Author Topic: Anyone provide financial advice professionally?  (Read 2105 times)

Gone Fishing

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Anyone provide financial advice professionally?
« on: August 15, 2014, 03:01:04 PM »
As in, getting paid?

Sblak

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Re: Anyone provide financial advice professionally?
« Reply #1 on: August 15, 2014, 03:09:24 PM »
I am a tax attorney, so in a sense I provide advice about a specific area of finances.  I have only one client - I work for the State - so I can't advise others for money. 

What kind of advice are you looking for?  Or are you curious about whether providing paid financial advice is Mustachian?

Cheddar Stacker

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Re: Anyone provide financial advice professionally?
« Reply #2 on: August 15, 2014, 03:17:32 PM »
If you consider tax planning advice financial advice, then yes. Otherwise, no.

Gone Fishing

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Re: Anyone provide financial advice professionally?
« Reply #3 on: August 15, 2014, 03:24:39 PM »


What kind of advice are you looking for?  Or are you curious about whether providing paid financial advice is Mustachian?

Just doing a little survey.  I've considered it for a second career if I ever decide to go back to work after ER.  The problem is most advisors I have met are just glorified annuity sales people that haven't seemed to apply anything they might have learned along the way.  Just wondering if there was a way to spread some of what I have learned on the ER path and get paid to do it without having to peddle inappropriate products.

Cheddar Stacker

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Re: Anyone provide financial advice professionally?
« Reply #4 on: August 15, 2014, 03:32:55 PM »
I've considered this as well. I just posted a paragraph about it yesterday in my journal. I think I phrased it "early retirement coach/consultant" and I think it could be a cool post FIRE hobby career. Not sure the legal ramifications of this though. I'm sure you'd have to go through all the proper licensing and compliance crap which would be a hassle.

usmarine1975

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Re: Anyone provide financial advice professionally?
« Reply #5 on: August 15, 2014, 03:33:15 PM »
I work in the industry.  Spent 3 plus years in the sales side of things. (commission based)  I found a paid salary job in which I assist the adviser in my office who is also salaried but based on AUM as we are a fee based firm.  I have the opportunity for some bonus's etc if we exceed are growth expectations.  The only way to do what you want in my opinion is to look at the fee based models.  Or charging your potential clients for a financial plan.  In which you derive no income from anything they invest in or purchase.  Basically you give them advice for a fee.  Not too many of these exist.  Many will charge you the fee but also offer the products and get paid the commission as well.  In my opinion that is double dipping and not fair to the unsuspecting client.  If you have more in depth questions about the industry or being an adviser feel free to ask.  I will answer when I can.  Leaving for the North Country for the weekend and no internet to be had there so will have to wait until I return on Monday.

dandarc

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Re: Anyone provide financial advice professionally?
« Reply #6 on: August 15, 2014, 03:36:45 PM »


What kind of advice are you looking for?  Or are you curious about whether providing paid financial advice is Mustachian?

Just doing a little survey.  I've considered it for a second career if I ever decide to go back to work after ER.  The problem is most advisors I have met are just glorified annuity sales people that haven't seemed to apply anything they might have learned along the way.  Just wondering if there was a way to spread some of what I have learned on the ER path and get paid to do it without having to peddle inappropriate products.
You could go the Dave Ramsey route on a smaller scale - call it financial counseling, and don't actually sell any financial products.