How to Become a Financial Advisor or CFP | Greg Vanderford | Skillshare

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How to Become a Financial Advisor or CFP

teacher avatar Greg Vanderford, Knowledge is Power!

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

13 Lessons (1h 43m)
    • 1. Finacial Advisor Promo

    • 2. Lesson 1 Intro to Financial Advising

    • 3. Lesson 2 How to Get Started with No Formal Training

    • 4. Lesson 3 The Two Pathways to Becoming a Financial Advisor

    • 5. Lesson 4 Traditional Fee Structures of the Business

    • 6. Lesson 5 How to Differentiate Yourself From The Competition

    • 7. Lesson 6 Business Model Analysis

    • 8. Lesson 7 The Right Type of Person to be a Financial Advisor

    • 9. Lesson 8 How to Get and Keep Clients

    • 10. Lesson 9 Where to Start Your Practice

    • 11. Lesson 10 General Pros and Cons

    • 12. Lesson 11 Understanding the Different Qualifications

    • 13. Lesson 12 Course Review

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About This Class

Financial Advisors sell investment products, consult, and manage portfolios for clients of all types

The industry is growing rapidly as an ever larger number of people retire from the workforce and need someone to help them manage their wealth.

At the same time, financial literacy is near all time lows, which means the demand for Financial Advisors and Certified Financial Planners is at an ALL TIME HIGH.

In this course, you will learn what you need to do to become a qualified professional Financial Advisor or Certified Financial Planner including:

1. What certificates or training are necessary

2. How to get the necessary certificates and training

3. How much money you can expect to earn

4. The common challenges and pitfalls of the business

5. The skillset necessary to succeed

6. The many different ways you can be successful as a financial advisor

7. The attitude, background, and abilities that are the best fit for this career

8. Much more

Join the course, How to Become a Financial Advisor or CFP and take the first step on the journey toward a new and exciting career that ultimately leads to complete FINANCIAL INDEPENDENCE!

Meet Your Teacher

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Greg Vanderford

Knowledge is Power!


My courses are designed based on my many years as a teacher and student of education and business. I hold a master's degree in curriculum and instruction and have been designing curricula for over a decade.

The business, language, and chess courses that I have built are a reflection of this experience and dedication to education. My goal is to reach as many people as possible with my courses, which is why I have chosen the internet as my ideal mode of delivery.

The following is a little more about my expertise and background. I was born and raised in Sandpoint, Idaho. I attended the University of Idaho where I earned a bachelor's degree in Business Administration in 2004. After a few years in the work force as an account manager I moved to Vietnam where I lived for over 5 ... See full profile

