Becoming a financial advisor..?

Question:

I am considering becoming a financial advisor part-time (if thats even possible) I am a finance major and know enough to be good at it. My question is: if I sign up with a company like ameriprise or smithbarney or example, then take and pass all the necessary exams like series 7 and 66 etc, can I just open my own financial advising firm...or are there restrictions to doing that?

Answer:
As a registered rep you have to be affiliated with a broker-dealer to clear your trades.

There are broker-dealers who cater to self-employed advisers and clear their trades. You run your own business and place your trades through them.

Here is an example: http://www.brokersxpress.com/

YOU NEED A FINANCIAL ADVISOR "

#1 You cannot be an FA "part-time" unless you are already independently wealth and don't need an income. To become a successful FA you either need to inherit someone's book, buy someone's book, have a WHOLE LOT of wealth friends and family that trust you to make good investment decisions, or work your @ss off for 5-10 years to build a business. It is not easy, but you'll end up making a lot more money than most of the other people around you.

#2 The wirehouses are not dumb. I think the highest paying one is Merrill Lynch, they have a 2 yr rookie program called POA. You need to gather 15MM in assets (10 of which need to be annuitized, or fee based). They pay you for the first two years of production then you're on your own. They (and all the other BDs) make you sign a contract that indicates that you will not get licensed and then bail. If you do, you owe trainiing costs (~80k). Now, you could always get liecnsed and then just slough off and have them fire you, but that wouldn't teach you anything and you wouldn't get any clients that way.

#3 Don't think that if you do start your own indie firm and hang a shingle that anyone will come-a-knockin'. It's hard enough to get business when you have a big name on your business card. Trust me--if you aren't ready to work 60+ hours a week, early mornings and late nights, then don't even waste your time.

If you get an MBA and work for a large company for at least a decade and have at least $1,000,000.00 USD you can open your own Financial Firm.

Who is going to take Financial Advise from someone driving a Ford or a Chevrolet?

Who is going to take Financial Advice from someone homeless?

Becoming a financial advisor..?

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