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hopetobeat

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The only thing I have is enthusiasm for investment. I just sit for level 1. I goal is to be a portfolio manager. Like every other career changer, I want to get my foot wet badly. But I don’t see any possibility in a solid firm. How about financial advisor in firms like Edward Jones? Would that help?
 
It would help if you like to talk to your grandmother a lot.
 
It may help you lose weight through walking as you go door to door selling their products.
 
I’d avoid those product-pushing commission-based-brokers-posing-as-financial-advisors like the plague. Go work for a small RIA and work your way up. Depending where you live, there are plenty of small RIAs that you could get hired at if you show enough drive. If you work for a small enough firm you can work in close proximity to a PM right away and see if that’s what you want to do and get experience.
 
The welcome basket comes with 3 fish bowls and 3 gift certificates to Chilies
 
XSellSide Wrote:
——————————————————-
> I’d avoid those product-pushing
> commission-based-brokers-posing-as-financial-advis
> ors like the plague. Go work for a small RIA and
> work your way up. Depending where you live, there
> are plenty of small RIAs that you could get hired
> at if you show enough drive. If you work for a
> small enough firm you can work in close proximity
> to a PM right away and see if that’s what you want
> to do and get experience.
X: I appreciate your serious reply. Where can I find those small IRAs as you mentioned?
 
do you know a lot of rich people (i.e. 10+ worth 10 mil liquid) that will let you manage their money? if so give it a try. otherwise don’t waste your time. you wont be able to pay your rent even if you are willing ot rip off grandma.
 
hopetobeat Wrote:
——————————————————-
> XSellSide Wrote:
> ————————————————–
> —–
> > I’d avoid those product-pushing
> >
> commission-based-brokers-posing-as-financial-advis
>
> > ors like the plague. Go work for a small RIA
> and
> > work your way up. Depending where you live,
> there
> > are plenty of small RIAs that you could get
> hired
> > at if you show enough drive. If you work for a
> > small enough firm you can work in close
> proximity
> > to a PM right away and see if that’s what you
> want
> > to do and get experience.
>
>
> X: I appreciate your serious reply. Where can I
> find those small IRAs as you mentioned?
Gotta use your resourses… Google, lists of money managers/RIAs are published in various publications, etc. What city are you in?
 
XSellSide Wrote:
——————————————————-
> I’d avoid those product-pushing
> commission-based-brokers-posing-as-financial-advis
> ors like the plague. Go work for a small RIA and
> work your way up. Depending where you live, there
> are plenty of small RIAs that you could get hired
> at if you show enough drive. If you work for a
> small enough firm you can work in close proximity
> to a PM right away and see if that’s what you want
> to do and get experience.
I know you’re speaking in general terms but I just did a case on Edward Jones in my MBA. I was impressed with their investing philosophy. It’s basically Warren Buffett’s. They use low fee mutual funds and have hardly any turnover. In any given year they make no money on 60% of their clients. If I were recommending a financial advisor, I would probably recommend them, (after me of course).
 
aldford Wrote:
——————————————————-
> I know you’re speaking in general terms but I just
> did a case on Edward Jones in my MBA. I was
> impressed with their investing philosophy. It’s
> basically Warren Buffett’s. They use low fee
> mutual funds and have hardly any turnover. In any
> given year they make no money on 60% of their
> clients. If I were recommending a financial
> advisor, I would probably recommend them, (after
> me of course).
Maybe I was a little over the top, but at an EJ you are still going to get pushed proprietary products and funds from “preferred groups” (read: funds that PAY the advisor).
 
topher Wrote:
——————————————————-
> edward jones is the bottom of the barrel in the
> industry.
>
> you should check out: www.registeredrep.com
>
> the forums there are focused soley on financial
> advisor roles
I found this on your website.
Edward Jones is the happiest place on earth — or somewhere close to it. For the 15th consecutive year, the firm is at the top of the heap in this year’s Broker Report Card Survey. Its impressive 9.5 overall score is just a notch up from last year’s 9.4, and the runner up, A.G. Edwards, is nearly a full point behind. Things, as usual, are just fine for Jones reps. The 9.7 score the firm received for overall management is perhaps the most notable, since it pummels the 8.4 average for all firms.
Average annualized revenue per advisor: $291,229
 
Revenue per advisor is not the same as income to the advisor.
I agree with the sentiment to stay away from product pushing organizations 100%.
 
I made the mistake and did this kind of work after college. It doesn’t matter what the firm…. it sucks. I don’t care if its Merrill, Edward Jones, or Schwab. The focus is transactions and gathering assets. And Edward Jones is nowhere near Warren Buffett. How many stocks does Buffett own… like 17. His other investments are wholly-owned and not publicly traded.
If you do it, have fun cold-calling. If you want sales experience, start out selling something people need… not financial junk that is packaged for the masses and really offers no value whatsoever once you figure in transactions costs and taxes.
 
I always wondered how these advisors made a living. Its seems like some of these products are impossible to sell.
 
Here is my take on Edward Jones…
What kind of serious investment firm is populated by staff who come from fields like Policing, Teaching and Environmental Sciences…look…you are either IN invesmtents or you are NOT in investments. Its that simple.
Willy
 
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