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1. Finacial Advisor Promo: Hi, my name is Break Banner for and I have been investor, a teacher of business, and I've been embedded within the financial community for many, many years as a financial consultant and well manager. And one thing that's happening in the industry right now is that there's a huge expansion going on in terms of the need for financial advisors. The industry is growing as more and more people are retiring and need financial advice, and it helped with building wealth and preserving their wealth. And financial advising is a career that is a good fit for all different types of people. If you're looking to switch careers, you have a background in sales or in finance or in many other areas of work. Becoming a financial adviser has relatively low barriers to entry, considering how much money you can make. For example, it's much easier to come a financial adviser and make a six figure salary than it is to do the same as a doctor or a lawyer, and says the outlook for the industry is so positive for the next 10 20 years or longer. It's a great opportunity right now for a lot of people to become financial advisors or certified financial planners. And so, in this course, I'm gonna teach you guys INS announced about what the career is like, how to become a certified financial planner or financial advisor, how much money you could expect to make and all that other details that you want to know to prepare you for career as a financial advisors. I hope you guys decide to join the course and we'll see you inside. 2. Lesson 1 Intro to Financial Advising: a little welcome to the course, how to become a financial adviser or certified financial planner, build wealth and become financially independent while helping others do the same. This is a really great career for a lot of people. As we're gonna learn throughout the course, I'm gonna teach you guys. First of all, why is such a big opportunity right now? Why it's a suitable job or career for a lot of people that are looking to switch careers, people, various different backgrounds, whether it's sales or finance or other areas that might be a good fit. Ex military is a good fit. Former teachers are good fits, and there are lots of different ways in which we can approach this career. First of all, it's, ah, rapidly growing industry. A lot of people are retiring and need help managing their well, so there are plenty of opportunities for us to get into this business. The barriers to entry are relatively low, considering the potential upside opportunity. There are certification exams you can take, and we're gonna go through each of those throughout the course, and there are also ways you can simply partner with a company like Edward Jones or LPL Financial. And they will do all the training and you get everything you need. And they have their own internal exams and certifications and things like that. There are many different skill sets that are suitable for this career, and there's no limit to how much you gonna earn in this job. In the course, we're gonna go through a lot of the numbers we're gonna analyze the business model of you're gonna be able to look and see like you make sort of the lower end of the income scale, how much that is, and then how much a lot of people are making that are really doing very well. It's in the hundreds of thousands of years, really, really thrive and have spent some time building up a clientele and doing well. You could make a lot of money in this career, especially for a job that requires relatively little training. When we're thinking about how much money could make, you're making a six figure salary, a similar level to a doctor or lawyer. It requires a lot less training and schooling, and some of those other careers do, and you can do even better if you are really good at so at the said anyone's sales experience, basically being a financial adviser or ah, certified financial planner, it's a combination mostly of sales because you have to go out there and get clients and then financial knowledge, understanding these products, understanding, investing, understanding a lot about finances and insurance and taxes. And even if you have no background in finance, but you really good at sales, then you can be trained to do all the rest. And if you have a background in finance but no background in sales, when you can get the sales training TV, so there's lots of different ways to do it. And it's really a job for people who like to work independently. Like Edward Jones, for example, you have an office with one assistance, and then you have one adviser, and so you get to do your own thing. You're the one that's in charge of how well you do a hardy work, how far you go to go out and get clients and marketing everything. That but the franchise, the parent company, helps you a lot. They give you everything that you need and you just go out there and do it. So people that like to eat what they kill, right, If you do really well, you get a lot of money. If you, you know, don't work as much, you'll make less money. But also some of us, you know, we like this Have control of our schedule. Br boss. Maybe our goal isn't to make a high six figure salary, maybe go simply to make a living, but have a really nice work. Life balance. This job is really flexible. So it's really good for you. If you like to have that type of flexible schedule or if you like to have really high upside, you want to work harder, you can do it. I mean, very few jobs. Very few careers are actually like that. One thing is, is that for the most part in general, if you want to do well, you have to have a bachelor's degree. Because if you want to take the certified financial planning exams, you lied and then and then become a sort of eventual plan and have a title granted to you. Then you have the fashion degree. Usually, if you want to go work with Edward Jones or LPL Financial, Charles Schwab or many other companies that going Teoh introduced to you about the courts and also explain the differences in the different partnerships that you can have with them . They usually require a fascist. Now, you can't become a financial adviser without a bachelor degree. But joining with these companies and being certified and stuff requires a bachelor's degree . So did you do it on your own just by self knowledge? And so reading and training yourself? It's possible, but it just might be harder to get clients. And you're not gonna be able to work with one of these brokerage firms, and you pretty much have to just go out there and hustle on your own. Of course, it's good to go with one of these firms you can or get certified because it doesn't give you credibility, but it gives you the training that you need. But in general, you wanna have a bash degree to go into this career, but it could be a bastard degree. Anything you got a bachelor's degree in communication or something that's unrelated business. It still counts and allows you to get another foot indoor and do the training or get a job at one of these businesses. The franchise partner will train you and pay most, if not all of the upfront fees to get you started. So they give you all the training that help you set up. They actually provide you with the assistant. They give you marking materials that help you get at least Lisa space. I mean, they do everything for their work with you because they want to be successful because they're going to be sharing their success if you're successful in getting a lot of clients within the parent company willing or money because you share some of the revenues with parent company. So it was really good partnership. Some of these companies have a good reputations, other others have less good reputations, and we're gonna talk about and compared those differences in the course. Some of these companies, like Edward Jones, for example, it's listed Fortune's best 100 companies toe work for consistently, so that's really good. If you get the certified financial planner designation, which is optional, that's something that could really set you apart. You passed that exam, you will really be set apart. It's considered the gold standard in the industry, and so it'll be a lot easier for you to get clients. If you do that, we're gonna talk about how to do that, whether or not you should and how that all works. There are many way to differentiate yourself from the competition, so there are quite a lot of certified financial planners out there already. But I have to send. The industry is growing. There's lots of opportunity ahead for the next several decades, due to the demographics of people retiring and having more wealth and stuff like that. It has lots of different ways that you can go about getting a clientele. And as we'll see, you don't need to have that many clients to do really well. In this business, if you're managing, we call it assets under management of a few $1,000,000 which is not very much considered. It's only a few. That's only a few clients giving you. You know, if you had $1000 to invest to get up into the millions of assets under management, you can do quite well for yourself. We're gonna analyze all that Greek detail in the course you know the most successful financial but advisers that make over 203 $100,000 for you. If you get a lot of assets under management, we're gonna run all the numbers. You could be able to see that you can make a really good living doing this and in order just to make a decent living like an average American salary, which is around $50,000 a year per household. You really don't need that many clients to get up to that level. So it's a really great opportunity for a large segment of the population. If you have a certain type of skill set or a certain time attitude were gonna go through that forces well, it's a really, really great business to go into, and you're virtually guaranteed to make it. We split it. I mean, it's nothing is free. Nothing is totally easy, so I don't want to make it sound like it's something that's super easy. But if you just want to make a decent living and be independent, then you could do that as long as you're going to work hard in this job. But you can't really say that for a lot of other career. So it's a really good career for a lot of us that have switched careers like myself. I actually live abroad and I'm a financial consultant. I've had a lot of friends in the industry in the business that have gone about doing this in lots of different ways. And so I'm gonna use that experience and knowledge to sort of give you guys a 3 60 degree view of this career and a lot of stuff that people don't understand about the industry and what the business. And so my goal in the courses to clarify all that for you guys. So you don't need to spend 100 hours looking all over the Internet and trying to do your own research. Hopefully, Aiken, package it all. Summarize it all for you. So this relatively short course you guys can get you know, everything you need to know to be oriented, orientated and be able to move forward and decide whether or not you want to go to this business. And if you choose to exactly how to go about it. So with that, we're gonna look at how to start a za financial advisor If you have no formal financial trade 3. Lesson 2 How to Get Started with No Formal Training: So the great thing about this career opportunity is that you can go into about any formal financial training. A lot of people might make the assumption that to be a wealth advisor or financial planner or financial advisor that you need to have a background in finance. You need to have worked in banks or have a finance degree, and that's not true at all. You know, virtually nothing about finance, but you're interested in it. A brokerage firm like Edward Jones or LPL Financial. Charles Schwab. For many, the ones we're gonna talk about, they will teach you everything you need to know. In most cases, at no cost to you. Date. Pay a lot of money to train you. And they look long term because they train you well and you do a good job. You're gonna make plenty of money for their firm while you make money for yourself. So