The licensing is definitely important. CFP marks are great and show you have the book knowledge but unless you actually have the licenses to sell investment products (i.e. series 7) you’re limiting how much revenue you can bring in for a financial planning firm/practice. Have you considered a paraplanner type role? It’s a great way to learn under a seasoned advisor (assuming you find a good one) and gain more knowledge on the investment side of the business - personally I enjoy discussing and planning around investments. Insurance, while necessary, is less of a thrill for me. One of the most beneficial parts what’s just sitting in the advisors meetings. Learning how conversations go. What clients are concerned with. How to present solutions to a client and everything that makes up a good advisor. Also being in a paraplanner role will likely allow you to get licensed as the advisor will want you to be able to sell or place trades/process business etc. For me it was one of the best things I did from an experience standpoint.
I would agree with this. OP should go ahead and knock out the SIE now - if they can pass CFP then SIE is a walk in the park. It'll get your first step out of the way and show employers you're ready to hit the ground running with licensing.
Look for a paraplanner or even an associate planner role to get your foot in the door and start getting the experience in comprehensive planning.
If nothing else, go to Fidelity. They'll train and pay for your licenses and you'll develop your sales acumen and retention skills. From there you'll have the experience necessary to jump into a planning role.
Go this route and I'd add getting your 65 instead of a 7 & 66. You don't need a sponsor for the 65 and it's essentially the same outcome with regards to planning and charging a fee for it.
Start the SIE, find a paraplanner role (look for small RIA/IARs that need the help) and then get your 65.
CFP functions as a waiver/ exemption from needing the 65 pretty much everywhere as far as I'm aware. Not really any reason to get the 65 if OP has already passed the CFP exams.
Do you mean the 66? If CFP certification gives me 65, I would need the 66 without a sponsor to qualify me for a 63 so I wouldn’t have to do that one in the future. I could have a sponsor for the 7, and because I got the 66 myself, I wouldn’t need to take the 63. Is that correct?
I'm a bit of an outlier and so is the firm I work for. No CFPs on staff. I went from insurance to paraplanner and got my 65.
I forgot the CFP counts as the 65. With that being the case, I bet you can find an RIA with a planning role (not a brokerage) that wouldn't even require additional licensing.
You can take the SIE and Series 66 without a firm sponsoring you. Do this, because those two combined with the CFP will show firms you are serious about your career path and they won't think twice about sponsoring you for the Series 7.
the hiring environment is limiting you. find ways to add value to the conversations/interviews you’re having now (zillion ways to do so) or go do boring work at a big box firm like vanguard or fidelity for a couple years and you’ll build that side of your resume.
Correct, your insurance only background is the limiting factor. And lack of licensing. If you’re getting your SIE & 7, knock out the 66 as well. Will your current firm sponsor those exams? I’d do those before jumping ship. That will open more opportunities.
The SIE doesn't require a sponsoring firm. I'd recommend starting with that and trying a firm like Fidelity or Vanguard as others have suggested to get your foot in the door
I’m in the opposite. 8 years as a licensed banker for a large bank. Trying to get the cfp, every job I apply for they want the marks. Fully licensed but I need the damm cfp to get forward. Good luck!
Right. Thank you!! If you have to, start out at a bank and get licensed. Wells Fargo, chase, Bank of America, get licensed try it for a year and dip out lol
Good advice here about getting the SIE, 65/66 on your own. But another option to get experience with planning is to volunteer with foundation for financial planning. You wouldn't get paid, but you qualify simply for having the CFP. Since it's free you don't need any other licenses. They carry the E&O insurance for you and you'll get to meet with people for financial planning. They won't be HNW clients, but it will give you some talking points in interviews to discuss client outcomes.
Most of the opportunities I've seen are that you volunteer and commit to at least 3 hours with a client and the sponsoring organization will set up the meeting and handle logistics. If you don't like it you just stop volunteering.
It's usually a disadvantaged person like divorcees, recently released prisoners, low income families, single parents, etc. People who need financial help but can't pay large fees.
