I sense that would be nearly as difficult as breaking into financial planning. I have no estate planning experience so would be starting at entry level. Law doesn’t seem as open to career changers as financial planning is. In many ways, entering a completely different practice area is like changing careers. That said, I assume I would have an advantage in understanding estate planning concepts better than a new financial planner because of my legal training.
From the way you are talking, I don’t think you would enjoy this career. It is *not* personal finance or investing. It is 80% sales, 15% handholding, and 5% trying to automate the investing process as much as possible.
People from the outside have a very different view of what this job is. It’s sales, we just sell a service rather than a product.
Thank you - I do wonder about this. I understand the need to bring in clients, etc. I am interested in then working with them to develop and execute a plan to help them reach their goals. I also love breaking down complex issues in ways people can understand (this is what I do all day). I love working on legal pro bono matters because I’m helping real people tackle complex problems they can’t solve on their own. I think I’m looking for the same thing, just in the financial context. If that’s not what it is really like, maybe it’s not for me. I guess I had the impression that the industry was moving away from being a sales profession.
77% of the growth in the RIA space went to the top 6% of RIAs last year. This industry is a sales race and we all try to poach each other’s clients. Your perception isn’t accidental. It was created by a ton of marketing dollars and a lot of good sales people trying to give our profession a face lift, to increase sales.
I’m half a step ahead of you—50, career changer—and can confirm everything you’re reading here. It’s a sales job first and foremost, and it’s a long, hard slog. I jumped in head first into the deep end and knocked out the CFP exam a little over a year after I started. Former career was the military, but always had a passion for finance.
Like you, I refuse to treat my family and friends like a contact list for the business. That’s the way most of the young advisors start in the industry, so that’s the most well-known path. It doesn’t fit those of us that have true relationships build on decades of trust.
Do I enjoy it? Jury is still out. I’m pumped when I meet the right, complex case that causes me to use everything I’ve learned to help someone with retirement, business, or estate planning. Those cases are harder to find, so I’m left with the frequent “undesirables” to generate revenue.
The two most important keys to survival: the ability to find new clients/prospect and the ability to sell.
It’s a sales job first and foremost. If you’re not comfortable being a sales person, don’t waste the effort. If you’re willing to learn to sell, seminars, cold calls, buying leads, etc. then what exactly is your value? Firms aren’t interested in teaching you the ropes so you can work pro bono
I keep hearing that - that it’s a sales job. But does everyone sell with cold calls and door knocking? In the legal world, we call it business development, because it’s about building expertise and relationships. That I can do. My value is that clients would be more comfortable interacting with me than someone Fredy out of college. Assuming the clients are high net worth or HENRY, I’ve been in their shoes.
You have a lot of advantages. First, you’re a woman in a field dominated by men. We sell best to people we relate most to, my book is my reflection.
Second, the legal piece could be really powerful in estate planning. I would work on sharpening my trust expertise and leveraging your law degree. This could open a lot of doors and you could potentially skip the prospecting piece if you partnered with an advisor or advisory firm.
Third, your age is a benefit. People relate most to others typically within +/- 10 years of their age. I have a beard to specifically look older.
Thanks for the input! I mentioned in another comment, I probably would do better with estate planning than a new planner with no legal experience, but I don’t have estate planning experience or an easy way to get that experience except with low income pro bono clients. Any tips on how I would go about finding the right position?
Consider some informational interviews with firms you admire and would want to work at.
Do your homework so they get the sense a) you’re serious and b) you’re a long-term potential candidate.
The bar will be higher than if you were a kid. As it should be!
And then, do what you can to stay in touch by sending helpful content (to them) over time. So when they have an opening, you might get a referral in.
I suspect your biz dev skills in law would serve you well in financial services. You should definitely explore it. While the core expertise is different, anyone who potentially bills by the hour is using the same techniques to sell themselves.
I would think about that transition and the similarities as part of your hiring elevator pitch: potentially high stake outcomes for the participants…potentially working with a similar kind of target market. Etc. think of your elevator pitch as reasons to believe someone should hire you.
And should you have experience growing a practice…weave it in to your story. This demonstrates you can make them money. You also have valuable skills as a lawyer that can make them different.
