A noble venture (or a little bit crazy)

17 replies [Last post]
BteamBomber's picture
Offline
Joined: 2007-04-06

I am thinking of leaving the business to take a Coordinator position at my Church (it is a very large church).  I would work about half the hours and take a large pay cut but I would have more time with my family, complete freedom in my schedule, and no commision standards to deal with.  With only a 7 and 66 license, could I possibly continue to do financial advisor seminars and give hourly paid advice to people?  If I were teaching investment strategy/debt reduction/budget creating type classes without selling are there any restrictions or certifications I would absolutely have to have?  Any input would be appreciated.

troll's picture
Offline
Joined: 2004-11-29

You're failing and you don't want to call yourself a failure? Isn't that special?

Dust Bunny's picture
Offline
Joined: 2007-05-07

Bobby, you seem somewhat extra cranky and snarky today.  
 

Spaceman Spiff's picture
Offline
Joined: 2006-08-08

I think you are asking a spiritual question of people who, for the most part, don't seem to be very spiritual.  So, with that in mind, some quick questions for you.
Does the money matter?  If it's more important for you to serve God than man, the move to the church is a good one.  However, knowing that the secular world revolves around how big your bank account is you are going to be making a lot of sacrifices in that area.  Eternal security is better than financial security. 
Can you faithfully do both jobs and do them well? Matt 6:24 says you cannot serve two masters.  My advice is to pick one, then read Col 3:23.
Do you have a calling to be in a ministry position in your church or are you using it as an escape from the financial services industry and all the things that you probably hate right now?  If it is simply an escape, you may find yourself disappointed in the position at church. 
Tough decision.  Working for a church can be very rewarding, but not always in monetary ways.  Pray about it, then make a decision.

EDJ to RIA's picture
Offline
Joined: 2006-11-28

As an RIA (series 65/66) you can charge people an hourly fee, project fee, or AUM fee. You could charge $30/each for class attendees, then an hourly fee for advisory work.

gad12's picture
Offline
Joined: 2006-12-06

If you passed the series 7 the series 65 or 66 would be cake.

Billyclub's picture
Offline
Joined: 2007-04-26

I thought the 66 was much harder than the 7 but I only had about 10 days to study for the 66.

Broker24's picture
Offline
Joined: 2006-10-12

I don't think you can have a 7 without a sponsoring firm. Am I correct?

troll's picture
Offline
Joined: 2004-11-29

Dust Bunny wrote:
Bobby, you seem somewhat extra cranky and snarky today.  
 

I've been a little preoccupied with the uneven distribution of wealth in America and how the government likes to reassign our assets.

troll's picture
Offline
Joined: 2004-11-29

Bobby Hull wrote:Dust Bunny wrote:
Bobby, you seem somewhat extra cranky and snarky today.  
 

I've been a little preoccupied with the uneven distribution of wealth in America and how the government likes to reassign our assets. Well with Nancy Pelosi as Speaker of the House and Hillary doing well in the polls it's likely to get worse mi amigo.

troll's picture
Offline
Joined: 2004-11-29

joedabrkr wrote: Bobby Hull wrote:Dust Bunny wrote:
Bobby, you seem somewhat extra cranky and snarky today.  
 

I've been a little preoccupied with the uneven distribution of wealth in America and how the government likes to reassign our assets.
Well with Nancy Pelosi as Speaker of the House and Hillary doing well in the polls it's likely to get worse mi amigo.
Then I will be snarky for a long time.

BteamBomber's picture
Offline
Joined: 2007-04-06

I do have a 66 currenlty.  Would I have to be sponsored or backed by a firm to recieve payments for seminars if I was working outside of the investment field (such as my Church)?  Spiff, thanks for your comments.  To be honest, I was a teacher before I got into the investment field and have really never cared about money.  I am financially savvy and could learn to balance much less income and have the life I want to have. 
I know I'll feel better about my calling if I woke up every day to work at the church. However, I would like to be able to supplement my income because I would only be working 30-35 hours a week at the Church and would have time to take on other projects.  I don't think I would be serving two Gods by giving "be a Christian giver" or "Balance your financial expectations with your family" seminars and making some money by doing it. 

troll's picture
Offline
Joined: 2004-11-29

BteamBomber wrote:
I do have a 66 currenlty.  Would I have to be sponsored or backed by a firm to recieve payments for seminars if I was working outside of the investment field (such as my Church)?  Spiff, thanks for your comments.  To be honest, I was a teacher before I got into the investment field and have really never cared about money.  I am financially savvy and could learn to balance much less income and have the life I want to have. 
I know I'll feel better about my calling if I woke up every day to work at the church. However, I would like to be able to supplement my income because I would only be working 30-35 hours a week at the Church and would have time to take on other projects.  I don't think I would be serving two Gods by giving "be a Christian giver" or "Balance your financial expectations with your family" seminars and making some money by doing it. 