it's really good partnership. Your interests are aligned, and you simply don't need to have a background in finance. Obviously, you want to be interested in it. If you're only interested in sales, you're not interested in the financial products that your selling or the the advice and investing knowledge that you're selling. But you're probably not gonna do very well because, you know, you're gonna be working on the stuff every single day, and you need to know a lot about it, so you need to have an interest in it. But you don't need to have a lot of previous training, So that's a really cool thing about this business. The training provided by these firms is often worth over $100,000. They spend the time over the course of the first few years as you learn their products and processes and you learn about investing and state planning and taxes and insurance and portfolio management. All these things that we need to know in order to do a good job managing the wealth of our clients, they will train you from the very beginning. No, of course, we already have financial training, and you already have a lot of knowledge. Well, then, you know you're gonna be refresher. Probably a lot of new things as well. It will be even more, uh, well say competent to be a great financial advisor and do well by your clients. But the main point is go one of these companies. They are very invested in your success, and they provide all the support that you need. They provide the software than you need to do the trades and to show the portfolio in visual terms, lot of graphs and cool charts of stuff is really sophisticated stuff out there now that can make it really simple and easy for your clients to see how they're doing and see a lot of statistics. And these companies, they provide all that. They provide a full time trained assistant that already knows what they're doing, basically, and so you don't worry about that. That's a really nice thing that they do for you is have a system that will be the person that will be after the phones and actually doing the trades and actually handling a lot of the administrative tasks that you can focus on. Getting clients, managing client customer service and focusing on analyzing investments and selling the products and all of that higher level stuff that we'll be doing, even help me find a location, at least the office. They would make a stealthy negotiate police on the office, and we'll do this for several years to be several years of support for new financial advice was a really good deal. I mean, you're not gonna find very many careers or let's say very many business models where you have this much support from the parent company means, basically is a franchise model where you're Franchising with a business. But instead of being like a restaurant, it's a services model where it's in their best interest to train us. Well, they possibly can, because the more skilled you are and the more well versed you are in their processes, the more money you will make, the more money that they will make in a long room. So it's really good partnership that they said before, and they give you tons and tons of support. So we're gonna talk about more companies in these, but I want to introduce you to some of the largest and most successful ones that have good reputations of the industry, and all of them are a little bit different. But they have pretty similar malls. You've got Edward Jones there, the biggest in terms of number of locations throughout the country and the United States. Edward Jones, right, now has about 14,000 locations. LPL Financial is nipping at their heels. I think they have around 13,000. Then, of course, you have Charles Schwab, Ray Jones, D A. Davidson. These guys are all in the same industry, and they offer slightly different services. Some of them, like Charles Schwab after offer, usually like the full array of financial services everything possibly think of. And Edward Jones, for example, is maybe a little more living in and services of the offer. But they are really friendly for financial advisors to get set up to get trained and that everything packaged for you ready to go. So they all have their strengths and weaknesses, but they're also all really similar. You contact these, a company that apply to be a financial advisor with them. They have a very similar process that is going very slightly, what software they use, exactly how they go about getting clients and how their companies work. But the two most popular are Edward Jones and LPL Financial, and one of the reasons why people like those is that they are really geared towards a single office with just a couple staff. It's you and the assistant. And that means that you can open them up virtually anywhere. You don't need to be in a big city. You compete in small town. You're advising individuals, individuals that maybe don't have millions of dollars. But, you know, maybe they got a few $100,000. They waited, managed for them. And so it's really a business that you can do anywhere where some of these other companies you might need to be in a larger area, large, larger metropolitan area, things like that. We're gonna discuss that throughout the course, But for most of you, you're gonna want to go with one of these five companies. In some cases, you'll be in a town, so you want to live in a specific place and you might have, like already several Edward Jones office is open there. So maybe you want to go with LPL Financial, Charles Schwab or whatever go the different one. To differentiate yourself really depends on the location that year. And there's a lot of saturation, some markets, other markets there, right for financial advisors, and they need more of them. And we're gonna talk about how to choose which company and choose where to do this later in the course as well. And in the next lecture, we're gonna look at the two main pathways of becoming a financial adviser. 4. Lesson 3 The Two Pathways to Becoming a Financial Advisor: so basically there are two main path to become a financial at Visor and I've already basically introduced them in the first couple of lessons. One of them is to apply to become a financial advisor with one of the companies mentioned above. You simply go to the website, filled an application panel of information. They will contact you and you will start the process and they will explain what you to do and everything will just go from there will start getting the training and start getting on boarded and will be an interview process or whatever, and it's very straightforward. The other way basically is a study for and pass a certified financial planner exam, otherwise known as the C F P exam. If you want to do both of those things, if you work with one of those organizations and you also pacif C api exam that it's really going to set you apart, you're gonna be sort of considered in the cream of the crop. When people are looking at financial advisors, you can say I've been trade by Edward Jones or LPL financial or whatever, and I have these designations. I'm also a professional certified financial planner, and they know that you passed the very difficult certified financial planner exam. I'm gonna go into more detail about this exam, prep for it what it means. You know how to take it, how much it costs and everything later in the course but lesion basically the to main ways of becoming a financial advisor. You either go with one of the company's after you have a bachelor degree. A lot of people will have a degree in finance already, or maybe have some training by working in a bank or some other type of financial firm, like a title company or something before so you will have some sort of background in finance. But as I already mentioned, you don't I need to have that. If you decide that you want to get the training and you just want to study a lot before going into basically contacting the company getting started right away, you can take courses and pay for amount of your own pocket. They range from just a few $100 for the study materials up Teoh several 1000 or full comprehensive course belt materials and classes and you know, instructors and everything to get you ready to pass a certified financial planner exam. Once you passed that exam and then get a certain amount of experience, you are granted the title of certified financial planner, and that will set you apart from a lot of other financial advisors. But if you don't wanna have to go through that relatively rigorous process a lot, actually, most financial advisors do not have the C F P designation. But since they are working with the company like those that I mentioned, they have a credibility and training, and that's all that you need. So it's up to you how far you want to go with it and how you want to approach it. And I'm going to give you guys a lot of different avenues and ideas for how people that I know have gone about becoming a financial advisor in the industry, differentiating themselves from the competition in various different ways. There are a lot of different ways Teoh differentiate yourself a lot of different strategies you can use depending on your situation, to get clients and also just find the right clientele for you. Some people go after really high net worth individuals so people go after more of the mom and pop individuals that have a lot fewer assets. But you want to get a large number of those type of clients and various things like that, and we're gonna discuss the ends announced that throughout the course is well, at the end of training with a brokerage firm like the one of the ones I mentioned, you will have the title of financial planner or financial advisor. You'll be trained in their particular business model, and you'll be competent to start attracting clients. So after you know a few months in training, you can basically start collecting business. Depending on how long the training takes, depending on which company you go with, you finished their training program. You start getting clients, and you basically hit the ground your, uh, feet running. You know, you just start going and you learn really fast. Hopefully, if you're new to this and start getting clients right away, it could take a little time to build up your clientele. They say it takes a few years. If you want to get into the millions of dollars of assets under management, be making you know a six figure salary, but it over just to be making a living. It doesn't take very long. Give a few clients if you're pretty good salesman or you know a lot about this stuff and you come across as being competent in order to get first, you know, 30 or $40,000 a year of income. It shouldn't take you very long to get just a few clients and get started. But you don't have to go with one of those firms, actually, I mean, if you prefer to be completely independent, you can simply train for and take the C F. P exam and just go out on your own. If you feel complicit and competent enough to learn how to use the software and things like that on your own, you can basically just hang up a shingle and say I'm a certified financial planner. Hello. You know, start networking and start advertising and start taking on clients. You don't have to go for those firms. It's just that you know, you have to do everything yourself in this case, and you have tow paper, all the costs of training and taking the exam and be on your own. But if you like that in dependence, that level of independence, then by all means you can do that by being a certified financial planner. Then you have a lot of credibility and certainly a way that a lot of people go. What other people do is they will start out with one of these franchises and they'll get some experience. Maybe we'll work with them for a few years and then after they have a lot of experience than they will decide toe, then go out on their own with all that training and experience and maybe with C F P title, and we're completely on your own course. When you do that, you don't have to share and you the revenues of the parent company. You will keep everything that you make, and you can along and perhaps make a lot more money that way. So there's lots of ways