Hi, I am likely going to be retiring from Active Duty in the next 10-12 months and I am interested in starting a new career as a financial advisor. I have an MBA, I have always been very fluent in financial topics, I excel at analyzing conditions, and I really enjoy helping others.
What steps can I take now to prepare for starting in this field? Should I pursue additional education and/or training, or is there a way to obtain some practical experience?
Answers
As a financial advisor you’ll need to obtain a series 7 license as well as others, but the 7 is the challenging one. It’s just a lot of information as opposed to complex. I’d pickup a series 7 prep book and get a head start on the material and practice tests. You can get one on amazon. The series 7 study guide and practice exams is available there for $38.00. Money well spent.
Many companies offer excellent training programs and often prefer veterans. I became a financial planner as my second career at age 55 ... before that I was a telecommunications executive. You can learn a lot online about investments ... stocks, bonds, mutual funds, annuities etc. This will give you a head start when you get licensed (Series 7, 66 etc) following separation from the military (your new employer will sponsor you for and pay for these certifications). I admit I have a bias in favor of Fidelity Investments ... great training, focus is on the client and not sales commissions!
Do jump in, circling and education often are procrastination
Follow learn from others such as
https://twitter.com/PeterMallouk
https://twitter.com/MarceloPLima
By "financial advisor" do you mean RIA/financial planner? Check out the curriculum connected with the CFP program https://www.cfp.net/become-a-cfp-professional/cfp-certification-requirements. (Remember, CFP is a private certification, not a license.)
Also consider working as a para-planner for a financial planner. Make sure your Excel skills are first-rate and that you read all the top financial press. Think about whether fee-only or commission-based work suits your personality. This article might interest you: https://www.forbes.com/sites/nextavenue/2018/01/19/second-career-becoming-a-financial-adviser/#5e82dda01ecb
There are some working financial planners on AdvisorNet, so hopefully they will weigh in. Good luck!
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