Author Topic: have you ever worked as an assistant for a financial advisor?  (Read 3288 times)

WhoopWhoop

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have you ever worked as an assistant for a financial advisor?
« on: September 07, 2014, 07:24:27 PM »
I used to work as a secretary for a small, independent financial advisor. As a result I learned A LOT about the financial industry and what an advisor can/can't do for you.

Anyone else have experience working for a money manager of some sort? What did you learn?

I'm thinking about interviewing people and writing a series of stories. I'd especially be curious to hear from someone who worked for a mutual fund manager. I'm so curious about how they organize their day and make decisions about what to buy and sell.

Yankuba

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Re: have you ever worked as an assistant for a financial advisor?
« Reply #1 on: September 08, 2014, 08:39:01 PM »
I was an intern for a financial planner. I learned that the job was 90 percent sales. And you sold the products with the highest fees. It was a good internship because I learned the business was not for me - a Boglehead.

usmarine1975

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Re: have you ever worked as an assistant for a financial advisor?
« Reply #2 on: September 09, 2014, 08:34:36 AM »
I am the Client Services Manager for a fee based firm.  Great experience for me.

arebelspy

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Re: have you ever worked as an assistant for a financial advisor?
« Reply #3 on: September 09, 2014, 12:06:04 PM »
I learned that the job was 90 percent sales. And you sold the products with the highest fees.

Heh.  Too bad the clients never discovered that insight.
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Bank

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Re: have you ever worked as an assistant for a financial advisor?
« Reply #4 on: September 09, 2014, 12:39:09 PM »
About 15 years ago I was an inside sales rep for a mutual fund company.  Basically, I helped convince FA's to sell the company's funds.  I was good at it, but I only lasted about 18 months before I quit -- ostensibly to attend business school, but really because I couldn't handle the stress anymore.  Cognitive dissonance between actions and values, don'tcha know. 

Let me know if you have questions.

mchap

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Re: have you ever worked as an assistant for a financial advisor?
« Reply #5 on: September 09, 2014, 01:55:20 PM »
I was an assistant for a CFP, with the intention of becoming one myself. I agree with the prior comments out it being 90% sales. I spent most of my time scheduling expensive lunches for my boss where the fund company reps would foot the bill. They sell the most expensive funds as a result. No big mystery there. It's a stressful job though when the market is down :). The FA spent a lot on parties and printing calendars etc for his clients. Didn't they ever think that that's why their fees are so high.

WhoopWhoop

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Re: have you ever worked as an assistant for a financial advisor?
« Reply #6 on: September 09, 2014, 10:31:34 PM »
Great! I'll PM you guys tomorrow morning and see if you're interested in sharing a few stories about your job.

hodedofome

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WhoopWhoop

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Re: have you ever worked as an assistant for a financial advisor?
« Reply #8 on: September 10, 2014, 08:41:58 AM »
For an inside look at the brokerage business, this is a good one http://www.amazon.com/Backstage-Wall-Street-Insider%252019s-Investments/dp/007178232X/ref=sr_1_2?ie=UTF8&qid=1410355245&sr=8-2&keywords=joshua+brown

It's so funny how all these insider books are exposes. My experience was kind of a mixed bag. I worked for a fee-only financial planner. I could smell a little stank from the industry as a whole creeping in... And the occasional thing was unethical (in my opinion) in the office, but not like stealing-people's-money unethical...
« Last Edit: September 10, 2014, 08:45:45 AM by WhoopWhoop »

Proud Foot

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Re: have you ever worked as an assistant for a financial advisor?
« Reply #9 on: September 10, 2014, 12:32:43 PM »
Like many others have said above, I spent a summer interning in a CFP's office. Going into college and until that summer this was what I wanted to do. After that summer I decided to change my direction as I am not a natural salesman and I saw the majority of his job was selling a product. He worked for a national organization and I realized I would prefer to work in the background doing the research and analysis to make the recommendations to the advisors for which funds to push to the clients. (Not actually what I ended up doing). I also did not like how the structure was set up where the typical office for this organization was only the advisor and an office administrator and I knew I wanted a larger office setting to start my career.