How To Be a Financial Advisor Without a Degree

Dominique Henderson, CFP®
11 Nov 201908:46

Summary

TLDRIn this video, Dominic addresses the question of whether a college degree is necessary to become a financial adviser. He explains that while a degree isn't required, there are three main scenarios for entering the field: the traditional route with a finance-related degree, starting in the industry without finishing college and gaining experience, and career changers leveraging life experience. Dominic emphasizes the importance of passion over money and suggests building a financial runway and networking before making a career switch.

Takeaways

  • 🎓 The traditional route to becoming a financial adviser involves obtaining a college degree, typically in a finance-related field.
  • 🏦 Post-graduation, gaining experience is crucial, and a college degree can be leveraged to obtain advanced designations like the CFP.
  • 💼 A college degree can provide a financial advantage later in one's career due to higher potential earnings.
  • 🔗 The public is more familiar with professionals who hold designations like CFP, which can be beneficial for business growth.
  • 👨‍🏫 For those without a college degree, finding a mentor in the financial industry can provide valuable insights and guidance.
  • 🏢 Starting in retail banking or selling financial products can be a pathway into the industry without a college degree.
  • 💰 Chasing passion and ambition is advised over the pursuit of money, as it can lead to more sustainable career satisfaction.
  • 🔄 Career changers are often seen as more genuine and bring a well-rounded perspective to the financial advising industry.
  • 🛠️ For career changers, it's recommended to volunteer or shadow professionals to gain experience before fully transitioning.
  • 👥 Networking is essential for those starting from scratch, as it helps build connections in a new industry.

Q & A

  • Does one need a college degree to become a financial adviser?

    -No, a college degree is not a strict requirement to become a financial adviser.

  • What is the traditional route to becoming a financial adviser?

    -The traditional route involves obtaining a bachelor's degree in a finance-related field, such as finance, economics, business management, marketing, or accounting, and then gaining experience in the field.

  • What advantages does having a college degree offer in the financial advising field?

    -A college degree allows individuals to pursue advanced designations like the CFP, which requires an education requirement, and can lead to higher compensation later in one's career.

  • What is the significance of the CFP designation in the financial advising industry?

    -The CFP designation is well-recognized by the public due to strategic marketing by the CFP Board of Standards, which can help financial advisers build their business.

  • What alternative paths can someone take if they don't want to follow the traditional route to become a financial adviser?

    -Alternative paths include finding a mentor in the industry, starting in a money center or regional bank, or selling financial products and moving up through the industry.

  • What is the recommended approach for someone who is on the fence about finishing college to enter the financial advising field?

    -It's recommended to get a mentor, gain experience through internships or entry-level positions, and consider moving through banking or product sales roles within the industry.

  • What advice is given to career changers who want to become financial advisers?

    -Career changers should stay in their current career while gaining experience in the financial advising field through volunteering or shadowing, and build a network before making a full transition.

  • Why are career changers with more life experience often valued in the financial advising industry?

    -Career changers bring a well-rounded perspective and a comprehensive approach to financial advising, which can be beneficial when dealing with clients and their diverse financial needs.

  • What is the importance of having a financial runway when transitioning into a new career like financial advising?

    -A financial runway provides the necessary financial stability and time to gain experience and build a client base without the immediate pressure of needing an income.

  • What is the potential downside of entering the financial advising field without a strong foundation or mentor?

    -Entering without a strong foundation or mentor can lead to a slippery slope where one might start selling products or services they don't believe in, solely for financial gain, which can be detrimental to one's career in the long run.

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Financial AdvisingCareer PathEducation AlternativesIndustry InsightTraditional RouteCareer ChangeMentorshipExperience Over EducationIndustry EntryProfessional Development
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