As a private citizen, you can charge whatever you want for a seminar. You are only limited by how much people will pay to hear you talk.

Spaceman Spiff's picture
Offline
Joined: 2006-08-08

I agree.  I would imagine you would get some negative feedback from the congregation if you were using your position at the church, church facilities, church members, etc to make some money on the side.  I think there's a big difference between being a business man who is involved his church and getting clients that way vs. being on staff and using the staff position to build your financial practice.  Some might see it as a conflict of interest.  Maybe you should discuss it with your senior pastor.
If you're worried about commission minimums why don't you go indy and do fee based.  If you've got as little as $20 or $30 million AUM that you could do that with, you could make a good living, work less hours (because you're not really worried about increasing that income), give your clients good service and volunteer at the church.  Just a thought.  

troll's picture
Offline
Joined: 2004-11-29

Spaceman Spiff wrote:
I agree.  I would imagine you would get some negative feedback from the congregation if you were using your position at the church, church facilities, church members, etc to make some money on the side.  I think there's a big difference between being a business man who is involved his church and getting clients that way vs. being on staff and using the staff position to build your financial practice.  Some might see it as a conflict of interest.  Maybe you should discuss it with your senior pastor.
If you're worried about commission minimums why don't you go indy and do fee based.  If you've got as little as $20 or $30 million AUM that you could do that with, you could make a good living, work less hours (because you're not really worried about increasing that income), give your clients good service and volunteer at the church.  Just a thought.  

If this guy had that much under management, he wouldn't be failing out of the business.

BteamBomber's picture
Offline
Joined: 2007-04-06

Oh Bobby Bobby.  I wish you, Freedom Adv and a badger could just be thrown into a potato sack and left to work out your personal problems together.  As for my success, I am a relative newbie that will soon finish out year one having gathered 8 million AUM.  It is a very good start and well above standard.  I know I will still be successful at this job but don't have the passion for it that I do other things.
 My senior pastor has actually encouraged me to do seminars at the Church because not many churches offer financial classes and advice.  We encourage people to not be ashamed of making money (unless they only rip off their clients by ALWAYS putting them in annuities) but that they should use their gifts the best way they can.  After all, who else is really teaching people MORE than how to hoard every penny they earn and make 12% doing it.  There is much more to being someones advisor than that.

troll's picture
Offline
Joined: 2004-11-29

BteamBomber wrote:
Oh Bobby Bobby.  I wish you, Freedom Adv and a badger could just be thrown into a potato sack and left to work out your personal problems together.  As for my success, I am a relative newbie that will soon finish out year one having gathered 8 million AUM.  It is a very good start and well above standard.  I know I will still be successful at this job but don't have the passion for it that I do other things.
 My senior pastor has actually encouraged me to do seminars at the Church because not many churches offer financial classes and advice.  We encourage people to not be ashamed of making money (unless they only rip off their clients by ALWAYS putting them in annuities) but that they should use their gifts the best way they can.  After all, who else is really teaching people MORE than how to hoard every penny they earn and make 12% doing it.  There is much more to being someones advisor than that.

Did God tell you to lie or did you come up with the idea by yourself?

doneWjones's picture
Offline
Joined: 2006-12-17

joedabrkr wrote:

Bobby Hull wrote:

Dust Bunny wrote:

Bobby, you seem somewhat extra cranky and snarky today.  
 

I've been a little preoccupied with the uneven distribution of wealth in America and how the government likes to reassign our assets.
Well with Nancy Pelosi as Speaker of the House and Hillary doing well in the polls it's likely to get worse mi amigo.

Then I will be snarky for a long time.
__________________________________________________________
Ron Paul may be the cure for your problems.

Please or Register to post comments.

Industry Newsletters
Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×