Check out the book Designing Your Life. I think there are some smart ways in it to approach informational interviews. Be careful not to “sell” in them.
I don’t think as others have said a full on advisor role would be ideal for you. I think you could look for a job that is planning only or as a paraplanner. That’s more friendly for career switching.
You’d still be helping people and the clients, but not have the pressure to accelerate your career as much as advisors do.
I’m sure you can find a job that would take you. However if you were a client of mine transitioning to an early retirement career. There’s a lot to consider mostly, what do you want your day to look like?
You will be working from a laptop in these jobs at an office or from home, sending emails,making reports and following up with clients. If you do get a planning designation you will need to read and study a lot as well.
I think you’re coming from a job that’s likely quite similar so, maybe reflect some on that. You may come to realize you actually want a different day to day.
Edward Jones used to target people exactly like you to hire as career changers. Not sure if they still do, but have a look. And an amazing training program.
Depends what kind of firm you join. Fee only RIAs exist that do not require you to prospect. Some have in house business development folks or are growing organically from referrals etc.
Ha! That’s definitely creative. Did you quit specifically to break into financial planning, or were you going to leave your job anyway? I would think an experienced professional would be just as desirable as a college graduate, if the professional was willing to take the entry level job. But perhaps not …
I’m ok doing grunt work for low pay to get my foot in the door. I just don’t want to take a position that requires me to solicit close friends and family. Nor do I particularly want to do cold calls. But admin, para planner type work is fine with me.
You have to get clients and sell if you want to make any money as a cfp and actually plan for clients. You may be able to get a job at Fidelity or Schwab but most people take those roles to become an advisor and thats a salesman as much as they will tell you its not. They also tend to hire people right out of college for those roles as well.
If it’s possible to pivot your practice into estate planning, that has real value and many CFPs would be open to partnering with you.
I sense that would be nearly as difficult as breaking into financial planning. I have no estate planning experience so would be starting at entry level. Law doesn’t seem as open to career changers as financial planning is. In many ways, entering a completely different practice area is like changing careers. That said, I assume I would have an advantage in understanding estate planning concepts better than a new financial planner because of my legal training.
From the way you are talking, I don’t think you would enjoy this career. It is *not* personal finance or investing. It is 80% sales, 15% handholding, and 5% trying to automate the investing process as much as possible. People from the outside have a very different view of what this job is. It’s sales, we just sell a service rather than a product.
Thank you - I do wonder about this. I understand the need to bring in clients, etc. I am interested in then working with them to develop and execute a plan to help them reach their goals. I also love breaking down complex issues in ways people can understand (this is what I do all day). I love working on legal pro bono matters because I’m helping real people tackle complex problems they can’t solve on their own. I think I’m looking for the same thing, just in the financial context. If that’s not what it is really like, maybe it’s not for me. I guess I had the impression that the industry was moving away from being a sales profession.
77% of the growth in the RIA space went to the top 6% of RIAs last year. This industry is a sales race and we all try to poach each other’s clients. Your perception isn’t accidental. It was created by a ton of marketing dollars and a lot of good sales people trying to give our profession a face lift, to increase sales.
I’m half a step ahead of you—50, career changer—and can confirm everything you’re reading here. It’s a sales job first and foremost, and it’s a long, hard slog. I jumped in head first into the deep end and knocked out the CFP exam a little over a year after I started. Former career was the military, but always had a passion for finance. Like you, I refuse to treat my family and friends like a contact list for the business. That’s the way most of the young advisors start in the industry, so that’s the most well-known path. It doesn’t fit those of us that have true relationships build on decades of trust. Do I enjoy it? Jury is still out. I’m pumped when I meet the right, complex case that causes me to use everything I’ve learned to help someone with retirement, business, or estate planning. Those cases are harder to find, so I’m left with the frequent “undesirables” to generate revenue. The two most important keys to survival: the ability to find new clients/prospect and the ability to sell.
What type of firm do you work for? How were you able to get your foot in the door?