we go about doing this. It all depends on your personality and what you feel comfortable with what your background is. The CFE doesn't nation is considered the gold standard industry, though, so it will set you apart from the competition. But again, it's not totally necessary to have that. You go out on your own without one of these companies, though, and you don't have a CFP designation and you have no title except for maybe, you know, having studied finance. Then you got a degree in finance. Maybe you consider yourself a good investor. It may be difficult for you to get clients because they're looking at you. Compared to other certified financial planners or other companies that appear to have more credibility than you. It will be hard for you unless you know, of course, maybe your great sales when you're great at convincing people of your knowledge. And maybe you really are very, very skilled at managing people's wealth. It just might be harder for you in that case. So, um, that's probably something that most people wouldn't want to do. So see FP example, materials and courses, as I mentioned, they range from like Low was $400 just for like the materials and just want totally study by yourself all the way up to around $8000. If you take a really comprehensive course and they give you like a huge amount of not only materials to study but support and teachers and structures in time, one on one face time, you can take full, comprehensive courses that will totally prepare you for the exam. An exam itself costs about 600 dollar, so you may be looking at spending several $1000 if you go ahead and take a CFT exam on your own. But in the grand scheme of things, a few $1000 if you can afford it, or even if you have to put it on a credit card and get into some debt. As long as you follow through with everything, it's gonna be a drop in the bucket compared to how much money you're gonna make once you get some clients rolling and you compare it to going to college for four or five or six years or getting graduate degrees, it's a really good value for your money compared to a lot of college degrees that you're going to spend a lot of money on. A lot of people get out of school, right? They have a lot of debt. They either don't use their degrees or they can't get a good job. Well, pretty much anyone who is competent and hardworking can become a financial adviser, and you're willing to invest a few 100 or a few $1000 into the training. It's a really, really good value when you compare it to other options out there. Other educational options. So I think it's a very practical and very great way to go into a career if you want to get good value for your money. Basically, the exam the way that the CMP exam works is there are five main areas, five million components of the exam that you need to study and no very, very well. And these are things that you'll study in the courses that you take or the materials that you buy. So you know a lot about insurance, all aspects of insurance and underwriting and how it all works. Of course, you need to study investment. You need to study and understand taxes. You understand retirement and retirement planning and then, of course, estate planning for inheritances and things like that. Finance is not just about investing. A lot of people surprised to know that you know about insurance, taxes and estate planning. You need to know a lot more than just picking stocks are buying real estate or the regular , you know, sort of vanilla investment type of stuff that most people are familiar with. So the C F P exams is very comprehensive, and it's a very challenging exam as well. On Lee, about 64% of people that take the exam pass it on the first try. So we're talking about rates that are about the same or even a little bit worse than the bar exam for lawyers after they have taken, you know, finish law school. That sounds bad. But the past for the Barnes and was hired mostly because people usually just finished three years of very rigorous study in law school before they think that is that this exam is either self study or you just take some courses. And so the initial pass rate is relatively lowing, obviously 64%. Most people still do pass it, but if you don't pass in your 1st 1st try, you can keep taking it and they offer it three times the years We have the weight a few months before you take it again, and this is why a lot of will choose not to get the c api designation because it it is quite rigorous. It is quite difficult, and it's a barrier to entry. But if you have it, it will set you apart. So I a lot of people choose to say, you know what? I'm gonna go into the way. I'm not gonna pursue the C A. P. But I'm just gonna go ahead and go with the editor Jones or one of the other companies, and I'm gonna let them trade me. I'm gonna let them pay for all the expenses, and that's a logical ground for a lot of people. You just may not be able to differentiate yourself from other certified financial planners as easily. Later on, when you're seeking clients, it'll just come down to the credibility you have from being part of the organization and from the destinations that you get from the company and your training there, and force how good you are. A sales process. So the next lesson we're gonna look at what fees uh, financial advisors typically charge according to industry standards over to spend a few different lessons talking about not only the standard fees and some examples of those but different ways you can be creative, or you can differentiate yourself from other financial advisors based on the fees you charge and the reasons for doing so. 5. Lesson 4 Traditional Fee Structures of the Business: So there are a few traditional models and then newer models that are kind of coming into their own now due to changes in the industry and the perception of the industry that financial advisors use to charge their clients. So they typically range anywhere from 1/2 of a percent up to 2.5% of assets under men. So we say a, um, for the rest. Of course, I will say you have assets under management. That's basically what someone is giving you are entrusted to you to manage for them. So if it client gives you $500,000 the total fee that you charged you combine just a fee with the commission is 2.5%. It will get to per 5% of that $500,000 that you're managing per year. We're gonna go through a whole legitimate example of exactly how much money you make in different scenarios. Usually you'll charge less for lower amounts and mawr for larger accounts. In other words, actually, this is backwards, charged more for lower four amounts and less for larger accounts. What I mean by that is, if you have assets under management that air smaller like, for example, from 0 to $500,000. You won't charge 1.5% of the assets undermanned, smaller amount of money that you're managing and so that you will be slightly higher, just like in any other area of business. It's like you pay less wins in bulk, and so we're managing large amounts of assets and you're entrusted with a larger amount of money. Your fee will be relatively smaller, but you still end up making more money as we'll see. So let's say, for example, from half a 1,000,000 up Teoh just under $10 million. But this whole huge range, which is where most of your clients will be. Most of the clients when you're an advantage advisor will have between half a $1,000,000.10 million dollars, and that's the vast majority, and you will charge 1% of assets under imagine. So the calculations here are very, very simple, especially you don't have commissions or other consulting fees, which we're gonna talk about later if you simply do a fee based model in charge, 1% of assets under management. You know you have $5 million of assets under management than that equates to $50,000 in revenue for you for a year. And a few $1,000,000 of assets under management is not remember. It's only a few clients. You only need a few clients to have this business be profitable and viable. But after you've been in the industry for several years and you build up so you have maybe 50 or 60 or even 100 clients that you start getting into the hundreds of thousands of dollars, typically income. That's of course what everyone is working towards, and you may have a policy where any account has more than $10 million. With you, you only charge them half of a percent of assets under management. So you're paying them relatively last is on a much larger stuff. So someone gives you $20 million. 1% of $20 million is $200,000 so half of that would be 1/2 percent would be $100,000. You just get 1 $20 million account and you charge them half percent. You're gonna have $100,000 in revenue from that one client. So obviously the game is to get as much assets under management as possible. And it's really important now, especially as this industry has more and more scrutiny due to various will say, unscrupulous financial advisors that tend Teoh churn their clients accounts in order the increase in fees and things like that. They've given the industry someone of a bad name in some circles. We're gonna talk about that later. Eso the fees, he charged. The theme based model that you use is actually really important in terms of you coming across being someone who's ethical, has integrity and is trustworthy. And that's really what it's all about is trust your clients trust you and your perspective . Clients perceived you as being trustworthy because you are. Then you're gonna do very well in the business over time. And if you're more of ah, huckster and your goal is to just sells many products possible, assuring accounts, you're gonna get a bad reputation and you're not going to stay in business very long. So how we choose to charge their clients is important, and this is kind of changing right now in the industry. The traditional model that used to be used far more is the condition commission based model , so basically means that the advisor charges a fee every time they make a trade. And so the problem with this it's a little bit of a conflict of interest because you get paid every time you make a trade than you are incentivized to churn your client's account and trade too much. And even if you are 100% feel feel like you're doing right by your client and you're being active, you're trying to maximize their assets and whatever. It's a conflict of interest because you're getting paid, the more trains you make. This has been traditionally how the biz have been run, and it's been criticized recently for this. Only about 20 to 25% of all financial advisors now use commissions because of the criticism that have happened and because of the conflict of interest that is clearly present if you have this type of well. But a lot of fashion miners continue to do this because if you combine a fee based based model like we just looked at, let's say, for example, a charge of 1% of assets under management and then a small commission on every single trade you make might be something like $30 on every single time you trade. Just a bit is the feed or you might you might charge, You know, a tiny percentage of, however large the trade was on commission. You can really rack up a lot of fees, but you're kind of hurting your client because every time you trade and if you're making a profit for them, you're getting paid for all of it. Whereas you mean issues a fee based model that's very simple. It's very clear you can't be accused of being unethical if you just charge a flat fee for assets under management. And so it's the way that most financial advisors are going. But if you do, Jews use a commission based model or at least partially condition based malls. You will be using, like a fee matrix that will show you depending on what the trade is, how you trade, how much you will charge, and your institution will provide you with those v matrixes. So there's also 1/3 moment, which is basically just consultant. He's a consulting baseball where you charge by the hour to set up on account to set up a portfolio or to consult about the client or polio. You and you can combine a fee based model with the consulting baseball. This is what I prefer to do is