Exploring Part-Time Opportunities in Finance
Hi everyone! I shared a post yesterday but didn’t receive many responses. After doing some more thinking and research, I wanted to update my situation and gather your insights.
I’m currently a lead teacher with a solid salary of about $70k, good benefits, and summers off. While I enjoy my job, my ultimate goal is to become my own boss. I’m interested in transitioning into finance or at least starting a side hustle in that field.
I considered pursuing a financial advisor training program, like those offered by Edward Jones or Merrill, but the idea of leaving my secure position during these uncertain economic times is daunting. I’m wary of stepping into a role that may offer limited job security and potentially lower pay.
Instead, I’ve shifted my focus to part-time opportunities. I have plenty of availability in the afternoons, on weekends, and during the summer. I recently spoke with a seasoned independent broker who started with Primerica in the 90s, where he received training and built a client base that he could take with him later on. While I understand that it’s an MLM, the chance to get trained and licensed without leaving my current job is appealing. However, the idea of paying for leads or being pressured to sell to friends and family doesn’t sit well with me.
While searching for other part-time options, I’ve come across several similar firms, including Symmetry, which seem to fall into the MLM category as well. Online feedback often indicates that these opportunities might require upfront payment for leads, with more than 80% of participants ending up giving up or losing money.
Some people have suggested becoming a referral source for a local insurance agent, which also sounds interesting. I’m curious to hear your thoughts: what do you think is the best way for me to break into insurance or finance and get licensed? I’ve already passed the SIE, so I’m eager to explore my options! Thanks in advance for your advice!
One response
It sounds like you’re really putting a lot of thought into your next career move, which is great! Transitioning into finance while still maintaining your current job can be a smart approach to mitigate risks, especially given the current economic uncertainties.
Considering your qualifications and current situation, here are a few suggestions that might help you navigate this transition:
Part-Time Financial Advisor Programs: While it’s true that some of the traditional brokerages have a reputation for being MLM-like, there are also more reputable firms that offer part-time training programs. Research firms with a solid reputation, and consider reaching out to advisors who work there to understand what their experience has been like and what kind of support and training they receive.
Insurance Licensing: Becoming a licensed insurance agent can be a good way to start in the finance arena. Look into local firms that hire part-time agents without an MLM structure. You can also explore becoming an independent agent where you control your leads and clients.
Networking: Leverage your current network. Reach out to local financial advisors (not necessarily MLM) and ask if they’d be open to a mentorship or if they can offer guidance on breaking into the industry. You’d be surprised how willing people may be to share insights or even bring you into their practices.
Referral Networks: Partnering with local insurance agents, as you mentioned, could be a viable option for gaining hands-on experience with insurance products. It’d also help you understand the industry better and build your own network at the same time.
Education and Certification: Since you’ve already passed the SIE, consider what additional certifications might be beneficial. Programs like the Series 7 or 66 could be valuable if you decide to move into investment advising more seriously later on.
Online Courses and Webinars: There are numerous resources available online that can help you gain knowledge in finance. Websites like Coursera or Udemy offer finance courses that can help you deepen your understanding and make connections with industry professionals.
Freelance Writing or Blogging: If you’re open to it, consider starting a blog or contributing articles on finance topics. This could help you establish authority in the field, attract a network, and possibly lead to consulting opportunities.
Investment Communities: Join online investment communities or local meetups in finance to stay informed about opportunities and trends, and to meet like-minded people who can support your transition.
Ultimately, it’s all about finding a balance that works for you and aligns with your long-term goals. Keep exploring different avenues and stay persistent. Good luck on your journey into the finance world!