"TT" <tool[at]box.net> wrote in message
news:-4KdnWqSC9KSetrdRVn_iw[at]comcast.com...
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So, can you describe the day of a true FP, as that was the OP question?

Elizabeth Richardson

John, you described a stockbroker to a tee...However, there is a difference
between a stockbroker (or financial advisor, financial planner, financial
consultant or whatever they want to call themselves to give them
credibility) and an independent CFP(TM) and/or Registered Investment
Advisor. Their day is anything but what you just described; you described
the life of a financial salesperson...there is a big difference!

Mornings...work on current planning clients
"John A. Weeks III" <john[at]johnweeks.com> wrote in message
news:040320040916557170%john[at]johnweeks.com...
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======================================= MODERATOR'S COMMENT:
Please trim the post to which you respond.

David Gallivan wrote:
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David,
Some resources to answer your questions:

Books
Nancy Jones, "So you Want to be a Financial Planner"
Jeff Rattiner, "Getting Started as a Financial Planner"

Web Sites
www.financial-planning.com
Discussion board: "Geting Started and Career Building" - best to read
through archives first, then post any questions (I'm a moderator on that
site).

www.fpanet.org - site of the group that owns and licenses the CFP trademark

From these you'll get a range of opinions from people who are in the field.

-Tad

In article <497db3f.0403031941.20e83cb6[at]posting.google.com> , David
Gallivan <davidgallivan[at]hotmail.com> wrote:

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Get up very early to meet some potential client for a 7AM breakfest.
Hit the office for the market open and take a few client calls.
Drive by meeting with the boss to review your progress and quota.
Hang out until about 10AM, and make 90 minutes of cold calls.
Lunch with some client who is threating to move his/her account.
Meet with a client or two to review accounts.
Make another hour of cold calls.
Check out the market close.
Head out for the afternoon, either meet a client or hit a happy hour.
Make another hour of evening cold calls.
Go to some goofy club meeting that evening to give a breif talk in
exchange for business cards from the members.

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A large chunk are independent contractors. Some companies directly
employ planners.

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By far, the biggest way to get clients is cold calling and personal
lead generation. Second is referrals, most of which are again cold
called. Most companies have a lead generation system. You do get
walk-ins and warm calls from time to time. Something that is
relatively new within the industry is cross-selling. That is,
sharing customer information between company divisions. The new
insurance sale becomes a lead for the FP's.

Most of the FP commercials are print ads in magazines. Newspaper
ads are also popular. TV ads are run, but mostly on news and
financial channels. Most of this is going to be somewhat high
brow, so you will not see FP advertised during a TV hockey game.

By far, the single biggest success factor for an entry level FP
is the ability to make cold calls. If you have problems picking
up the telephone, you will be at an extreme disadvantage.

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Most of the major firms that I have seen make getting a CFP part
of the training, or a requirement by the end of the training
period. Most states at least require you to be a registered
agent. If you plan to do stock trades, you may also have to
have the series 7. There are some lower end firms, notably
the multi-level marketing type groups (like Primerica) that
do not require the CFP. In that case, you work under the
supervision of someone who is licensed.

FP have told me that the best thing is to pick a few firms that
you would like to work for, and go see what they require.

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If you have lots of time and money, and no college degree,
check out the business school route. If you already have some
type of degree, then check out one of the firms that have a good
training program. AM/EX is famous for having a great training
program. Merrill Lynch folks joke that AM/EX is their training
division.

-john-

--
================================================== ==================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ==================

I have several general questions on being a Financial Planner. I am
thinking about a career change. I am very interested in becoming a
Financial Planner. I was hoping I get some feedback on my questions.

1. What is a typical day like for a planner?
2. Are most Planners self employed?
3. How do you get clients? I do not see any commercials for planning.
4. Can you practice Financial Planning with out the CFP?
5. What is the best way to become a CFP?

Thank you in advance.
David