you take maybe half of a percent or 1% of assets under management. But when your client comes in to consult about the portfolio, you can charge them somewhere, usually between $1500. Now our music $75 an hour in this example. So you charge a 1% fee for Aston or management Um, and it's 75% consulting fee. Depending on the preference of your of your client, you can. Also, if you want to just do a consulting fee and basically haven't come in, you get the financial advice. You help them manage a portfolio. You can even let them use their own accounts that they set up with a private brokerage firm outside of of you, and you just consult with them and they pay you by the hour. That could be something that people feel really good about if they're wary of paying big fees, apparent paying commissions and those other models. Some people are a little bit distrusting of financial advisors that that's the case. You can go ahead and just charge consulting fee so you could be very flexible with this. And you can even keep your clients the option. Say we have this option, this option, this option you can choose whichever one you want. And I'm gonna show you guys a breakdown of how your income will look depending on the different models and depending on different levels of assets under management. So you can see clearly what the results would be in those cases. So the alternative fee structures that will divert differentiate yourself and benefit your client we're gonna look at 6. Lesson 5 How to Differentiate Yourself From The Competition: so again, due to the fact that there's competition as well as sort of a perceived laugh of lack of ethics in some circles about this industry. Now, do you know a few bad actors that have kind of poison the well for everybody else? You can differentiate yourself from the competition by choosing alternative fee structure that can be a lot more attractive to clients, especially you don't have a CFP designation. Or, if you're working totally independently, you can attract a lot of clients by charging them less for your services or for being more flexible and how you charge. I know a lot of people would prefer to not be charged commissions or not be charged one or 1.5% of their assets under management, especially if you're dealing with ah, large network individual that might have several $1,000,000 that they're looking Teoh Have you manage? They may be very happy if you can provide them with fewer fees, obviously, and you make it their business over the competition, so one that you could do is simply charge a flat fee that is lower than the competition. For example, if you tell everyone I'm different than all other financial advisors out there because I only charge half of 1%. Most financial advisors charge 1% or what have percent? I charge a flat rate half a percent come to me. Now, In this case, you're gonna be needing a higher net worth individuals or a larger number of accounts. But they will be easier to open because you will be the low cost provider. So this is one way I've got a friend who does exactly this. He charges half of 1% for assets under management and no consulting fees, No other fees. Just this. And he attracts a lot of business because of this because you save his client's money, he does right by them. He gets a lot of large and small accounts, and he makes a lot of money. And so, at first it might take a while for you to build up a clientele this way, because you do need to have more assets under management, but it's a way that you can or easily attract those assets under management. That's one way you can go. You can simply charge Consultant B and nothing else. So you can basically say Listen, I'm a consultant. I will help you make a financial plan. I will manage a portfolio or you or whatever it is that it soon will be. Whatever it is that you need help with, I will manage it for you. I will consult with you, and I will simply charge you $5200. Now let's say you charge $200 an hour. We're getting close to, you know, legal fee level here without having a little law school pass the bar exam. But financial advice is very valuable. And we're talking about managing people's assets, and it's their livelihood. And these people are entrusting you with their lively in their retirements in many cases and by charging consulting fee, you know, instead of, um, making this huge amount. If they have lost a large number of Athens, enter management. You can gain a lot of trust by saying, you know how much time you spend with me. That's how much I've been a charge for no commissions, no fees. It builds trust, charging in these formats. It builds trust, and it allows you to more easily get clients. And that's what it's all about, especially as the industry becomes more and more competitive. I mean, the industry is growing, but the number of financial advisors is also growing. So you're gonna need to have ways to attract clients. And fee structure is one of the easiest and most effective ways that you can do so and you're charging $100 an hour. You know, you don't need that many clients to make a good living, getting an analyst with numbers in a moment. But if you have a high net worth individual, it's gonna be a lot less expensive for them. They want that they want you to manage $10 million arm or instead of charging a percentage of that, which turns out to be quite a lot of money, he is charged by the hour. They're saving a lot of money. And the good thing about this, if you start getting clients that behind that worth individual that have millions of dollars and they were for other business to you, well, then you can really start getting a lot of momentum, and you'll find ways later. What's your practice? Matures Teoh, have new revenue streams and maybe even change your model and your fee structure. Once you're more successful by normally, get started. In order to get those clients, we need to attract them, right And, of course, also do something like combined. The two charge a low fat flat fee, like half a percent and a consulting fee. Depending on the professed preference of your client and the value of the assets under manage, you can give them the choice. Some of us that we can You just a flat fee of half a percent, um, and consult a consulting fee. When you come into talk of B or just a consulting fee, no flat. Be with the consulting you would be higher. For example, maybe if you have a percentage point and $50 our consulting fee or if they don't want to do that half a percentage point, maybe say, Look, I charge no fees I discharge of $100 in our consulting fee and you give them the choice, and it's going to depend on how much their assets under management are gonna look at it as a cost benefit analysis, the larger the assets and management more, they're gonna want to go towards an hourly rate and lower their assets under management, but more than they want to go towards the flat fee. Whatever the case may be will do its best for the client and whatever we need to do to get that business. So you could be very creative and flexible, especially if you're working on your own and you're independent. Now, if you're working for Edward Jones on LPL, one of those companies, you're gonna have a lot less flexibility in terms of the rates and fees that you charge is there gonna have their own programs? And there was systems that they're going to want you to fall. So there are pros and cons of going with those firms. They help get you set up, but you are much more restricted and what you do going out on your own. Everything is on used more responsibility, but totally free and independent to do what you want to do, another way that you can be creative and build trust and charge fees differently than everybody else. And therefore, differentiate yourself if you charge a one time fee to set up your clients for polio. Maybe with a consulting fee followed me So you basically say no matter how much money they have, whether it's $50,000 or whether it's a $1,000,000 you can just charge like a $5000.1 time 70. This is obviously very attractive for high net worth individuals that a lot of access and management. It'll be less attractive for people if someone only has $50,000. To invest with you in a $5000 set up fee may seem like a lot, but if it's a one time fee, you can show them. Listen if I want managing your money for five or 10 years, If you used a 1.5% a flat fee over time, that will add up to a lot, of course, those five years. But if you just give me $5000.1 time, then you end up saving a lot of money. And this is actually good for you because you know you'll make less money. In the long run, you will be getting cash up front, and so therefore your cash flow will we get, especially when you're getting started out. What you need is cash from cash coming in and So this is a model that can help you a check clients and have good cash flow when the business is new. And, of course, you could simply do something like charging $50 an hour consulting fee. Aziz. Well, maybe do a one time set up fee was a consulting fee. And this is another way to go. It's up to you, depending on what you think is best for your clients and for your particular situation. There are a lot of different ways to charge. The traditional typical way is that people charged 1 to 1.5% for assets under management on and then a lot of people. In addition to that charge, a commission, those people that, um, sometimes make the most money but also sometimes create a bad reputation in the industry for financial advisors, for churning accounts for doing things that are unethical. And so you've got to decide which way you want to go with it, and he just of alternative ways that you can go where you can feel really good about what you're doing. You feel that you have your client's best interests at heart and that you're giving them choice and what kind of fee structure that they want. And so those are a lot of various ways to go about doing it, and I'll leave it up to you to decide how later on we're going to analyze the actual numbers. In fact, that's what we do. In the next lesson, you see how much money you'll be making at its natural advisor with different type of fee structures. 7. Lesson 6 Business Model Analysis: in this lesson, working locus of example to see how much money would make with different levels of assets under management and different rates in terms of your fees. So he charge one time set up fee based on assets under management is the simplest way you can basically do it one time, so let's say you charge 2% one Time said. If you have assets under management in that salt, someone wants to give you half a $1,000,000,000 to invest with them, Then he would make $10,000 on that client. Now, I don't think about that. If you got just 10 clients in one whole year, a charge of a 2% fee and your average client give you $500,000 you have $100,000 in revenue . So you see the numbers can get relatively large quite quickly, depending on how you charge. That would be a one time feet, and so that's very attractive. One time he was very check that you continue to manage their money and the way we're gonna make thes. After that, initial fee would be charged. Some sort of a consulting fees were still making money off of that account, but it's gonna be a very attractive way to go. And again, you can change this later on after a few years of your business running so you can start out with some mawr attractive, these kind of as a aggressive promotion to get clients and later on down the road. You have enough assets and money coming in. You can use a different fee structure for newer clients. Just just an idea. If you charge 1.5% of assets under management upto say 9.9 million, you would make 100 and $50,000 in revenue off that one client for that one time feet at 1.5%. So you just have one client and just under $10 million you charge them 1.5%. You're going to have $130,000 in revenue, just not one client. So, you know, if you get some high net worth individuals to entrust their assets to you, you're going to easily be making a lot of money. And then another example is be so anything above $10 million you charge the one time set up fee of only