I am considering a career change. Previously I asked about Electricians. Now I am asking about Financial Planners and Investment Consultants. I know the educational and experience requirements for a financial planner. What are the requirements for an investment consultant? Are these good careers to go into? Can a middle-aged guy break into this field? What are the pros and cons of these career choices?
Career Change: Financial Planner/Investment Consultant?
- Thread starter probyn
- Start date
Offhand I don't know. But as a potential customer walking into your shop for some advice, I will ask you what your experience is in the financial planner and investment consultant industry, and I won't be impressed by someone who has a few courses and zero experience or track record. And, even as an amateur investor I will be able to smell your inexperience.
Not trying to be too harsh or discourage you, but that particular industry is filled with wannabe Warren Buffets who have been playing the markets for a decade or two with mixed success, but who at least have been playing the markets for a decade or two and know the territory. If you are just getting into the game and don't know squat about the markets, what advice could you possibly give to an investor?
Again, my up-front apologies if I'm coming off as snarky or cocky.
Not trying to be too harsh or discourage you, but that particular industry is filled with wannabe Warren Buffets who have been playing the markets for a decade or two with mixed success, but who at least have been playing the markets for a decade or two and know the territory. If you are just getting into the game and don't know squat about the markets, what advice could you possibly give to an investor?
Again, my up-front apologies if I'm coming off as snarky or cocky.
Yes a middle aged guy can break into this field.The key though is do you have an aptitude for the field? Financial services can be a great business for the right person but understand you have to find your own clients,determine needs and have the knowledge to fill those needs.You will have to find clients with money and you have to have the knowledge and expertise to get them to part with it. Drop into your local Investors office and ask about career opportunities.Consultant is just a fancy word for a salesman in a suit.
why?I know a couple of engineers who went to become financial planners..... I lost all respect for them after they did that.
Hey, I know many that have left the financial and financial planning industry to become electricians, mechanics, bed & breakfast owners, 2 escorts (very high-$$$$) and so on.
Probyn instead of asking here why not ask an employment specialist what's hot and what's not?
Probyn instead of asking here why not ask an employment specialist what's hot and what's not?
Probyn, are you a sales guy? Just a tip in case you didn't know, it is absolutely mandatory for a middle aged person just entering that field. I'd personally go the route of bank employee though... the big banks take good care of their middle managers and a simple expedited BusAdmin degree along with a Management Certificate will get you there fast.
Because many "Financial Planners" are really just salesmen. (Years ago, I started dating a financial planner. In her previous life, she was a nurse, but then she got into the world of "finanancial planning". Anyway, I invested some RRSP money with her during and after our time together. Worst decision I ever made. (Never give money to a woman you are dating.) She was (and is) useless. She basically works for some company that flogs this fund or that fund. (Probably the one where they get the biggest cut of your money.) Once she had my money, I never heard from her about it again. She wasn't an expert, she was just a salesman flogging mutual funds (and bad ones at that.)why?
Anyway, I learned my lesson, the loss was not overwhelming, but I wouldn't trust her to run a dickie-dee cart.
That's why.
Exactly my experience as well. See above.From doing something that has value and is productive to pushing paper around for the sake of earning a sheet of paper?
If you heard these guys talk you would lose respect for them too. Investment "dealers, consultants, planners" are in it not to make YOU money its to make themselves money. With luck you make money and then turn more over to them so that they can make more money.
When Nortel was collapsing they were advising their clients to buy it - "Hey it is a minor hickup - ITS NORTEL FOR GOD'S SAKE!" then when it finally hit rock bottom they bragged about the money they made selling it to "The poor stupid bastards" that they sold it to.
The best financial planner one can have is yourself. Read, learn, study.
Hell, all you have to do is read the Globe and Mail and you will devote more time and energy to your investments than your "Financial Planner" ever will.
Actually, one common trait among hedge fund managers is that they don't watch 'BNN' or 'CNBC'. In fact most have it on in the background, but muted. Thought that was interesting.Of course James TIBERIUS Kirk, you still have to do your own due diligence with any investment and never take the words of your "planner" at face value. Everyone wants to be Warren Buffet but they don't have the time but mostly the PATIENCE to be like him. I spent a year watching BNN reading the Financial Post and following selected segments of the markets before I put in a dollar I still spend an hour and a half a day watching whats going on. I rarely wander outside my comfort zone and outside that which I've studied.
I'll bet your ex-girlfriend worked for the Investors Group.
Many people belief that by the time financial news is reported on BNN and in the Financial Post it is already reflected in the market. I assume that you're looking at and for trends as opposed to some "golden nugget" that will help you make a quick buck. Most successful financial plans involve a consistent and long-term strategy.Of course James TIBERIUS Kirk, you still have to do your own due diligence with any investment and never take the words of your "planner" at face value. Everyone wants to be Warren Buffet but they don't have the time but mostly the PATIENCE to be like him. I spent a year watching BNN reading the Financial Post and following selected segments of the markets before I put in a dollar I still spend an hour and a half a day watching whats going on. I rarely wander outside my comfort zone and outside that which I've studied.
I'll bet your ex-girlfriend worked for the Investors Group.
I would imagine being a middle aged guy wouldn't be all bad in this field. Firstly, it is not physical work so you could have several decades in this career. If you have a few grey hairs and wrinkles potential clients would probably think you're a seasoned pro instead of some green kid. With lots of folks portfolios getting hammered lately, you might find they are not so loyal to whoever they've been dealing with over the years, and are looking for a new person to lose, ....I mean make them some money.
Well Pro hows your portfolio looking? I don't give a rodent's rectum what your educational qualifications are. What's your investment track record? Did you get out of the market in time in '08 so you didn't lose half or more of your money? My financial guru got me out in time and I'll stick with him. And if you go that way wear a nice suit.
In addition to finding out what's hot and what's not, Probyn, have you figured out what you are passionate about? If you are making a drastic change, you might as well make it into a field that you will really enjoy. Based on your self-description as being middle-aged, it can be pretty hard to make another switch later on. I also suggest trying to talk to people who are actually in the fields that you are looking at, and asking them what they like most and hate most about their career.Hey, I know many that have left the financial and financial planning industry to become electricians, mechanics, bed & breakfast owners, 2 escorts (very high-$$$$) and so on.
Probyn instead of asking here why not ask an employment specialist what's hot and what's not?
How about becoming a porno actor who masturbates in his sleep? Who knows, you may find there are people with a fetish to watch that.
and your answer is MTPS! and they have the best pension you could imagine...
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I'm thinking about a career change to something I am passionate about too.
Is there any opportunities for someone who like to sleep and masturbate?
Those are my 2 greatest passions.
My guess is it stands for Toronto Transit Commision, not so much for the letters but because of the masturbating and pension.Sorry, what is MTPS?
My friend's brother is a Toronto cop. Could have retired at age 47 on a full pension but is still working because 2 ex-wives.Metro Toronto Police Services
So what. Engineering is a crap job now. Even though it is considered a "professional" career such as doctor, dentist, lawyer you get treated and paid like shit. With all the manufacturing that has disappeared engineers are a dime a dozen. So yes become a financial planner and get that BMW because designing complex machinery or production lines can be outsourced to India or China anyways for next to nothing.I know a couple of engineers who went to become financial planners..... I lost all respect for them after they did that.