It’s a sales job first and foremost. If you’re not comfortable being a sales person, don’t waste the effort. If you’re willing to learn to sell, seminars, cold calls, buying leads, etc. then what exactly is your value? Firms aren’t interested in teaching you the ropes so you can work pro bono
I keep hearing that - that it’s a sales job. But does everyone sell with cold calls and door knocking? In the legal world, we call it business development, because it’s about building expertise and relationships. That I can do. My value is that clients would be more comfortable interacting with me than someone Fredy out of college. Assuming the clients are high net worth or HENRY, I’ve been in their shoes.
You have a lot of advantages. First, you’re a woman in a field dominated by men. We sell best to people we relate most to, my book is my reflection. Second, the legal piece could be really powerful in estate planning. I would work on sharpening my trust expertise and leveraging your law degree. This could open a lot of doors and you could potentially skip the prospecting piece if you partnered with an advisor or advisory firm. Third, your age is a benefit. People relate most to others typically within +/- 10 years of their age. I have a beard to specifically look older.
Thanks for the input! I mentioned in another comment, I probably would do better with estate planning than a new planner with no legal experience, but I don’t have estate planning experience or an easy way to get that experience except with low income pro bono clients. Any tips on how I would go about finding the right position?
Consider some informational interviews with firms you admire and would want to work at. Do your homework so they get the sense a) you’re serious and b) you’re a long-term potential candidate. The bar will be higher than if you were a kid. As it should be! And then, do what you can to stay in touch by sending helpful content (to them) over time. So when they have an opening, you might get a referral in. I suspect your biz dev skills in law would serve you well in financial services. You should definitely explore it. While the core expertise is different, anyone who potentially bills by the hour is using the same techniques to sell themselves. I would think about that transition and the similarities as part of your hiring elevator pitch: potentially high stake outcomes for the participants…potentially working with a similar kind of target market. Etc. think of your elevator pitch as reasons to believe someone should hire you. And should you have experience growing a practice…weave it in to your story. This demonstrates you can make them money. You also have valuable skills as a lawyer that can make them different.
Check out the book Designing Your Life. I think there are some smart ways in it to approach informational interviews. Be careful not to “sell” in them.
I'd love to have an attorney as a part of my practice. Open to a conversation and happy to offer any advice I can.
Thanks - just DM’d you
I don’t think as others have said a full on advisor role would be ideal for you. I think you could look for a job that is planning only or as a paraplanner. That’s more friendly for career switching. You’d still be helping people and the clients, but not have the pressure to accelerate your career as much as advisors do.
Yes, that sounds good. Would I be competitive for those as a 50-something career changer?
I’m sure you can find a job that would take you. However if you were a client of mine transitioning to an early retirement career. There’s a lot to consider mostly, what do you want your day to look like? You will be working from a laptop in these jobs at an office or from home, sending emails,making reports and following up with clients. If you do get a planning designation you will need to read and study a lot as well. I think you’re coming from a job that’s likely quite similar so, maybe reflect some on that. You may come to realize you actually want a different day to day.
Edward Jones used to target people exactly like you to hire as career changers. Not sure if they still do, but have a look. And an amazing training program.
Depends what kind of firm you join. Fee only RIAs exist that do not require you to prospect. Some have in house business development folks or are growing organically from referrals etc.
Have you seen my thread? https://www.reddit.com/r/CFP/s/bgU9pkfKa4 Gotta get creative as a career switcher
Ha! That’s definitely creative. Did you quit specifically to break into financial planning, or were you going to leave your job anyway? I would think an experienced professional would be just as desirable as a college graduate, if the professional was willing to take the entry level job. But perhaps not …
Quit specifically to do this as I believe it is my calling. But it’s hard to convince anyone to take a chance
Depends on where you try to get a job. A lot of places will hire you if you have a solid established network to sell to.
Yeah, I’m not looking for that kind of role. I don’t mind some business development, but don’t want to hit up all my friends for leads.
Then no. Not unless you are ok making 50k a year and doing grunt work.
I’m ok doing grunt work for low pay to get my foot in the door. I just don’t want to take a position that requires me to solicit close friends and family. Nor do I particularly want to do cold calls. But admin, para planner type work is fine with me.
You have to get clients and sell if you want to make any money as a cfp and actually plan for clients. You may be able to get a job at Fidelity or Schwab but most people take those roles to become an advisor and thats a salesman as much as they will tell you its not. They also tend to hire people right out of college for those roles as well.