half a percent in order to charge larger amounts. You see that you would make $50,000 for that client, I noticed, just by going from 9.9 million of 10 billion, the fee that you make actually goes way down that you're encouraging high net worth individuals to invest with you. And so the more they invest with you, the more money they save. And this is kind of extreme example where night. But I'm millions at the high end of this range of 1.5%. So they're gonna end up having to pay it quite a lot. Whereas if they get over the 10 million, they're going to save money and only had to pay you $50,000. But you want to get high net worth. Individuals to come into your business has long term clients. There will be a lot of ways down the road that you will benefit from having high now with individuals when you change your fee structure or you get them to introduce other high net worth individuals. You, of course, usually people that have a lot of money also have friends who have a lot of money, and if they say a list on the new financial advisor, he charges a lot less. And all the other financial advisors that I have seen give me quotes. We put $10 million with him and Rolling pain $50,000 a one time fee. It seems like we're giving away a lot here, but it can lead to a lot of business later. This is a business where you want to play. The long game will think long term, and this is also just one example one way that you can do it so it save money in the long run. But it costs more upfront and encourages investors to give you a larger amount of assets under men. Also having high net worth individuals as clients, you know you can advertise that to prospective clients, and you're not going to tell them who the individuals are. But you can say we have five clients that have invested $10 million with us, and that's going to give you credibility and is gonna make people much more likely to trust you with their hard earned well as well so you can land a few big fish in this business. It will benefit you. A lot of you have to give them a really good deal given discounts. In order to do that, it might be a smart thing to do. Of course, if you can attract a on individual that has $10 million to invest with you and charge them in annual 1% flat feet instead of this, of course, that's obviously better. You're gonna have to decide. What do you think you can achieve with each individual client? Everybody is different, and that's when your sales skills would come into play. But most financial advisors do is they will end up with about an average 1% fee most financial by. There's no longer charge commissions. And if you look at giving high net worth individuals 1/2 a percentage, be but a lot of lower net worth individuals of 1.5 or even 2% fee, you usually will end up with around an average 1% fee and all assets under managers. That's Ah on average, example that we can use to see how much money you can expect to make in this business if you're a typical financial advisor is doing well. So, for example, if you have $10 million of total assets under management, which is not that many clients, just like 20 clients at the give me half a $1,000,000 right, it's not that many customers. And that would give you $100,000 in your revenue. Now, assuming that we have expenses for the office, um, for utilities and for one assistant, then in this case, off of only a few clients off a relatively small amount of assets under management, you would be earning $60,000 a year. Now that's very achievable for most financial advisors. You're gonna be looking at making something like this after your first year or two in the visits. Not bad. That's higher than the average American household income for for this line of work, for being independent, being your own boss, especially if you like sales or finance. That's a pretty good deal, and you can see why this industry that tracking a lot of people because it's quite attractive situation now, he charged a 1.5% fee. So your fees are a little bit higher. Maybe you really good at selling. And maybe you really good a job. Maybe you've got a certified financial planner title and people are willing. Teoh let you manage the money for a slightly higher fee. 1.5% on that same $10 million. Now you have $150,000 a year in revenue with that same $40,000 of expenses. Now you're earning 100 $10,000 a year and profit again. This be off very relatively small number of clients, 20 clients with average investment of $500,000. So you make a six figure salary. That's as much as a lot of doctors and lawyers and other professionals might earn, even even the low side of what doctors and lawyers might earn. But you don't need to have nearly as much training, and this is very, very achievable. So that would be nice with And if you're even more aggressive or even better at your job at that same $10 million that same small number of clients and so you focus on getting a small number of clients willing to pay 2% fee that you're gonna have $200,000 a year in revenue and end up with 100 $60,000 profit. So these are all numbers that look pretty good, and they're all very achievable. I mean, of course, nothing is easy. It's still will take hard work to do this. But after your training is done after you get going after get a few clients, it does not take you very long to start seeing some really good numbers and making more money than you would in 90% of other occupations. So those are just some, um, quick examples of what you can make under fairly typical fees and when you might charge. Now let's look to see how much money will be making. You can get 40 customers to pay you half a $1,000,000 in assets under management. You're managing $20 million. This is also very achievable. I know people who are managing much more money than this. Granted, the ones that I know there are managing $20 million or more have been in the business for several years, some cases 10 years or more, but this is something Teoh work for to strive for. But see, for example, in charge of 1% fee on $20 million charge, only 1%. That's going to give you $200,000 a year in revenue. And if you have that same, um, looks like I didn't properly calculate this. So after that, $200,000 minus 40 you're gonna be making 100 and $60,000 a year in profit. That's just off 1% fie on $20 million assets under management. You making a very, very nice living. Now, if you're able to charge 1/2 percent on that same 20 million, that's 300,000 year. And now you're looking at a profit of approximately 260,000. And then if you are able to charge 2% because you're great cell greater what you dio, you've got the credentials you got experience. People are willing to invest with you and you get $20 million in her assets. You're making $350,000 a year or thereabouts. That's pretty darn good. You're talking about some of the best lawyer, some some of the best doctors talking about very, very high salary. This is possible if you work hard, you stay in the business for seven years and you can get a lot of assets under man. These are just some scenarios for you to look at, but I know a lot of individuals are making more than this as financial advantages. Usually usually the ones are tubing. Financial advisors using the ones that are making this much have the C F P title designation. But some people are really, really good at sales, and they know a lot about finance. They're really good at portfolio management, and it is really smart. And so over time in the business, they just gain more, more experience. They learn more more, and as they start to get more, more clientele, give her first. Basically, you're trustworthy and you do right by your clients. Over time you will get a lot of refers. You don't have spent a lot of money on marketing. If you're doing right by somebody and you're making them wealthier, they will tell people about you. That's the nature of this business that will send people to you and say, you know, so until told me that you've done a great job managing money, I would like to talk to you about managing my money as well. Let's talk and then your business grows organically from there. So long as you are trust, really have a good reputation. You will be successful in this business that you are a huckster out to make a quick buck. You're trying to get commissioned and turn accounts. People will figure that out very quickly. I mean, you can't fool that many people like doing that. That's the reason as people are getting more and more sophisticated and knowledgeable about financial products due to the Internet and do information being out there so easy toe to see, it's much more difficult to do what used to be pretty standard practices. So that's a good thing. That means that people are getting a better deal and means that the industry is being held . Teoh higher standards. But if you're a trust really hard working individual, it's even better for you. You can differentiate yourself from the rest, and over time you can build up to some of these very nice salaries and make a really good living for your self. Just look at one more, um, example here, So let's say you charge just a one time center fee instead of doing the yearly fees. This is very attractive, as I talked about before, and you can get a lot of clients quickly by doing this. And basically, let's just look to see how much money we can make me do this. If you have a one time set of be on average account again, let's say half a $1,000,000 and you charge 2%. But you can do because the only one time set of be doing $10,000 on that account. So you signed up. You know, 10 people in one whole year that's $100,000 so that's like signing up less than one person per month, and then you would get to there. So that seems pretty achievable, doesn't it? If you have 50 clients per year, right, if less than one per week, get one client for a week or so on. And of course, it's attractively you. If you're talking about just a one time set up fee, you would make $500,000 a year in revenue. Right, 500,000 minus are assumption of $40,000 in expenses. You making $460,000 a year. Granted 50 clients a year might sound like a lot of clients. I know people who have a couple 100 clients, and when you do, a one time set of the Onley is very attractive. They pay upfront mawr initially, but then they never pay again. When you show them how much money saving. By doing this, it's very attractive to most people, especially high network clients. You are very wary, letting someone manage their money and scraping off a lot of fees. But if you look at this, you get a lot of clients doing this. You're talking about making a very, very high salary even higher than we saw the examples before We charge a flat yearly feet. Now, if you do something different and you just do, ah, one hour consultation or if you meet you add a one hour consultation on top of this, let's see charge $25 an hour a month to come in and talk about your portfolio. Talk about their needs, anything they want to change. You know what's on their mind. Just have one our per month consultation offer the same 50 clients every year, you're gonna make an additional $45,000 a year, so there are a lot of ways to get additional income if you start adding consulting, if you start adding other products once you have a clientele, once you have your business established, that's when the big bucks start rolling in. The reason that business is hard and why a lot of people give up on it is because the 1st 1 or two years it's rough because you're making maybe not very much money to try to get clients who try to network with you tryto build. Everything is very challenging. But once you get over the hump first year or two, then the numbers can start to get really big, really fast. And that's what you're putting in all this effort for us to get to that point. And it really only takes a few years, everything about getting a college degree, taking 45 years and think about okay, four or five years getting trained 1,000,000,000 clientele in this business. At the end of your calls degree, you get a diploma, but you're probably debt or have spent a lot of money. Well, the end of this training and 1st 2 years in the