Career changer here looking for a PT fee-only job/mentor

Apr 22, 2011 1:21 am

I'm a near-40-year-old looking to make a career change as a financial planner. I am indifferent with regard to working for fee-only or commission, but after some research, no reputable firm will sponsor me for a 7/66 as a part-timer (I was told that this was mostly for compliance reasons), which lead me to fee-only. I will be taking the s65 in 2-weeks and registering in New York State, afterwards I would like to get a job as an intern/PT/paraplanner working 5-7 hrs a week, just to learn the business. I'm wondering if this is a good idea or if there are other ways for me to get my foot in the door. Starting sooner is not an option since I am 3-years away from a government pension.

Apr 24, 2011 5:59 am

<w:LatentStyles DefLockedState=“false” DefUnhideWhenUsed="true"
DefSemiHidden=“true” DefQFormat=“false” DefPriority="99"
LatentStyleCount=“267”>
<w:LsdException Locked=“false” Priority=“0” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“Normal” />
<w:LsdException Locked=“false” Priority=“9” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“heading 1” />
<w:LsdException Locked=“false” Priority=“9” QFormat=“true” Name=“heading 2” />
<w:LsdException Locked=“false” Priority=“9” QFormat=“true” Name=“heading 3” />
<w:LsdException Locked=“false” Priority=“9” QFormat=“true” Name=“heading 4” />
<w:LsdException Locked=“false” Priority=“9” QFormat=“true” Name=“heading 5” />
<w:LsdException Locked=“false” Priority=“9” QFormat=“true” Name=“heading 6” />
<w:LsdException Locked=“false” Priority=“9” QFormat=“true” Name=“heading 7” />
<w:LsdException Locked=“false” Priority=“9” QFormat=“true” Name=“heading 8” />
<w:LsdException Locked=“false” Priority=“9” QFormat=“true” Name=“heading 9” />
<w:LsdException Locked=“false” Priority=“39” Name=“toc 1” />
<w:LsdException Locked=“false” Priority=“39” Name=“toc 2” />
<w:LsdException Locked=“false” Priority=“39” Name=“toc 3” />
<w:LsdException Locked=“false” Priority=“39” Name=“toc 4” />
<w:LsdException Locked=“false” Priority=“39” Name=“toc 5” />
<w:LsdException Locked=“false” Priority=“39” Name=“toc 6” />
<w:LsdException Locked=“false” Priority=“39” Name=“toc 7” />
<w:LsdException Locked=“false” Priority=“39” Name=“toc 8” />
<w:LsdException Locked=“false” Priority=“39” Name=“toc 9” />
<w:LsdException Locked=“false” Priority=“35” QFormat=“true” Name=“caption” />
<w:LsdException Locked=“false” Priority=“10” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“Title” />
<w:LsdException Locked=“false” Priority=“1” Name=“Default Paragraph Font” />
<w:LsdException Locked=“false” Priority=“11” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“Subtitle” />
<w:LsdException Locked=“false” Priority=“22” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“Strong” />
<w:LsdException Locked=“false” Priority=“20” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“Emphasis” />
<w:LsdException Locked=“false” Priority=“59” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Table Grid” />
<w:LsdException Locked=“false” UnhideWhenUsed=“false” Name=“Placeholder Text” />
<w:LsdException Locked=“false” Priority=“1” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“No Spacing” />
<w:LsdException Locked=“false” Priority=“60” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Shading” />
<w:LsdException Locked=“false” Priority=“61” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light List” />
<w:LsdException Locked=“false” Priority=“62” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Grid” />
<w:LsdException Locked=“false” Priority=“63” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 1” />
<w:LsdException Locked=“false” Priority=“64” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 2” />
<w:LsdException Locked=“false” Priority=“65” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 1” />
<w:LsdException Locked=“false” Priority=“66” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 2” />
<w:LsdException Locked=“false” Priority=“67” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 1” />
<w:LsdException Locked=“false” Priority=“68” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 2” />
<w:LsdException Locked=“false” Priority=“69” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 3” />
<w:LsdException Locked=“false” Priority=“70” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Dark List” />
<w:LsdException Locked=“false” Priority=“71” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Shading” />
<w:LsdException Locked=“false” Priority=“72” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful List” />
<w:LsdException Locked=“false” Priority=“73” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Grid” />
<w:LsdException Locked=“false” Priority=“60” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Shading Accent 1” />
<w:LsdException Locked=“false” Priority=“61” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light List Accent 1” />
<w:LsdException Locked=“false” Priority=“62” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Grid Accent 1” />
<w:LsdException Locked=“false” Priority=“63” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 1 Accent 1” />
<w:LsdException Locked=“false” Priority=“64” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 2 Accent 1” />
<w:LsdException Locked=“false” Priority=“65” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 1 Accent 1” />
<w:LsdException Locked=“false” UnhideWhenUsed=“false” Name=“Revision” />
<w:LsdException Locked=“false” Priority=“34” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“List Paragraph” />
<w:LsdException Locked=“false” Priority=“29” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“Quote” />
<w:LsdException Locked=“false” Priority=“30” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“Intense Quote” />
<w:LsdException Locked=“false” Priority=“66” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 2 Accent 1” />
<w:LsdException Locked=“false” Priority=“67” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 1 Accent 1” />
<w:LsdException Locked=“false” Priority=“68” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 2 Accent 1” />
<w:LsdException Locked=“false” Priority=“69” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 3 Accent 1” />
<w:LsdException Locked=“false” Priority=“70” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Dark List Accent 1” />
<w:LsdException Locked=“false” Priority=“71” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Shading Accent 1” />
<w:LsdException Locked=“false” Priority=“72” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful List Accent 1” />
<w:LsdException Locked=“false” Priority=“73” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Grid Accent 1” />
<w:LsdException Locked=“false” Priority=“60” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Shading Accent 2” />
<w:LsdException Locked=“false” Priority=“61” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light List Accent 2” />
<w:LsdException Locked=“false” Priority=“62” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Grid Accent 2” />
<w:LsdException Locked=“false” Priority=“63” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 1 Accent 2” />
<w:LsdException Locked=“false” Priority=“64” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 2 Accent 2” />
<w:LsdException Locked=“false” Priority=“65” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 1 Accent 2” />
<w:LsdException Locked=“false” Priority=“66” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 2 Accent 2” />
<w:LsdException Locked=“false” Priority=“67” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 1 Accent 2” />
<w:LsdException Locked=“false” Priority=“68” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 2 Accent 2” />
