Financial Planning (bank jobs: aka advisors)
 

Anyone here a financial planner? My current career goal is to become a financial planner. I'm currently doing the financial management diploma at BCIT (financial planning option)

Doing this part time, while working and searching for a entry level bank position.
I was wondering if anyone here could point me in the right direction of what I may do to improve my chances of getting a job and my overall knowledge.

List of things I would like
- any idea how I could possible get a mentor
- any books, videos, magazines (resources to improve my knowledge)
- what's you opinion on becoming a financial planner
- random thoughts you have that may help me in anyway

Thanks!
Posted via RS Mobile

Can a mod move this to the The Business and Financial Forum? Hopefully get some better suited traffic on this topic... thanks (not sure which area this fits in XD)

So how's your financial situation?

keep in mind that the branch level you're going to be doing more selling than actual advising

Hey, I am in a similar position, as I applied to BCIT's financial management for the fall term. I am still deciding on whether or not I will take this program, is there any advice you would give Melonboy? Also, do you know if I am able to take the Bachelor of Technology in Accounting, if I choose the planning option in year 2?

Working 1 part-time/full-time job atm (its slow season so i dont get to many hours)
Also working for my parents here and there for a bit more money

Bank account = Low
Student Loan = Never had one! (aka I don't owe any money)
Car = Dont got one
Rent/House = None, I live with my parents
Food = If I need to I can eat at home everyday..


Yup I know but you gotta start from somewhere right? :D


Im honestly not sure. The best bet for you is to call in and make an appointment with the BCIT program advisors.. Go in and talk to them about it.. cause I dont want to give you any false info XD...

look into doing CFP and CSC. They will get u far in the banking world.

you should ask yourself why you even want to be an "advisor".

and then ask yourself what an "advisor" really does.

double post!

Yup, looked into it a bit.. CFP I need about 4-5 years of industry work experience (1-2 years to take first exam, another 1-2 for 2nd, 1 more for the final I believe..)

Ill get my CSC from the program im currently doing atm..


My past goals range from chef->restaurant manager-> hotel manager... Through these past years I have dipped my hand in all these areas..
As years past I gained experience became a little less naive.. Instead of thinking about just what I felt like doing (guess you could call this passion?)
I thought about stability, work environment, pay, benefits..

Anyways instead of telling my life story (which i half did lol)
Overall these are the main reason why I chose to go in as an financial planner...
- Stable
- Benefits
- Decent pay
- Personal interest in the overall field
- Not to sound cliche... but one thing I have learned through these years of working is I enjoy helping and interacting with people.. (aka I dont wana push paper in a back office, well at least not all the time :P)
- Work hours, I prefer a 9-5 type of job..

I might be wrong, but being a financial planner/adviser sounds like it would involve a lot of paper pushing to me as EVERYTHING related to money seems to involve an insane amount of paper pushing.

wtf, you can get your CSC from the BCIT Financial managment program...???!?!??~

^Yeups.

Included as part of tuition fees, i believe??

well of course there will be a lot of paper pushing.. :P what I ment was I dont want a career job that revolves around pushing paper and recording stuff.. (ex. accountants)..


Anyways... Yes the CSC is mixed into the BCIT (financial planning option) not sure about the other ones..
I think you have to take 2 courses for it?.. one pre-req and thne an actually course for it.. I think there called Security Analysis 1+2 ?? Not sure dont quote me for that XD..


Back on to topic! Come on guys! anyone recommend me some stuff !
I just started reading the Garth Turner's "Money Road" someone recommended from another thread..

I worked at RBC as an Accont Manager for two years. I also wanted to "help" people. However, I found that the desire to help people often comes into conflict with the bank's desire for you to "sell" financial products and services. Far too often, I was encouraged by my branch manager to approve loans, which were within my authorization to approve, when I know that doing so would essentially give my client more rope to hang themselves with. It got to a point where I decided that the sales aspect of the bank is far too controversial for me. No one wants to work in an environment where your personal ethics are in conflict with your performance goals on a weekly basis.

I am now an articling Chartered Accountant and it was the best career decision I've made.
Posted via RS Mobile

Financial Advisors are good if you like sales. You DO NOT help anyone, all your manager wants you to do is blindly sell sell and sell.

