This week, one of my career change clients, who was considering financial planning as a career change option, sent me an article from the Wall Street Journal on this career path. As I read the article, it made me think back to the many career reinvention clients I have worked with who were intrigued by the prospect of financial advising as a future career path. And it also made me reflect on those clients who have come to me hoping to exit the field, as the role did not turn out as they had hoped.


Why is this field so interesting and who do many career changers want to explore this industry??  Also, why is it that many in the field want to leave, feeling  disenchanted and unenthused about their work??? Over the years, I have learned a great deal about financial advising and planning and can share my advice.


There are many advantages to this field, including the ability to set your own hours, work from anywhere and set the number of clients you wish to work with.  Many are drawn to this field by fantasies of very high income potential.  And if you love numbers and analyzing data, this industry appears to be a great choice.


Unfortunately, there is much more than meets the eye. Firstly, there is a very steep learning curve to enter this field, including studying for and obtaining numerous certifications and licenses. Once you have received the relevant training, then comes the hard work-you have to find and engage clients. And this is where many career change clients fall short. This field requires a TREMENDOUS amount of networking and selling to identify and qualify prospects. That means cold calling, prospecting and attending a numerous networking meetings.


For the first several years in this field, you role is actually in sales and not in financial advising. Think about it-if you don’t have clients to advise, then you don’t have a business and you have no one to advise.


If you are thinking of entering this field, do your homework and talk to as many financial advisors as possible so you really understand the role, the industry and the time required to gain momentum.


If you wish to read more, here is the link to the article in the WSJ: