How To Become a Registered Financial Advisor!
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- Опубликовано: 7 май 2022
- Advisor Secrets Newsletter: josholfert.ck.page/2fad371c0a
Today we discuss the education needed to become a financial advisor. These are the things you will need to learn, and the certificates you will need to get.
Instagram: / josh_olfert
Twitter: / josholfert
Haven Wealth Management: www.havenwealthmgmt.com/
Josh Olfert is a professional CFP financial advisor and the Founder of Haven Wealth Management investment fund based out of Winnipeg Canada. Through this channel Josh shares his knowledge of wealth accumulation and personal investing to the world, in an effort to improve financial literacy and help everyone achieve their financial goals.
All numbers and figures discussed in this video are purely for illustrative purposes and are not to be taken as financial advice.
I am less than a year away from finishing my bachelors degree in finance with the hopes of becoming a financial planner. I wish I would have known earlier to try and switch up my concentration to work on those soft skills that you had mentioned--looking back, I believe they would have helped me just as much in the industry! Thankfully, I'm taking a marketing elective soon, which should at least help me with my skills in sales.
I'm a sucker for self-learning about finances. I consume all the podcasts, books, essays--anything I can get my hands on! This is actually what led me to look into financial planning and advising, where I have a natural inclination to help others with their financial literacy and goals.
Thank you for this video; it's shown me that i'm moving in the right direction with both my personal and professional studies. It's the feedback I've been needing!
This was probably the greatest video I’ve seen on RUclips. Thank you
Great ideas on content creation, Josh! After providing great service to our clients, CREATING CONTENT has been the single best thing we've done for the growth of our financial practice.
Thank you so much for this video!!
Thank you for laying out steps and a pathway for those of us interested in this career!
Currently at college and looking down this career path. Trying to figure out how to best go about getting certifications and qualifications has been pretty confusing. (Lots of white noise on the internet)
Knowing the general steps needed is a big help. As I can now apply this to my life, and tweak things as needed!
Also thank you for being someone who provides an answer to the question “why?” in all your videos. I appreciate the context you give when providing information and your opinions.
Thanks Nathaniel!!
I agree with you. I'm have been studying the Accounting and Finance courses of edX for 3 months on my own, seeing the ones offered by MIT opencourseware and I have printed some books that offer the study plan of the FIU Finance career, already have Corporate Finance and Finance Math. I was studying Physics but the pandemic made me discover other things and I left university, I don't regret it, I love studying at home for free🙂 I only wish that in the future, they would make tests without asking for the 150 hours of a course validated by the corresponding entity. I mean, if I have the knowledge and you could make me like 5 or 10 different test, man just do it.
Thx for the great content. You make it easy. 👍🏼👍🏼
I'm a finance major, but I started out in math. Now I'm taking sales classes to help become more well rounded, but I have a little experience because I have small business. I also am studying for my sie right now and have some people close to me working as advisors.
Love it! Sales/Communication > Everything else
I’m going into it I’m so scared but excited
Thank you so much ❤️
Another amazing video Josh. UR THE MAN
Glad to see you're making your way though. Quality is going way up starting tomorrow.
Good stuff and spot on!
Thank you😊👍
I'm 24, I work security. I only have a high school degree. I have been working on own my finances these past years. Helped my older brother with his finances by increasing his investments. I like reading bank statements the know hows about money. I want to help low income families like mine, educate them about money, and allocate their money as well. Are these the qualities for a financial advisor or something else?
Josh Olfert_______The Man_________The Myth__________The Legend !!
Love it!
thanks so much man, truly
No problem! Glad you found it helpful.
Very very informative.
"was it worth it?" told me all I need to know. lol
So in summary:
1) Get SIE (U.S.)
2)Get Bachelors (*sad noises)
3) Document the whole experience online (build online presence)
4)Get Series 6&7 (gotta get both?)
5)Pass CFP Exam
6)Get Sponsor (6k hr intership?)
7)Do a Kapstone project/get credentialed
8)Start your own business cus working for some one else is bootycheeks
9)Get the military to pay for most if not all of this (applies to me/ people in my position)
10) Celebrate by taking a long ass vacation
I think I got it all but, please correct me if I miss ordered anything/ forgot something.
The Bachelor’s and CFP aren’t necessary, but they’re optimal.
To be an ADVISOR you don’t need the Series 6. The Series 7 & Series 66 are what you need (after passing the SIE of course).
If you get a series 65 you can skip the stupid bachelor degree requirement. Like a degree has anything to do with becoming an advisor, it’s a dumb pathway, and CFP is not necessary either.
first time watching this channel, but quality content. will be back.
Let's go!
very informative
Thank you for breaking this down, but I'm curious why you didn't mention the Series 65 route in the US? That doesn't require any education, any sponsorship, and is a great way to get started on your own. Yes, you can't actually sell investing products, and if you want to do that down the line you can go that route, but you can look into seeing if you even like this line of work without all that stuff, at least at first.
I just started my carrier as a financial consultant. Looking forward to become a financial advisor.
I learn alot from you sir.
Thanks.
How is it going in your new career?
If you are in the United States you don’t need a sponsor to get the SERIES 65! (Which is the most important licence for advising!) You can take it by yourself.
To be honest, unless you don’t have Finance background and you wanted to see if this is the right path for you. You don’t even need the SIE. The SIE is a prerequisite for the Series 7 and that usually leads to the broker dealer model. Which is more sales and less Financial advising. Plus you still need a Series 66 to do the broker dealer models. Most that go into this route burn out fast!
(Note the Series 66 is a qualifying substitute for the Series 65)
If you want to do true financial planning and advising and you have the drive to succeed. Just apply for entry level Paraplanner, or client service associate jobs at an independent RIA firm and most of those firms can pay for your Series 65. But it’s hard to get those jobs (competition is high), so if you have the means, what I would do is just study for the Series 65 and seat for the exam, and you will be highly marketable for independent RIA firms and they pay decent starting out! (And this will be a better route than the wire-house model of going through SIE, Series 7 and Series 66.)
Then when you get into these independent RIA (Registered Independent Advisor) firms. Most have reimbursement option for your CFP education cost which can go up-to $10,000 and you also have the opportunity to get the 4000 or 6000 apprenticeship hours experience needed to get the CFP credentials while working there! So for me it’s SERIES 65 and CFP!
I understand most won’t be lucky to get a firm that want to invest in them or lack the money to take these exams so unfortunately have to suffer through the broker dealer/Wire house model. That is taking a sponsored SIE, Series 7 and 66 exams route. Just make a plan to move to an RIA after 6 month to 1 year experience. Now you have 1 year experience RIA’s will be open to you. Trust me your mental health will thank you later!
Cfp offers certain bachelors programs that allow you to sit for the cfp exam upon graduation without professional experience
Thank you for making this video. This tells all us newbies exactly the path required to become a Certified Financial Planner. I have my Bachelor's degree and just got a position with a financial institution. They will pay me to study for my SIE, Series 7 and 66. I want to be a CFP, so this is pretty exciting. I also have no experience in finance. My Bachelor's is in IT.
Glad this was helpful!! Thanks for watching Sam.
I am almost in the same boat!! Working on SIE exam, getting sponsored next, Series 7 & 66, and then I will pursue my CFP!
Transistioning jobs within the next couple of months. I've got my BS in Statistics and a few years in government finance. No experience in personal financial advising.
I just a lot of passion and determination.
I’m in the same boat
I wish someone told me the importance of internship while obtaining a degree. I have MBA finance but no experience
Thanks
Real cool video Josh, I was wondering how would you recommend studying for the SIE exam? Would RUclips videos and practice exams suffice?
Great video! Do you have an opinion the niche financial advisor firms that are geared towards helping the military. I have an opportunity to get the SIE licensing & beyond paid for by First Command Financial Services to become an independent contractor eventually. There doesn’t seem to be any red flags but I always pause at the word free.
Great information. I medically retired early from Law Enforcement after 10 years and switched career paths which has been a bit of a hurdle but im nearly done with my bachelors in business and hope that I can become a financial advisor with some of my skills hopefully helping me gain traction in the field. Do you have any advice for someone with my type of background? I was also in the Marines for 4 years prior to law enforcement.
I feel relieved I found your channel. My dream has always been to start my own investment business, and after a lot of work, I got fully licensed last week. Though I've been sponsored by the same firm for years, I've been doing everything on my own (no salary / I've paid every single expense). I'm taking a couple of days to breathe because getting licensed has been time and energy consuming. I still don't have my first client, but I'm hopeful I'll do great with the experience and dedication I have. Not having anyone in the same spot as me has been hard at times, and watching your videos has been empowering. Have a great day!
Thoughts on Series 65, ChFC routes?
Great video! I just passed my exams and want to get into the business as a FA but the sales goals/expectations are awful. Definitely prefer the roles without them. Do you plan to have any videos about of roles?
You could become a stockbroker, if your not making your sales quota either you might have to change your approach or find another career field.
What kind of topics would you suggest for someone who is at the sie stage? I want to write content in blog form but don’t know what would be useful topics since I am so new
Great content as usual. I look forward to every single video you make. Thank you for helping all of us stay on top of the market. A lot has changed and that's on everything but the truth is I don't even care much about bullish or bearish markets anymore because of my portfolio manager, she has the best signal for stock.
@@chloemathew5452 My first investment with MARTHA ALONSO HARA gave me the assurance that has made me invest without the fear of losing. Lookup with her name on the web.
Great video! I was wondering how you are putting food on the table while you are pursuing to get your CFP, self learn and create content?
Work from 8-6 and study from 6-8! Repeat for 3 years.
The unfortunate fate of living in a small country called The Netherlands and so never certain whether these rules apply to me. Great advice though!
Hi Josh :).
DIdi you get your bachelors degree in the end?
thoughts on series 65 licence ?
What if you already have your LPA / PPM and trading your own fund?
What about the ChFC? Is that not a thing in Canada?
Do you know if having my bachelor's degree in my country fulfills the requirement to become a financial advisor?
Hi there i just watched your video and i am now interested in becoming a financial advisor and btw i love to help people reach their financial goals and love to communicate also btw do you know or have any recommendations what i should pick for my a levels if wanna be an financial advisor and btw how did you become one what a levels and grades did you get and what degree did you study at uni and do you recommend me going if yes what degree and if not like whats the best route thanks lmk as soon as possible thank you very much think this job is for me and right so really thanks pls reply to this and answer my questions that will make my day so thankss and btw i am from the uk not canada or the us???
Silly question in finishing my bachelors in psychology does the degree have to specific
Will a Masters in Accounting and CPA help to a CFP?
What if I am doing my CSI rn but don’t have a bachelors?
I only have HS education , sadly this won’t be in my near future
Great vid! I have a great job and killer side hustle but keep coming back to this career path. Investing has become my passion. Wish me luck;)
If it keeps bubbling back up as something you can’t quit, that’s a sign!
Great video! I really like the idea of creating content as I learn. Would love your input: I'm working 40-60 hour weeks in the construction trade and expect to retire at 56 (I'm 45 now). I am taking online courses towards my bachelor degree part time and should be complete in 5 years. Once I finish the degree, do you think that part time work or an internship would be realistic while still keeping a full time job? Or should my focus be on the SIE testing, reading everything within reach, etc?
The higher quality the firm, the more they'll want your full attention. You'd easily be able to do this with an MLM firm (Primerica, World Financial Group) but I'd probably recommend against that route. Its always the hardest, but best choice, to go all-in.
@@JoshOlfertCFP Great point! I don't think I'd do either job well if I tried to do both. I guess this is good training for my patience :)
@JoshOlfertCFP what route can you take other than MLM if you dont live near a major financial institute? I personally live in a small sask town and WFG offered me a way in, is there better options for remote working?
Hey Josh! Where on your website do you have the book suggestions? thanks!!
Did you find the book suggestions? Also looking for them
hey josh, have u ever heard of PFA designation? looking at getting it. also do a video on books you suggest
Im from Canada, and a first generation immigrant, I really felt it when you said CFP requires bachelors degree now. I currently have insurance licence, and I want to go further and become fully certified Financial advisor. Do you have any advice for me?
Hi Jay! The best workaround from what I understand is this: If you hold QAFP (entry-level CFP) for 5 years, you can become a CFP without a degree. If you have a 2 year post-secondary diploma (from anywhere in the world) you can get your QAFP. In other words, you might be 5 years away. Other than this, you will need 10 years of industry work experience.
With all this being said, if you have 2 years of post-secondary you're only the QAFP course away from being able to charge for financial advice, and you're 5 years away from CFP. If you have no post-secondary diploma, then you'd have to tack on two years of school to all of this.
I am an Options Trader and generate decent returns. Do I need to get any credentials or license to trade Options for my friends and family? Can I start advertising and marketing my Options trading services to the general public?
I hear I don't need any license for trading for up to 15 people. Is this true? Where can I find more information on this subject?
Why is a BA required? Is this so you can land a internship/job to get sponsored?
Usually an advisor works towards their CFP designation over time. This credential now requires one.
Can you own a business without the job experience and just hire registered advisors/ money managers. Example let’s so I get my bachelors then I wanna just own a company in the space but I don’t wanna advise anyone myself. So I hire experienced professionals to run the day to day is that legal?
The journey to get there would be complicated but definitely possible!
@@JoshOlfertCFP i appreciate the feedback idk if you could direct me in the steps I should take just so everything’s legal. I’ve already been accepted to Purdue University I just wanna mentally have a plan for when I’m done
@@JoshOlfertCFP or just what exactly makes it complicated ya know
I don't have enough money, I want to help people with their money, so I want to learn about financial advising.
To do that ... I need money to go to school....
Well, I'm fucked. Thanks a lot.
Hi.. bro can you please tell me about the level of math in financial planning graduate certificate available in Canadian colleges ..is it advanced or basic ? 🙏
Somewhere in the middle. The highest level of high school math (Pre-Calculus) is more than you'd need for Wealth Management. Having a deep understanding statistics, exponential functions and the time value of money are all important. If you hate all forms of math it might not be for you OR you might need a specialist alongside you.
Thanks a lot bro
Would you advise outsourcing your content creation?
Jean, our financial practice started content creation 3 years ago and we just started outsourcing some parts of the process so that we don't have to spend as much time on it.
I haven't met other advisors who say they are getting great results from outsourcing.
One route could be committing 6 months to consistent posting on 1 channel and then evaluating it from there.
I put a few videos on what's been working for us on my channel.
Hey Jean! Thanks for watching.
Content creation done consistently for a long time can give you massive leverage and branding advantages -- not to mention its one of the most lucrative pursuits in the modern era. The only caveat is that it has to be authentic. It's not impossible, but outsourcing definitely puts a big dent in the authenticity.
So if I already have
1. Bachelors degree
2. SIE license
3. Series 7 license
4. Series 66 license
5. I’m working in customer service and sales for vanguard
The next step would be to:
1. Self development and learn a lot about personal finance, investing and psychology
2. Study for CFP
3. Build my social media following
Anything elsev
*else?
Amazing. Bang on! I love that. I would say content platform/social media following first. You don't want your knowledge to far outpace your execution. I wish I would have known this.
@@JoshOlfertCFP ah okay thank you. So would you say just posting general finance tips? I’m just worried about compliance with my job
Hi , I want to chat for you regarding this. I am studying finance and accounting right now and have a brief knowledge about the Indian markets and investments. Please reply if I can get a 1 to 1 call.
So you’re saying I can’t be a financial advisor if my tests are being sponsored by my firm if I don’t have a ba?
Nope! Not saying that. There’s just certain credentials (like the CFP) that might be harder to get without a degree. There’s a lot you can still do in the industry without having a CFP.
Just landed my internship with North Western Mutual today 😊
Ouch.. run
@@Historyhappenshere how come , I also just got an offer from them
Are you a broker? Registered Investment Advisor or Dually Registered Advisor?
Is the BA requirement Canada wide?
Yes ... unfortunately.
@@JoshOlfertCFP how far can you go if you take your csc ifc and llqp
Soo no way to get into finance without a degree?
There are ways! But if you want to be situated well (at a reputable institution) you'd have to show up with something about you that's unique or take an unconventional path.
How difficult was the CFP? I just passed the SIE, series 7, and series 66 exams.
What did you use to study?
@@BadWeatherfreak Kaplan
@@YusefWakeel are you working in the field now?
@@BadWeatherfreak yes, Vanguard
@@YusefWakeel I live in FL and Vanguard has no jobs here.
hello, I'm Alexander, we would like to collaborate with you
bro there is SIE idk wtf you on.
The CFP is stupid. CFP holders talk it up, but the trend of series 65, to independent RIA without custody is the future. People are realizing that custody and advisors are a rip off in most cases. People just want advice.
I’m doing my best to maintain an open mind here! Advisors with bad incentive structures don’t always pick the best options for their clients. That’s absolutely true. I just have trouble seeing how “People just want advice” maps with “CFP is stupid”
Bro do you need a 3 year degree or a 4 year degree?
You don't NEED it per se. But its going to limit the credentials you can ultimately attain. This is a deep question that would require a long discussion. If you're backward looking and like to play the templated career/status quo, that's fine, but the degree is probably needed. If you're an innovator whos willing to stick their neck out I'd skip it. The industry is going more independent/digital. The degree won't matter as much in 10 years.
@@JoshOlfertCFP I am currently doing a 3 year econ degree in u of manitoba. If a 3 year degree is enough to meet the pre req credentials , my degree would be of some use . If it is not then i will choose the qafp route.
Thank you for providing valuable information✌️
I don’t have a bachelors degree but I’m working on my sie right now and I eventually want to get my f cfp but will I not being accredited enough without that degree?
Having a Bachelor's and a Master's puts you in a far better position than getting a CFP. Anyone can get out of school and take the exam and know very little. Also, most CFPs are people promoting products...i.e. sales...
fuck that, I don't want bachelors degree. any finance jobs I can get trained in that don't need bachelors? I have an associates in business administration
Bachelors degree req costing them big $
the bachelor's is bogus, I've been trading futures for almost 5 years
ok he said finance twitter i'm out
wow what a useless video. I was hoping to get concrete requirements for getting registered, not career development.
What happens if you want to be independent advisor how do you get sponsored
Hey Josh I love the vid. What advice would you give a new inspiring financial advisor that does not have a degree?
Oh man. There's so much to say. Hit me up through my personal website.