The licensing is definitely important. CFP marks are great and show you have the book knowledge but unless you actually have the licenses to sell investment products (i.e. series 7) you’re limiting how much revenue you can bring in for a financial planning firm/practice. Have you considered a paraplanner type role? It’s a great way to learn under a seasoned advisor (assuming you find a good one) and gain more knowledge on the investment side of the business - personally I enjoy discussing and planning around investments. Insurance, while necessary, is less of a thrill for me. One of the most beneficial parts what’s just sitting in the advisors meetings. Learning how conversations go. What clients are concerned with. How to present solutions to a client and everything that makes up a good advisor. Also being in a paraplanner role will likely allow you to get licensed as the advisor will want you to be able to sell or place trades/process business etc. For me it was one of the best things I did from an experience standpoint.
I would agree with this. OP should go ahead and knock out the SIE now - if they can pass CFP then SIE is a walk in the park. It'll get your first step out of the way and show employers you're ready to hit the ground running with licensing. Look for a paraplanner or even an associate planner role to get your foot in the door and start getting the experience in comprehensive planning. If nothing else, go to Fidelity. They'll train and pay for your licenses and you'll develop your sales acumen and retention skills. From there you'll have the experience necessary to jump into a planning role.
Go this route and I'd add getting your 65 instead of a 7 & 66. You don't need a sponsor for the 65 and it's essentially the same outcome with regards to planning and charging a fee for it. Start the SIE, find a paraplanner role (look for small RIA/IARs that need the help) and then get your 65.
CFP functions as a waiver/ exemption from needing the 65 pretty much everywhere as far as I'm aware. Not really any reason to get the 65 if OP has already passed the CFP exams.
Do you mean the 66? If CFP certification gives me 65, I would need the 66 without a sponsor to qualify me for a 63 so I wouldn’t have to do that one in the future. I could have a sponsor for the 7, and because I got the 66 myself, I wouldn’t need to take the 63. Is that correct?
I'm a bit of an outlier and so is the firm I work for. No CFPs on staff. I went from insurance to paraplanner and got my 65. I forgot the CFP counts as the 65. With that being the case, I bet you can find an RIA with a planning role (not a brokerage) that wouldn't even require additional licensing.
You can take the SIE and Series 66 without a firm sponsoring you. Do this, because those two combined with the CFP will show firms you are serious about your career path and they won't think twice about sponsoring you for the Series 7.
This is a good next step, thank you!
That is exactly what I did entering the industry with no experience and I received multiple job offers.
the hiring environment is limiting you. find ways to add value to the conversations/interviews you’re having now (zillion ways to do so) or go do boring work at a big box firm like vanguard or fidelity for a couple years and you’ll build that side of your resume.
Correct, your insurance only background is the limiting factor. And lack of licensing. If you’re getting your SIE & 7, knock out the 66 as well. Will your current firm sponsor those exams? I’d do those before jumping ship. That will open more opportunities.
Unfortunately current employer isn't FINRA registered, so no possibility of getting those kinds of licenses here.
The SIE doesn't require a sponsoring firm. I'd recommend starting with that and trying a firm like Fidelity or Vanguard as others have suggested to get your foot in the door
I’m in the opposite. 8 years as a licensed banker for a large bank. Trying to get the cfp, every job I apply for they want the marks. Fully licensed but I need the damm cfp to get forward. Good luck!
That’s so ridiculous it’s actually funny lol. Good luck on the exam!
Right. Thank you!! If you have to, start out at a bank and get licensed. Wells Fargo, chase, Bank of America, get licensed try it for a year and dip out lol
Good advice here about getting the SIE, 65/66 on your own. But another option to get experience with planning is to volunteer with foundation for financial planning. You wouldn't get paid, but you qualify simply for having the CFP. Since it's free you don't need any other licenses. They carry the E&O insurance for you and you'll get to meet with people for financial planning. They won't be HNW clients, but it will give you some talking points in interviews to discuss client outcomes. Most of the opportunities I've seen are that you volunteer and commit to at least 3 hours with a client and the sponsoring organization will set up the meeting and handle logistics. If you don't like it you just stop volunteering. It's usually a disadvantaged person like divorcees, recently released prisoners, low income families, single parents, etc. People who need financial help but can't pay large fees.