Working as a Financial Advisor

To become a financial advisor, the first step is to locate a Broker/Dealer that offers sponsorship to take the required licensing exams. There are two major exams required in order to become a financial advisor; the Series 7 Stockbroker’ s Exam, and the Series 66 Uniform Combined State Law Exam. A candidate must receive a passing score of 70%. If this score is not met, the exam can be taken again after a 30 day waiting period.
Step2Once the exams have been passed, a rigorous sales and product training class will begin. These training classes, offered at the broker/dealers expense, typically last anywhere from 17 weeks to 3 years. Most times, the trainee will receive a small salary during the training period. There are usually sales quotas to meet where commissions can be generated and added to the base training salary.
Step3Most Broker/Dealers will require all candidates that desire to become a financial advisor to work 50-65 hours per week. Although this seems excessive, once a book of clients is created, the financial advisor can commit to a regular 40 hour work week. As client accounts are opened; the trainee’s base salary will decrease, replaced by commissions and portfolio management fees.
Step4Broker/Dealers spend a considerable amount of money training and sponsoring a candidate to become a financial advisor. Because of this expense, the selection process is extremely competitive. All those seeking to become a financial advisor should adequately prepare their lifestyles for minimal money and long hours in the beginning years.
Step5Financial Advisors come from many different occupational backgrounds; determining success can only come from the drive and passion a candidate internally possesses before entering this demanding field. Dedication and determination are a required aspect of this career position. To become a financial advisor is to become a reliable source of information for others’ investments. Candidates must know what to expect before entering this occupation