Getting into an Advisor role

[Compounding1]

Hi all,

(Did a quick search and didn't see this topic so sorry if it's already been discussed.)

I'm working full time at a job that I hate right now and I've always had a passion for investing and finance so I thought why not try to make a career out of doing something that I actually enjoy and try to become an advisor/consultant.

I know many here are DIY investors (myself included) but that doesn't mean there isn't a need for advisors. In fact I've searched around and there seems to be a decent demand for them. Right now I think working at a bank would be the best thing for me for experience but in ~15 years I would like to run my own fee based practice.

For those of you with experience, what route would you suggest getting into this field? I'm 23 with a degree in Commerce and haven't taken the CSC yet. Are banks the best for starting out in this field? There's always lots of Investors Group, EJ, Sunlife, etc. recruting in the area as well but I'm not sure how I would fare going door to door to be honest. General tips?

Thanks for any advice you all might have.

[MoneyGal]

Assuming by "fee-based" you mean managing assets for a fee, the fastest path would be to become a junior advisor/assistant in an existing fee-based shop. And the fastest way to finding the existing shop that you'd like to work in is by networking.

Find a place you want to work and approach them for an "informational interview." (You are going to have to do the work to figure out how to make this work for you and for them.)

Otherwise you are talking about slogging it out at a bank, hoping to make a fairly dramatic shift at some point. Just go where you want to be now: skip the bank part. There's a huge need for junior staff at advisory firms, all of which are greying (the average PM age is pretty high in Canada).

Start reading Investment Executive. Get really, really informed about the market you want to work in. Figure out how to provide value to a prospective employer.

[Compounding1]

Assuming by "fee-based" you mean managing assets for a fee, the fastest path would be to become a junior advisor/assistant in an existing fee-based shop. And the fastest way to finding the existing shop that you'd like to work in is by networking.

Find a place you want to work and approach them for an "informational interview." (You are going to have to do the work to figure out how to make this work for you and for them.)

Otherwise you are talking about slogging it out at a bank, hoping to make a fairly dramatic shift at some point. Just go where you want to be now: skip the bank part. There's a huge need for junior staff at advisory firms, all of which are greying (the average PM age is pretty high in Canada).

Start reading Investment Executive. Get really, really informed about the market you want to work in. Figure out how to provide value to a prospective employer.

Much appreciated!

[brocko]

If your desire is to get into the high end of compensation in the financial services then that means starting at the bottom. This is not a bad thing as we are buying your knowledge and experience. One thing about most folks in financial services is that they have been at many jobs in the industry so if your ultimate goal is 15 years down the road then let your journey begin. Good luck!