment banking isn’t even in the same world as the advisory business

[@JoshOlfertCFP]

Why sorry? Other than that they're both related to finance I completely agree with you.

[@korygill5350]

I like this channel! I am a financial nerd and going for my CFP

[@JoshOlfertCFP]

Awesome! Best of luck. Let me know if there's anything specific you'd like me to make videos about.

[@fly3510]

Great video!

[@JoshOlfertCFP]

🙌🏽

[@rushitaranpara4370]

Thank u

[@darthruin8851]

It's a tough career path depending on your employer. There are different business models out there

[@JoshOlfertCFP]

That’s for sure! It’s tough whichever way you pick.

[@mzollnerable]

You don't start at the top!

[@JoshOlfertCFP]

Hahaha - that’s right. Quite the opposite.

[@wynton921]

It’s a good thing when you can grow past having the same fkn friends from high school……

[@singingplaylist7779]

I'd probably watch any video subject you made because your so damn cute!!!!

[@JoshOlfertCFP]

This is the energy we need.

[@JonathonConnorOfficial]

it sounds like the same as being a used car salesman.... LOL j/k ;)

[@JoshOlfertCFP]

In 50% of cases, it totally is.

[@dungtruong5305]

Hay quá

[@bigtechmindset]

1st

[@JoshOlfertCFP]

🙌🏽

[@thuyle2358]

Hay quá