Former Financial Advisor at Raymond James Financial
over 2 years ago
A passion for client management and sales. There are a lot of resources out there to help you manage your clients' assets once you have them. What is much more difficult is how to obtain clients. If you have 20 clients who invest $100,000 each with you, and you have them in fee-based portfolios earning 1% AUM (assets under management) annually, that is only $20,000. After the investment company takes their half, your gross salary will only be $10,000. If you are not comfortable talking to people about their net worth, asking for them for money, or understand risk tolerance and longevity, you will not succeed. If you stick it out for the first 5 years, you will probably be incredibly successful. But those first years are tough. Be prepared for it. Also, if you can join a more successful team and apprentice under someone who is successful in the field, you will drastically increase your changes of success. Learn from those who are successful. Develop meaningful relationships with people. Never undermine their trust.