Sunday, December 2, 2012
The "financial planning" field
Being an aspiring financial planner I've noticed something about the field. It's mainly sales. I think financial planning should be about planning not selling. Now in order to get clients a planner does have to sell their services, but that's not unlike other professionals. The job "opportunities" go something like this. The company will support the future financial services worker during a get up and running period after which they cut them loose on straight commission. The compensation models are basically commissions, percentage of assets under management, hourly or flat fee, and salary. The most common of the jobs are commission based. This to me strikes of partiality to the particular products the salesperson is pushing. It's very hard to get started in the financial planning field for someone like me because so many of the jobs are commission based sales. I think the best compensation model is flat fee or hourly with flat fee being my choice. To find a salaried job as a financial planner starting out seems next to impossible. Knowing myself I know I won't be successful facing this harsh world having to build my own book of business. I prefer the safer path even though I'll make less. What to do? I think starting out at a bank or credit union sounds pretty good. A credit counseling agency could work as well. If somehow I could be a planner's assistant that's fee-only that would work too. My hope is that I can find a place in this field of helping people with money because I think my message could be of use to them.