business, you're making hundreds of thousands of dollars. You can see it's a much better situation. So, especially if you aren't liking the career and now interested in sales of the incident finance, you can do very well in this business and final example. If you have only 20 clients with the average after center management of half a 1,000,000 at 1.5% that's $10 million under management. You would still make 100 $10,000. This is an example given earlier slide, but that's not that many clients. I mean 20 individuals on average, with half a $1,000,000 that most retirees will have that much or more coming to you, you're gonna make more than $100,000 a year. And it's not gonna be that much work to manage these accounts. Once you've got them all set up. A lot of the work is up front. It's analyzing. What they need is putting them into the right investment vehicles, and then you just do maintenance on those, maybe rebalance their portfolios every year. You give them some advice, use track, everything you watch everything. Really. A lot of it is just getting the account and getting them set up, making a financial plan at the beginning. And then, you know, the money is relatively passive compared Teoh, other careers, other jobs where you're just grinding it out for a salary. You're working really hard every day in this business, you manage your time. You have a boss, you manage your day, you have control of your time. You control how you go about the business, and you can be compensated very, very well for doing so. So these air some of different ways that you can see the fees of results in some really good salaries. And, uh, you know, spend some time thinking about that thinking about which way you want to go. But the business model works very, very well. It will continue to work well, as this industry is growing. I read the industry right now in late 2018 is going at around and is expected to grow at around 15% for the next 10 or 20 years. So that's pretty good. I mean, that means there's room for thousands and thousands more financial advisors out there in the U. S. I mean, abroad other countries. Same thing. It's a growing industry so that this is not gonna be something where the jobs are gonna dry up in the next few years. You've got a long runway and a lot of opportunity to get into this business and to do well . And next lesson, we're gonna look a little more detail about what type of person will probably succeed and enjoying this type of. 8. Lesson 7 The Right Type of Person to be a Financial Advisor: so the briefly mentioned before This is a business that is suitable for lots of different kinds of people. Which is another reason why it's such a great opportunity. People have a background in sales, right, Because you must prospect for clients. You gotta go out there and get business. You gotta be good with people. You gotta know how to sell, Get understanding, sales process. So if you have had sales training or any type of a sales job, that will help you and you will likely be good at being a financial advisor. Basically, if you're a people person, you like to make friends. You like to talk, then this is a business that you probably do well in as long as you can learn the financial aspects of it. Teoh A good look. Okay, people that have a background in financial accounting. Obviously, even if you think you're not a people person, if you are deeply knowledgeable about finance or accounting or investing, then you can learn the sales part. I mean, you can talk to people about something that your expert in that you know a lot about, or that you're passionate about, and you can learn the other aspect. You know you have knowledge of investing. We're not tax law or of your C P A. Already you hear accountant. It basically view general understanding of fundamental business principles. Then the rest of it can be learned. You know, there might be a learning curve of a few months. So are a few years to get to where you're making a lot of money, but it can be done. There's a lot of other careers. The bears to entry are just too high. And if you want to change careers, have become a doctor or lawyer. You're talking about going back to school for years and years and years and taking on debt spending thons of money. Whereas you're changing a career into Financial Advisor, these firms will pay for your training. It's mostly just a matter of time and work before you're making a high salary. So in terms of the barriers to entry, and how much do you have to learn depending on your background? It's very low considering how much money you can make. And in general, if you're an ambitious person is willing to work hard, you can do well as a financial advisor. You could be trained with no private business knowledge. If you're going to work, you can do. You have no sales or financial knowledge as long as you're interested in them is only you're willing to work hard. You can learn all of it in a relatively short amount of time as long as you go for it and you're passionate about it and you really want. You do need to have a bachelor's degree or take the CFT exam in order to be hired at those companies or hard to work on your basically, you want to hide with Edward Jones or the like. You need to have a fashion degree so you don't need to get one of those. You don't have access. Agree. Just go ahead and study on your own or take a course and then take the C A P exams. Then you don't need to have a bachelor degree. But then you can become a certified financial based on your title, and you have both the training, knowledge, skills and the credibility to get clients. So there's those two main halfway. So no matter who you are, you can get into this business if you're going to work hard and you know it's just a good career. If you're looking for something, that is it an adventure or a big challenge or simply looking for a change? It's a flexible career. It allows a lot of different people to come into it and be successful. You never know what's gonna happen. Never know how much money you're gonna make. Maybe you have no where you're gonna end up where you're gonna live. But if you're open to something new, if you're open to challenge me a financial advisor is a really great way to go for large number of people. Have got a lot of friends at a very successful in this business. I myself am a financial consultant and a business teacher. I've never worked personally full time as a financial advisor, but I am very, very knowledgeable about the interest rates. I'm surrounded by people that do it. I'm embedded within a community of business educators. I'm a former of salesperson marketer. I manage my own portfolio and all the financial advisors I know with very few exceptions, they like when they do, they enjoy the challenge and they're compensated very, very well. So it's a good fit for all different kinds of people. Don't think that you need to be some sort of financial genius or something professional. Amazing salesman Toe. Have a good career in this business. Anybody can do it as long as you're willing toe work. So the next lesson. I want to look at all the different ways that you can differentiate yourself through competition, depending on who you are. We all have strengths and weaknesses. We all different levels of certification and knowledge and so, but there's always a way we can differentiate ourselves and stand out from the crowd and get client. 9. Lesson 8 How to Get and Keep Clients: so the most obvious wave differentiate yourself from the competition is a charge less than the competition. Make this your primary selling point. If you are constantly letting people know that you are less expensive and other financial advisors, it has an impact because everyone is trying to save money, right? We're all trying to save money. We all need more money. So if you can get a competent financial advisor to do a good job for you and charge less or in some cases a lot less than the competition, like the example I gave you a charging half of a percentage point flat fee for assets under management. That's what very attractive people, especially high net worth individuals, which are the kind of clients that usually we want tohave. For reasons that I already discussed, that's one simple, straightforward strategy that will definitely differentiate you from the competition. Second thing is is to go ahead and study hard and passed the cfpb exam. Make this your primary selling point. Most financial advisors will not have done this because it is a buried entry because it is difficult. I already mentioned 64% pass rate, which does sound daunting, But a lot of people there taking this exam, maybe they didn't take it seriously. Maybe you didn't study hard enough. Maybe that good of exams 64% still means that most people that take the test passing on their first try. If you can get a CFP designation, you can set yourself apart from most other financial advisors, even ones that have been in the industry for many years. If you go to some networking advance, you start meeting people in community and you tout the fact that you pass the C F P exam, you're gonna have a much easier time getting business, and you may be able to charge more for your services instead of using the low cost provider as your selling point, you will say I'm a professional. I've got a certified financial planner status, and I will do very well by you. I can manage your money competently and help you build well. That's very attractive. So that's another way to differentiate yourself from the competition. Another way to different yourself is to use a flat fee or one time female like we already looked at. This builds trust, and it keeps things very simple. Some clients want simplicity and trust. Whether anything else, they're not even looking to get really rich or to build well as rapidly as possible looking to not have to worry about their finances. Let somebody else manager for them, somebody that they can trust. I have a simple fee model where they know that they're not being taken advantage up. There's no commissions. There's no funny business going on. A lot of people just want that comfort of not having to work, and they hope that their assets will grow slowly over time. Or at least they won't lose a lot of money over time. So you charges a flat rate, a one time fee or a simple consulting fee with nothing hidden. It builds a lot of trust again. This industry is based on trust. If your clients trust you, they will keep their money with you and they will refer new business to you. Okay, so these air three different ways that you can differentiate yourself when you're out there selling and try to get clients, you need to say how you are different from other financial invited. A lot of financial advisors got Thursday. I'm a financial advisor. I've got 10 years of experience. I know what I'm doing. Investor money with me. They're not differentiating themselves with competition at all. So you need to have a specific strategy, something that you are saying. Look it, I'm different and this is why you will get a lot more business by doing that. That's what the best salespeople dio That's the best financial advisors do. They used trust and integrity as your primary selling point industry has a bad reputation. As I mentioned in some circles, you do a few bad actors giving the vast majority of natural visors a bad name. Some people don't trust the industry anymore. Some people think that they can just, you know, by index fund and passably invest their money, which in some cases is the smart thing to do. Depending on the goals of the individual right, everybody has different financial goals. Everybody has a different risk tolerance. Everybody is in a different age, and so this is why you have to study and learn how to become a good financial better because you have to suit your strategy, your asset management strategy to the individual client and everybody is different. But if you are basing your whole business model off that that you are trustworthy, word will spread. You will get clients, and that could be your main selling point. Maybe just charge the same type of fees as everyone else in the industry. One