Inquiries About Financial Planning Career
I recently had a conversation with a company about becoming a financial planner. They offered to cover the costs for me to take the Series 7, Series 66, and SIE exams. What sets them apart from other firms is that they allow you to sell insurance and engage in financial planning without being restricted to their products. This approach seems genuinely focused on helping people rather than just pushing certain products.
Currently, I work as a teacher, and I’m considering whether this new role would be a good fit for me. Do you think it would be feasible to study for these exams while maintaining my full-time teaching job? Additionally, could I start my financial planning career while still teaching? I would have the opportunity to dedicate full time to studying over the summer.
One concern I have is finding clients. Although the company has a list, they emphasized the importance of building my own network of clients with whom I can connect personally.
Ultimately, I’m torn between leaving my teaching position and trying to establish a client base while continuing to work. What are your thoughts?
One response
It sounds like you’re considering a significant career transition, and it’s great that you’ve done some initial research! Here are a few points to consider regarding your questions about entering the financial planning field while still teaching.
Studying for the Tests: It is definitely possible to study for the Series 7, Series 66, and SIE exams while working full-time as a teacher. Many people manage to juggle study schedules alongside full-time jobs. It might require dedication and effective time management, but setting aside specific time blocks for studying each week can help you stay on track. Summer is also a fantastic opportunity to devote more time to your studies.
Building a Client Base: Finding clients can be one of the biggest challenges in financial planning, especially when you’re just starting out. While it’s great that the company offers a list, building your network will take time and effort. One effective strategy is to leverage your existing connections as a teacher. Educators often have strong community ties, and many people appreciate advice from a trusted source.
Transitioning to Financial Planning: If you’re interested in building a client list, you might not need to quit your teaching job right away. Starting part-time can allow you to gauge your interest, test your skills, and begin networking without the pressure of relying solely on financial planning for your income. Many planners start this way and transition to full-time once they feel established.
Consider Mentoring or Additional Support: Since you mentioned the company you spoke with, consider asking for additional resources, like mentoring or training programs that can help you feel more comfortable in this new role. They may also have suggestions on how to find and connect with clients effectively.
Networking and Community Involvement: Consider attending local financial planning events, workshops, or community financial literacy programs. This can not only help you grow your knowledge and network but also would establish your presence in the community.
Ultimately, the decision to quit your teaching job should be based on your financial situation, your confidence in the new role, and your desire to pursue this career path. Transitioning gradually could provide the best of both worlds, allowing you to explore financial planning while maintaining your current income. Good luck!