I am a 20 year old from toronto, who loves investing and has spent the last 2 years learning/ trading stocks, crypto and investing in general. My friends always ask me for investing advice and i would like to make people happy. I think this is for me. The cost looks a little scary at first but seems worth at the end. Love the videos man!
Thank you for sharing the upfront costs. How about the ongoing costs each year? Do most advisors buy or rent an office or now that people are used to video calls are there some advisors that have decided to not have an office and just do everything virtually or meet folks out somewhere when needed? How much do you have to pay in CE each year? How about software to run your business? What kind of monthly or yearly costs? What are the main COGS and Expenses even if you just list as ratios to your overall gross? I'm currently in an industry where we have to continuously buy lots of new equipment to keep up and have a good portion of our sales go to COGS and Expenses. So I'm just wondering what the margins are like as a financial advisor. Thank you. Your videos are great.
Hey Brian! My pleasure. Most advisors that work at a bigger firm have some sort of revenue share or running costs that are deducted from their pay, similar to a real estate agent. However, yes. More and more advisors are going independent and scrapping that model to control their own costs and decide where that money gets invested (for me personally, I'd rather have dynamite technology and user experience over a fancy office). Part of this is the Zoom vs Office dynamic. CE is cheap. I have a provider where I pay $15/month for 3-5 months to get the whole year done. Software is the big expense for us. We probably have upwards of $8,000 in software costs per year (financial planning, investment modelling, custodial platforms, marketing, tax + bookkeeping, etc) Biggest costs to most advisors would be labour and office space. Our model from day 1 has been to automate and exist digitally. This cuts down these major two costs and we can pass those onto our clients who can get full financial planning and investment management for
Congratulations on getting the CFP designation!! In the US, one has to have a bachelor degree and many years of experience before getting the CFP designation! Doesn't Canada require these criteria?
Yikes! I went through Primerica and they paid all those fees for me I just had to pay for the test and that was it the life insurance test was reimbursed to me and the only other fees you pay for are the state application fees for your life and securities license so over all to get my life insurance license and to pass my SIE, 6, 63, 65 & 26 it only cost me around $700 the annual renewal fees for securities licensing runs me about $750 per year but that's only because I'm licensed in 5 states and my life renewals run every 2 years in 5 states that I'll cost me about $350 for an over all total of $1800 over 2 years
Hey Josh! Great question. I've detailed that in the video below. But I'll summarize as well: 1) Obsessed with passive income in high school because I hated school. Imagined work would be the same. 2) Learned everything I could about investing + talked/taught investing to everyone who would listen 3) Over 3 years, through word of mouth and social media build a reputation as the "investment guy" 4) Took my licensing exams right out of high school 5) A small list of people who had heard of me started as my initial clients at a mutual fund dealer 6) I worked my ass off from 19-24, earning/saving/investing and creating online content to spread awareness 7) Started me own Co, clientele grew exponentially, personal investments did well 7) Now I love my work and I'm financially free and RUclips is my side project to help other people who find this interesting. Hope this helps! ruclips.net/video/LBq9qQZbc4w/видео.html
Hey Tyler! If you own a corporation and are looking for an estate planning strategy or you're a risk-averse investor who's maxed out Tax-Advantaged accounts (RRSP, TFSA, Roth,, IRA, etc) then its possible you should consider it. But it's important to note these plans pay the advisor enough commission that for "advice" can quickly become "sales".
Ok, so, the only question I have is whether you were able to apply to get at least a portion of the fees deducted/credited for your job or education on your taxes? In the U.S. we can deduct a certain portion of expenses I believe if they are continuing education if it's a job requirement.
Ooof. I guess it's a good deal if you wind up being successful, but from the outside looking in, or from the perspective of what I imagine is a large chunk of people who struggle and never really make it, this looks more like a scam to make testing companies rich than a career path. :-P
Supposedly this is becoming a requirement down the the road and I frankly think it might be the most moronic policy ever put forward by the CFP Board(s). They're latching onto a declining institution 40 years too late and will quickly realize that if they want to strengthen the designation and their own organization they are moving in the exact opposite direction of progress. No one born in 2010 or later will be getting their CFP. I expect they'll retract this policy a few years after its instituted (or they'll get very liberal with what they classify as a "college degree").
OH yeah. Designations have very little correlation with success in this business, as sad as that is. Its all about people skills. You can leverage your team for the complex work. I just personally like to develop both.
Thanks for sharing your process. Hoops. Always so many hoops. I’ve been investing in/and educating myself about the revolution that is happening in crypto and the huge opportunity it presents as mass adoption is beginning to take off. The upside is huge and there are so many folks who are interested but have no idea how to become involved. I watched your video because I see a market opportunity here and am investigating a new career path.
It will definitely be interesting to see how decentralization transforms the investment management/financial advisory space! I imagine regulators are going to make it very hard for legitimist/licensed players to play a role in the space, at least initially.
Wow, thank you for this transperancy. These numbers are not discussed in the interview process I'm currently in for being a Financial Advisor...
Glad it helped!!
My journey started today. Studying for the SIE now, and I am the youngest hire ever at my firm. Exciting times and I appreciate the content!
Lets go!! Best of luck Clayton.
Bless your soul! I was going to go to college for this!
I am a 20 year old from toronto, who loves investing and has spent the last 2 years learning/ trading stocks, crypto and investing in general. My friends always ask me for investing advice and i would like to make people happy. I think this is for me. The cost looks a little scary at first but seems worth at the end. Love the videos man!
So glad you’re enjoying the videos! If you love investing and feel like you could be a great networker, this is a great industry to be in!
Thanks @Josh. It was really really helpful for someone like me who knew nothing about it. I really appreciate your help
Thanks for watching Himmat! Glad you found it useful.
Interesting… I didn’t know the Canadian process… Great Video
Thanks JT!
I'm on chapter one of volume 1 for my CSC i cant wait to spend all this money in the near future
Hahahahah - it’ll all be worth it!
Thank you for sharing the upfront costs. How about the ongoing costs each year?
Do most advisors buy or rent an office or now that people are used to video calls are there some advisors that have decided to not have an office and just do everything virtually or meet folks out somewhere when needed?
How much do you have to pay in CE each year?
How about software to run your business?
What kind of monthly or yearly costs? What are the main COGS and Expenses even if you just list as ratios to your overall gross?
I'm currently in an industry where we have to continuously buy lots of new equipment to keep up and have a good portion of our sales go to COGS and Expenses. So I'm just wondering what the margins are like as a financial advisor. Thank you. Your videos are great.
Hey Brian!
My pleasure. Most advisors that work at a bigger firm have some sort of revenue share or running costs that are deducted from their pay, similar to a real estate agent. However, yes. More and more advisors are going independent and scrapping that model to control their own costs and decide where that money gets invested (for me personally, I'd rather have dynamite technology and user experience over a fancy office). Part of this is the Zoom vs Office dynamic.
CE is cheap. I have a provider where I pay $15/month for 3-5 months to get the whole year done.
Software is the big expense for us. We probably have upwards of $8,000 in software costs per year (financial planning, investment modelling, custodial platforms, marketing, tax + bookkeeping, etc)
Biggest costs to most advisors would be labour and office space. Our model from day 1 has been to automate and exist digitally. This cuts down these major two costs and we can pass those onto our clients who can get full financial planning and investment management for
Congratulations on getting the CFP designation!! In the US, one has to have a bachelor degree and many years of experience before getting the CFP designation! Doesn't Canada require these criteria?
Good video thanks for the insight on the process!
Thanks for watching Billy!
