Seeking Career Change/Advice
Hi everyone,
I’m looking to transition into a career as a financial advisor/planner. I’m turning 27 this year and have spent the last 3.5 years in investor communications and data management with a major credit asset manager. I realize that I’ll likely have to start at an entry-level position in this new field. Recently, I took a break from that role to teach Economics abroad, which has been a fantastic personal growth experience and has solidified my desire to pursue a career I’m passionate about.
Having worked in a back office role, I know I want to move into a position where I can build and maintain client relationships. Currently, I’m researching different pathways to get started. Some people suggest beginning at a place like a Fidelity call center to obtain the necessary training and licenses before progressing. Others recommend looking for a position as a paraplanner at a Registered Investment Advisor (RIA).
There seem to be many different routes to take, and I would greatly appreciate any advice on the best ways to kickstart my journey. Would it be beneficial for me to pass the SIE exam on my own to enhance my appeal as an applicant, or should I commit to studying for the CFP right away?
I’d love to hear from anyone who has had similar experiences or insights to share. Thank you!
One response
Hi there!
First off, it’s great to hear about your experience teaching abroad and how it has fueled your determination to transition into an advisory/planning role. Your background in investor communications and data management should definitely provide you with a solid foundation for a career in finance.
In terms of your options, both paths you mentioned (starting at a call center like Fidelity or working as a paraplanner at an RIA) can yield valuable experience. Here are a few thoughts on each:
Fidelity Call Center: While it might not be the most glamorous starting point, you’ll gain a lot of product knowledge, customer service skills, and an understanding of client needs right from the front line. Many firms value the training you’ll receive, and it can serve as a stepping stone to more client-facing roles.
RIA as a Paraplanner: This route often allows you to dive deeper into financial planning. You would work closely with advisors, helping with research, financial plans, and client interactions. It could give you insight into the advisory process and help you build relationships in the industry.
Regarding trying to pass the SIE exam, that could definitely enhance your candidacy. It demonstrates initiative and commitment to your new career path. However, passing the CFP exam is a significant undertaking that typically requires a solid understanding of financial planning concepts, so it might be best to wait until you have gained more experience in the field before pursuing that.
Some additional suggestions:
– Networking: Attend industry events or join professional organizations like the Financial Planning Association (FPA). This will help you connect with people in the field and potentially uncover job opportunities.
– Informational Interviews: Reach out to professionals already working in the field. They can provide valuable insights and advice based on their own journeys.
– Certifications: In addition to the SIE and CFP, consider looking into other relevant certifications based on your interests, like the Chartered Financial Analyst (CFA) if you’re leaning more toward investment advisory.
Ultimately, the best path will depend on your personal interests, strengths, and long-term career goals. Whichever route you choose, your background and determination will play a key role in your success. Good luck on your journey!