<w:LsdException Locked=“false” Priority=“69” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 3 Accent 2” />
<w:LsdException Locked=“false” Priority=“70” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Dark List Accent 2” />
<w:LsdException Locked=“false” Priority=“71” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Shading Accent 2” />
<w:LsdException Locked=“false” Priority=“72” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful List Accent 2” />
<w:LsdException Locked=“false” Priority=“73” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Grid Accent 2” />
<w:LsdException Locked=“false” Priority=“60” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Shading Accent 3” />
<w:LsdException Locked=“false” Priority=“61” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light List Accent 3” />
<w:LsdException Locked=“false” Priority=“62” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Grid Accent 3” />
<w:LsdException Locked=“false” Priority=“63” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 1 Accent 3” />
<w:LsdException Locked=“false” Priority=“64” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 2 Accent 3” />
<w:LsdException Locked=“false” Priority=“65” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 1 Accent 3” />
<w:LsdException Locked=“false” Priority=“66” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 2 Accent 3” />
<w:LsdException Locked=“false” Priority=“67” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 1 Accent 3” />
<w:LsdException Locked=“false” Priority=“68” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 2 Accent 3” />
<w:LsdException Locked=“false” Priority=“69” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 3 Accent 3” />
<w:LsdException Locked=“false” Priority=“70” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Dark List Accent 3” />
<w:LsdException Locked=“false” Priority=“71” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Shading Accent 3” />
<w:LsdException Locked=“false” Priority=“72” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful List Accent 3” />
<w:LsdException Locked=“false” Priority=“73” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Grid Accent 3” />
<w:LsdException Locked=“false” Priority=“60” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Shading Accent 4” />
<w:LsdException Locked=“false” Priority=“61” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light List Accent 4” />
<w:LsdException Locked=“false” Priority=“62” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Grid Accent 4” />
<w:LsdException Locked=“false” Priority=“63” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 1 Accent 4” />
<w:LsdException Locked=“false” Priority=“64” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 2 Accent 4” />
<w:LsdException Locked=“false” Priority=“65” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 1 Accent 4” />
<w:LsdException Locked=“false” Priority=“66” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 2 Accent 4” />
<w:LsdException Locked=“false” Priority=“67” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 1 Accent 4” />
<w:LsdException Locked=“false” Priority=“68” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 2 Accent 4” />
<w:LsdException Locked=“false” Priority=“69” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 3 Accent 4” />
<w:LsdException Locked=“false” Priority=“70” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Dark List Accent 4” />
<w:LsdException Locked=“false” Priority=“71” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Shading Accent 4” />
<w:LsdException Locked=“false” Priority=“72” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful List Accent 4” />
<w:LsdException Locked=“false” Priority=“73” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Grid Accent 4” />
<w:LsdException Locked=“false” Priority=“60” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Shading Accent 5” />
<w:LsdException Locked=“false” Priority=“61” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light List Accent 5” />
<w:LsdException Locked=“false” Priority=“62” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Grid Accent 5” />
<w:LsdException Locked=“false” Priority=“63” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 1 Accent 5” />
<w:LsdException Locked=“false” Priority=“64” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 2 Accent 5” />
<w:LsdException Locked=“false” Priority=“65” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 1 Accent 5” />
<w:LsdException Locked=“false” Priority=“66” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 2 Accent 5” />
<w:LsdException Locked=“false” Priority=“67” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 1 Accent 5” />
<w:LsdException Locked=“false” Priority=“68” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 2 Accent 5” />
<w:LsdException Locked=“false” Priority=“69” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 3 Accent 5” />
<w:LsdException Locked=“false” Priority=“70” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Dark List Accent 5” />
<w:LsdException Locked=“false” Priority=“71” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Shading Accent 5” />
<w:LsdException Locked=“false” Priority=“72” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful List Accent 5” />
<w:LsdException Locked=“false” Priority=“73” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Grid Accent 5” />
<w:LsdException Locked=“false” Priority=“60” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Shading Accent 6” />
<w:LsdException Locked=“false” Priority=“61” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light List Accent 6” />
<w:LsdException Locked=“false” Priority=“62” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Light Grid Accent 6” />
<w:LsdException Locked=“false” Priority=“63” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 1 Accent 6” />
<w:LsdException Locked=“false” Priority=“64” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Shading 2 Accent 6” />
<w:LsdException Locked=“false” Priority=“65” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 1 Accent 6” />
<w:LsdException Locked=“false” Priority=“66” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium List 2 Accent 6” />
<w:LsdException Locked=“false” Priority=“67” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 1 Accent 6” />
<w:LsdException Locked=“false” Priority=“68” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 2 Accent 6” />
<w:LsdException Locked=“false” Priority=“69” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Medium Grid 3 Accent 6” />
<w:LsdException Locked=“false” Priority=“70” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Dark List Accent 6” />
<w:LsdException Locked=“false” Priority=“71” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Shading Accent 6” />
<w:LsdException Locked=“false” Priority=“72” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful List Accent 6” />
<w:LsdException Locked=“false” Priority=“73” SemiHidden="false"
UnhideWhenUsed=“false” Name=“Colorful Grid Accent 6” />
<w:LsdException Locked=“false” Priority=“19” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“Subtle Emphasis” />
<w:LsdException Locked=“false” Priority=“21” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“Intense Emphasis” />
<w:LsdException Locked=“false” Priority=“31” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“Subtle Reference” />
<w:LsdException Locked=“false” Priority=“32” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“Intense Reference” />
<w:LsdException Locked=“false” Priority=“33” SemiHidden="false"
UnhideWhenUsed=“false” QFormat=“true” Name=“Book Title” />
<w:LsdException Locked=“false” Priority=“37” Name=“Bibliography” />
<w:LsdException Locked=“false” Priority=“39” QFormat=“true” Name=“TOC Heading” />
</w:LatentStyles>
<![endif]–><!–[if gte mso 10]>

/* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;}

<![endif]–>

Hi,

It is great you are working toward your second career. Please take the following as a helpful suggestion and not a criticism.

I have to say as an employer and person who has hired many people over the years; I would be concerned about your comment that you 'are indifferent whether you work commission or fee-only'. You may not have meant it as I read it, but it sounded rather caviler. If I heard that comment in an interview, it would have been a huge negative strike against you.

These are fundamentally different careers and have a different fiduciary responsibility. In the first case, your fiduciary responsibility to maximize the profit of the company you are sell for, while in the latter case, your fiduciary responsibility is to the client first – even ahead of your own pocket book. (I know there is a huge debate about this raging right, but in my mind, it is a clear distinction.)

What is your motivation for wanting to become a planner? That is what I would want to hear as a hiring manager, as opposed to 'whatever'.

Again, I say this to help, and not to criticize. My comments may be a bit harsh, but please take them in the spirit of trying to help.

Andy

Apr 26, 2011 1:30 am

Thanks for the feedback; I didn't think your comment was harsh at all. My indifference at this point has more to do with just getting my foot in the door rather than a particular investment philosophy. It's difficult to get a postion on a part-time basis so I am willing to take any learning opportunity I can.

Apr 26, 2011 3:44 pm

5-7 hours a week is not even a half a day and little to no traction can be achieved. You have to ask yourself what can you bring to the table other than time and the will to learn? You are basically asking someone established in the business to let you sit in on case development so 3 years down the road you can use it to generate income for yourself.

You need to put some skin in the game and pitch yourself to prospective employers. Unless you generate new income for the potential firm they are just wasting time training a less than part time worker. And what consumer wants to work with an "advisor" who works 5-7 hrs a week and is new to the business.

Similar to Andy, not trying to be harsh just realistic.

May 4, 2011 8:06 am

My indifference at this point has more to do with just getting my foot in the door rather than a particular investment philosophy.

Sep 28, 2013 4:52 pm

If I were three years away from a Government pension I wouldn’t be looking for a full-time position either. That said, I also agree with the previous comments. The best thing to do now is prepare yourself to test for a CFP designation. This will expose you to the theoretical and technical foundations of the profession. I would also begin attending FPA functions and network with practitioners and allied professionals.

Career changer here looking for a PT fee-only job/mentor

Comments

Plain text

EasyE

Andy123

EasyE

njh_at_lfg

alexus

garypia