Yikes! I went through Primerica and they paid all those fees for me I just had to pay for the test and that was it the life insurance test was reimbursed to me and the only other fees you pay for are the state application fees for your life and securities license so over all to get my life insurance license and to pass my SIE, 6, 63, 65 & 26 it only cost me around $700 the annual renewal fees for securities licensing runs me about $750 per year but that's only because I'm licensed in 5 states and my life renewals run every 2 years in 5 states that I'll cost me about $350 for an over all total of $1800 over 2 years
Plz make vdo on difference between financial analyst and financial advisor
I'm brazilian investor. Congrats!!!!
How did you first get started as a financial planner? Did you work for a company to build experience and clients?
Hey Josh! Great question. I've detailed that in the video below. But I'll summarize as well:
1) Obsessed with passive income in high school because I hated school. Imagined work would be the same.
2) Learned everything I could about investing + talked/taught investing to everyone who would listen
3) Over 3 years, through word of mouth and social media build a reputation as the "investment guy"
4) Took my licensing exams right out of high school
5) A small list of people who had heard of me started as my initial clients at a mutual fund dealer
6) I worked my ass off from 19-24, earning/saving/investing and creating online content to spread awareness
7) Started me own Co, clientele grew exponentially, personal investments did well
7) Now I love my work and I'm financially free and RUclips is my side project to help other people who find this interesting.
Hope this helps!
ruclips.net/video/LBq9qQZbc4w/видео.html
Hi Josh, which curriculum provider did you use? Because the ones I looked at are actually costing more.
Thoughts on indexed while life insurance plans?
Hey Tyler! If you own a corporation and are looking for an estate planning strategy or you're a risk-averse investor who's maxed out Tax-Advantaged accounts (RRSP, TFSA, Roth,, IRA, etc) then its possible you should consider it. But it's important to note these plans pay the advisor enough commission that for "advice" can quickly become "sales".
Currently putting off my capstone paper and watching this video😂😂
Hahahaha. Love it!
Ok, so, the only question I have is whether you were able to apply to get at least a portion of the fees deducted/credited for your job or education on your taxes? In the U.S. we can deduct a certain portion of expenses I believe if they are continuing education if it's a job requirement.
Absolutely yes! I would be pretty livid if that wasn't the case.
Well compared to a college education you are getting a bargain. Ha ha. I got the Series 7/63/66 and I had enough.
Isn’t that the truth!!
So if you talk about Crypto now do you still have to say this is not finicial advice?
I'm not sure but I say it anyways lol!
5 k subs coming soon!!!
On our way! Thanks Michael!
Ooof. I guess it's a good deal if you wind up being successful, but from the outside looking in, or from the perspective of what I imagine is a large chunk of people who struggle and never really make it, this looks more like a scam to make testing companies rich than a career path. :-P
Isn't it a necessity to have a college degree to become a CFP qualified planner?
Supposedly this is becoming a requirement down the the road and I frankly think it might be the most moronic policy ever put forward by the CFP Board(s). They're latching onto a declining institution 40 years too late and will quickly realize that if they want to strengthen the designation and their own organization they are moving in the exact opposite direction of progress. No one born in 2010 or later will be getting their CFP. I expect they'll retract this policy a few years after its instituted (or they'll get very liberal with what they classify as a "college degree").
@@JoshOlfertCFP Do you think it's possible to be very successful with a PFP and CIWM designations ?
OH yeah. Designations have very little correlation with success in this business, as sad as that is. Its all about people skills. You can leverage your team for the complex work. I just personally like to develop both.
@@JoshOlfertCFP That just made my day! I'm set :)
Sounds like the system is scamming us lol
wow
Thanks for sharing your process. Hoops. Always so many hoops. I’ve been investing in/and educating myself about the revolution that is happening in crypto and the huge opportunity it presents as mass adoption is beginning to take off. The upside is huge and there are so many folks who are interested but have no idea how to become involved. I watched your video because I see a market opportunity here and am investigating a new career path.
It will definitely be interesting to see how decentralization transforms the investment management/financial advisory space! I imagine regulators are going to make it very hard for legitimist/licensed players to play a role in the space, at least initially.