Now for the things you were looking for
1. Stable? No. I worked at a bank for more than 5 years, I have experienced about 4 business transformations.
2. Decent pay? Starting out is about 35k, 2-3 years after about 40-45k, then about 50-55k, plus 10% bonus. Bank managers makes about 70-100k depending on years of service.
3. Hours? If you haven't already noticed, banks are moving toward longer hours. You will be working anywhere in those hours. Expect 8am-7pm when you start out.
4. Benefits? You get that in most large corporations.

Good thing about them is that they are always hiring, because people can't take the pressure. GL
Posted via RS Mobile

^
wow thats a pretty crunch in the nut..
1. I would say its stable compare to what I was going into.. (restaurants/hotels)

2. Id say thats decent.. given the position I was heading in before?.. for example hotels.. starting out is probably 20-30k.. move up maybe 35k if your lucky(senority takes a big toll).. even as a manager position you are gonna be paid only 35-45k depending on how long and which position you have... Dont forget the hordes of people who are competeing AND the lack of need for education.. making it pretty easy to replace you... (ex. 35-45k = front desk manager)

3.Hours 8am-7pm when you start out?? My hours atm range from 6am-3am.. Not to mention having shifts that are only 8 hours apart (aka work 4pm-11pm, then come back the next day in the morning for a 9am shift)
If I have a consistent schedule I will be MORE then happy :P

4. its always good to have bank benefits :P slashed fees and employee rates ftw :D

Overall a lot of your cons you pointed out.. are actually upgrades for me at least :P


Also for RBC I heard their really sell sell sell.. hence why im trying to avoid working there.. assuming the other banks maybe a little different.. but maybe im being naive XD..


Side note: Am I crazy or why does everyone I talk to seem to think making 50k + bonus + benefits not enough.. I swear if I dont say I wana make 80-100k they look at me funny.. >.> (isnt the avg salary - 30-35k???)

If you're any good at finance, you should be banking 70-80K by the time you're in your 30s. You shouldn't really look at average salaries - you should really look at what peers in your industry are making.

i dont think its just RBC, ive heard the same from a peer who used to work at HSBC who quit because of the guilt of selling products that resulted in people's financial situations going to hell. you probably wont be able to avoid this, because you're going to have a quota to meet

the next time you drop by a bank, pick up all their pamphlets and see what products they sell. things like securities, bonds, mutual funds, resp, insurance and whatnot.

any licenses that you hold will be your asset into getting a position. CFP and CSCs are fantastic to have. if you plan on staying in the banking and investment world, it'll be a good idea to get them!

if you have personal conflicts about things like that, then maybe you should consider transferring into the financial management accounting option?

do you have any investments? it might be a wise idea to start up a portfolio if you dont. its a great time, too. there are many opportunities for high earnings right now.

My Sis In Law works for TD and it's exactly the same there.

ALL the banks do this, it's how they make their money. Some banks their sales pitch is that they're not trying to sell you anything (the credit unions, coast capital) but this is part of how they sell things to you and the same pressures exist on staff.

haha ya well, ideally I will make about 70k + bonus + commission + benefits by 30.. but thats only if things go out as planned =P
When I say 50k + etc thats just a vague description of what I at least be making :P


I dont have much investments atm.. probably wont start anything to soon because I want to do my research for a little while.. get myself more familiar with the overall picture before i start. :D (but yes I plan to get CSC + CFP)



Thats a dooozy :( .. Well there are a lot of positions within and around the bank.. Ill give this a shot.. hopefully can get some hands on experience within the next few years. After that ill just have to see from there :P

Well, the banking sector seems like a good out for you since your restaurant/hotel hours are pretty shitty.

At least you are working under a roof, sitting on a chair, running in between cubicles. I would not work for TD, since their hours are almost the same as Metrotown store hours... lolol

If you haven't thought about this, the banking sector can lead you to other opportunities. You are closely connected to your clients and you can build a strong network.

thumbs down for TD. They're gonna start opening sundays too.

They already ARE open Sundays but don't go thinking the other banks are far behind them. I expect the credit unions will be doing Sunday business within a year. CIBC and Royal Bank may hold out a while longer but I expect not too much.

100% right

Advise is another word for sales. you don;t do any actual advising, at least not at the branch level (proving grounds). you have a quota to maintain (eg, approve $300,000 of mutual funds every 3 months). if you dont hit that quota you're in the office with your boss. if you exceed it consistently, you're in for a bonus.

for a sales job, financial advising is pretty low pressure, since people are already approved for some degree of credit or ready with cash in hand for investments.