Becoming a financial advisor at age 48

[wolfe42]

Hi Everyone,

I have been thinking of becoming a financial planner as I have just turned 48 this past April. I am in a position to start a new career or business and wanted thoughts as if it is to late to start a career in this field.

I understand it is a tough business to get started in the beginning and have been told it’s going to take at least 2 years to make consistent money flowing in monthly.

I have a opportunity to work with a friend of mine that I graduated with that has been working in his fathers business and said I could come aboard anytime and take the time I need to learn the business

What are your thoughts on this please and thank you

 

[DHK]

Hi Dave,

It's been a few years since we last talked.

Do you believe that you would be able to stop "selling" in the traditional sense of the word and be able to just help people make educated decisions and understand the consequences of those decisions?

 

[wolfe42]

Hello!

I’m so glad you are still on here. I didn’t do anything with my licenses before and let them lapse because the mentor that brought me in just didn’t really care to help me get started

So I am starting from scratch. Yes I DO believe in that and the great thing about that as well is the company I would work with and not for believes in that concept as well

 

[DHK]

With that in mind, we need to look at this like a business.

What segment of the marketplace will you work? This video may be helpful:



In addition, because YOU are taking on the risk, you need to "interview the interviewer". This video may be helpful for that:

 

[wolfe42]

Ok great, I will watch it and get back to you.Thank you for reaching out.

 

[Tahoe Ray]

Hi Everyone,

I have been thinking of becoming a financial planner as I have just turned 48 this past April. I am in a position to start a new career or business and wanted thoughts as if it is to late to start a career in this field.

I understand it is a tough business to get started in the beginning and have been told it’s going to take at least 2 years to make consistent money flowing in monthly.

I have a opportunity to work with a friend of mine that I graduated with that has been working in his fathers business and said I could come aboard anytime and take the time I need to learn the business

What are your thoughts on this please and thank you

I know quite a few successful advisors where financial planning is their second career.

Your life experience and perspective (as someone who has sat on both sides of the table) should give you an advantage over some of your competitors.

If you're comfortable weathering the initial storm of much less income than you were previously making, it can be a wonderful decision.

Good luck.

 

[wolfe42]

Hi Tahoe

Thanks for the response. I appreciate your input

 

[marindependent]

I think 48 is a great age to start a new business. I would not be deterred in the least bit about the age consideration (if you are.)

What type of Financial Advisor are you considering becoming?

Not sure what DHK is referring to, but I have yet to meet someone that started a new business that did not have to sell their butt off to make it work. Best of Luck.

 

[wolfe42]

Hello Marindependent,

Thank you for replying. I am a little hesitant about going into this business because I did talk to a couple seasoned financial planners that said it would be more difficult at age 48

For example, one advisor said at my age it would be hard to sell Life insurance. He said it would be easier starting out working for a company like State Farm for example selling Property & Casualty because everyone needs it by law and I can get more cash flow quickly and then go from there

As far as your question on what type of financial advisor are you considering, I really don't know at this point because honestly I don't know where to start the process at the beginning stages at this moment.

Do you have any suggestions on this as well?

Thank you

 

[marindependent]

If you ask around enough you will hear a lot of people reference that everyone has to have P&C insurance while they do NOT have to have life insurance. However, no one has to buy an Auto insurance policy from anyone other than Geico and no one has to get a home policy from someplace other than AAA. That being said for many americans there are millions of reasons not to get insurance from those two carriers, but it is not easy convincing consumers of this.

State Farm, yep, probably a solid place to start to learn the ropes for a year or so. You can pick up both P&C and Life experience. Financial Advisor experience - ehhh- not so much.

That is why I asked what you mean by financial advisor. The term is thrown around and means all sorts of things - from a Life Insurance agent spinning IULs to a CFP.

On the pure insurance side - I see the best road in an internet based specific insurance niche. This could mean something that AAA does not write, Geico has priced to high, and a Financial Advisor or Business Planner says you might need.

Again, best of luck.