Office Hours with Michael Kitsis: Finding the First Financial Advisor Job Opportunity

Introduction

• Common inquiry about entering the financial advisor industry.
• Typical concerns involve becoming a financial advisor and acquiring clients.
• Kitsis advises against starting with major firms that require self-sourced clients.

Key Insights

Distinction Between Financial Advisor and Financial Salesperson

• Financial Advisor: Should provide advice based on education, CFP certification, and experience.
• Financial Salesperson: Primarily tasked with selling financial products.

Reality of Sales Jobs in Major Firms

• Jobs offered by major firms are often sales roles, not advisory roles.
• High failure rate in sales roles: 70-80% leave within three years.
• Companies benefit by keeping clients if salespeople leave.

Challenges of Sales Roles

• Selling financial products requires finding own clients.
• Often not compensated for advice, only for selling products.

Alternative Pathways to Becoming a Financial Advisor

Non-Sales Entry-Level Jobs

1. Paraplanner or Associate Advisor Roles: Support existing advisors, focus on advice.
2. Operations/Administrative Positions: Gain industry experience through support roles.
3. Any Financial Services Job: Gain relevant experience and insights.

Education and Certification

• CFP certification is often required or beneficial.
• Experience in support roles can lead to better opportunities.

Career Strategy

• Focus on gaining industry experience, not immediate perfect job.
• Entry-level jobs can lead to advancement once experience is gained.

Advice for Career Changers

• Entry-level roles may require taking a step back financially.
• Long-term financial success is possible with experience.

Warnings

• Be wary of jobs requiring client acquisition from day one.
• Understand job nature and ask good interview questions.

Conclusion

• Prefer non-sales roles for starting a financial advisor career.
• Sales roles provide experience but are challenging for beginners.
• Numerous resources available for finding suitable jobs.

Resources

• Industry associations like FPA, NAPFA, and CFP Board offer job boards.
• Large firms may offer team support roles for new advisors.