or 1.5%. Maybe you'll even charge commissions. But if you focus on trust and you actually show that you are trusted Lee and have a very, very high standard for integrity, never tell any kind of a lie. Always be totally up front with the client never hiding anything that can differentiate you and give you a really good reputation. As Warren Buffett says, you can take 20 years to build a reputation and five minutes to lose it. In this business, when you're managing people's money, it's all about trust. So keep that in mind and one trick that you can use. And it's not a trick one tactic you can use, and this is what I use when I'm trying to get the consultant clients, is that I say, Listen, I will show you my personal portfolio and you contract my personal portfolio. Every trade that I make everything I do. This is very effective because most financial vouchers don't do this. They don't want clients to see that they put their money in a different investment vehicle . Then they're putting their clients money. They say, Well, why you say this is so good? How come your money is not in it? Of course, the reason might be because we're all different as you just mentioned the all different strategies and risk tolerances and goals. But I showed people look, this is where all my money is, each of the stocks I own and this is why and when they see you do that when they see you willing to show your personal finances, it's very compelling. And so that's the main strategy that I use when I'm looking for clients. What I view is I charge $75 an hour. I charge a consulting fee, and I basically just consult with individuals and help them make a financial plan, and in some cases I will invest their money for them. But I don't trust any management fee. I just charge a consulting me. I'm happy doing it that way. I feel that it keeps things very clean and clear, and clients tend to be happy that to just, you know, they talked for two hours. They give me 100 $50. They talked to me for one hour, maybe $75. And there is one of the reasons I personally do it that way is because I'm involved in a lot of teaching of a business teacher. I'm also a consultant, so I kind of combined it to things that I invest my own portfolio. If you're gonna be a full time financial advisor, you know, that may not work as well for you. No matter what you do, no matter how you're approaching this business, being willing to show your clients your portfolio, it builds trust. And so since most people don't do that, that is something that will differentiate you from the vast majority of the competition and finally charged on Lee. A consulting fee and no other fees, as I just explained, differentiates you from the competition. It helps to immediately build trust with clients it keeps seems things simple and very easy to manage, because otherwise you're having to track all these different fee structures that you have all these different clients that have different levels of assets under management with you , and things could get kind of complicated. I mean, the software manages it for you. But if you like the idea of simplicity and a lot of clients like the idea of things being simple, it's a good way to go $75 an hour with only a 1.5 hour consultation per month. And so you've got 60 clients. You would make $81,000 a year, no matter how much money you had under management. So it's a low risk way to go about the business because you don't need to look at how much assets you haven't management. You just look to see how many billable hours you're getting. Basically, how many clients are going to pay that much for you and me? Personally, I don't have an assistant that is do it by myself. And so I just charge a $75 an hour consulting fee, and I don't have much overhead. I just have my office and no assistant, and so this is a model that works for me because I combine it with my other activities. But even if you're a full time financial advisor, this might be a way that you will want to go as well. It all depends on your personality and how you feel about how you want to run your business . So there's different ways to differentiate yourself. Usually you want to base it on either trust or being a low cost provider, or being the highly highly qualified expert where you can charge more money and, you know, go after that way. So I hope that's helpful for you guys. And in the next lesson, we're gonna take a look at some considerations in turn, like where you want to open your office, where you want to start your practice. There are a lot of things to think about when deciding on this. 10. Lesson 9 Where to Start Your Practice: So if you decide you want to become a financial advisor, looked into it, done the training or you talked to the company that you're gonna partner with, You wanna look at choosing a good location? Some locations have a lot of competition and that kind of saturated. So you're not gonna want to do this anywhere. Unless, of course, you've got a specific town or city that you want to live in and you're happy to carve out a niche and make a decent living. But your goals not necessarily Teoh become wealthy or have a really high income vehicles become really successful with this and pushed up into the hundreds of thousands. And you want to choose a location with less competition. And oftentimes small towns are actually best for this business because they are underserved by the big corporations, large investment banks and things like that. You open up a small little one man 02 man shop and you are is going after individual retirees or soon to be retirees, people that are looking for you to manage a few $100,000 for them at a lot of those small towns. Even though it seems like it's counterintuitive to go up for a place that might have less money. Overall, you will have less competition, and you could go after a larger number of individual clients. Large corporations and banks are shocking to larger metropolitan areas, smaller towns of lower overheads, lot cheaper to get into business and get the business started in a small town. And plenty of people with assets that need to be managed and sleep will generally try to get a lot of smaller accounts. But also over. People that are looking to retire often have attracted to small, quiet, peaceful places. So it's a really good fit for this business. And if you find yourself also attracted to living in a smaller town, we'll say Towns with less than, let's say, 100,000 people for our your maybe a little bigger is okay, but something like that is a really good fit for this type of practice. I mean, you only need a really small office space. You can pay as little as four or $500 a month at least a little office. All you do is go to meet with your client, so it's got very low overhead and you don't even need a secretary or an assistant. All cases you save yourself the whole entire salary. You don't know if you go with Edward Jones or LPL. Usually that will give you, as I already mentioned, an assistant that's been trained and knows what they're doing. But if you're gonna go with the consulting model or one of the simpler models and you just don't wanna have to have that that salary in the higher overhead and lower your risk, you can go ahead and do this all by yourself. You are just gonna be probably limited and its services you can provide. And as you start to grow, maybe later on you'll want to hire somebody. But if you go into a small town that's underserved with financial products and you start all by yourself without a second Terry, it can be a low risk way to go. And it could be a really safe way to get started. And because of that, you can really go virtually anywhere. And despite the competition, if the location is a priority, I mean, if you saw the papers example Onley, a few good clients can be enough to make a good living. If you could land some big fish so you don't need a lot of clients, or you could simply I get 20 or 30 clients that have a relatively smaller amount of network . Get your assets under management up to a point where you're making 50 $60,000 a year and you're making decent living in your own boss, controlling your own schedule and working independently. So it's such a flexible career. There's all these different things you can do. It's one of the one of the rare careers where you can choose where to go based on lots of different factors. Basic. You can live anywhere and do this job, but it's not true. If your beholding to a corporation and you have to go to where the jobs are. This you can take the job with you, and I find that something that's very, very attractive about this business. You could go to a big city and find a neighborhood. It is underserved and just focus on that one little area. If you want to carve out a niche, you can go to an affluent area with a lot of rich people, and you can seek a relatively small number of clients that have a higher asset under management per client. I mean, you could even have only one client in the extreme example. If you have a very wealthy client, it doesn't want to have to worry about managing their money. Maybe you have a friend. You know, some people that are wealthy. If you can convince them that you're a good person to manage their assets, you will only need your one client. If they have 15 or $20 million. That might be kind of rare, but it's possible. Everyone has different situations. I know people that are very wealthy. I don't manage any of their money because a lot of times people had a very well think They're already good with money where they have big banks, that we'll do that for them. But I have a client that I consult with that is worth several $1,000,000 you know, it depends on who you are and who you know. So you never. You never know what your clients are gonna be like, but there's lots of different ways to get different times of clients. You can even go to a less affluent area and seek a larger number of clients. I have lower assets under management per person, so you might have less competition in this case because they'll be fewer financial advisors . They're not targeting this demographic usually, which had a target, more affluent people because obviously the assumption is that they have more money. But if you get a lot of clients that only have, let's say, 50 year $100,000 for you to manage, but you make one or $2000 a year off. Each client managing the money used me to get a larger number of smaller clients, and it could be a lot easier to do that because of less competition. Other people aren't targeting that demographic, so you need to take these kinds of things into consideration with looking to choose a location for where you want to do business, and with this business model, you really can go anywhere. You just got to kind of find the right fit for what you want and where you want to live. 11. Lesson 10 General Pros and Cons: in this lesson, we're gonna look at some general pros and cons. I've been talking a lot about how this is a great business, a great career. There's all kinds of flexibility and good things. But of course, no job or career is perfect. And so we want to kind of just discuss some of the ins and outs of this career. So ultimately, at the end of the day, even though you're managing wealth and its finance oriented, it's a sales job. You have to attract clients. You've got to keep your clients happy. If you like finance and investing, you'll be happy doing this, you know. But you may need to overcome some bias or rough reputation of the industry has gotten over the last several years from unscrupulous actors that I mentioned previously. A few bad apples have poisoned the cart, so to speak. Not everyone thinks of industry and negative light, obviously, and they said the industry's growing more and more people need financial help financial management, management and the services of a financial advisor. But you may have to overcome the negative bias. In many cases, people think of you as a salesman and not a financial professional. Of course, it helps if you have a certified financial planner designation. It also helps if you're working with the organization like Edward Jones or LPL with Charles Schwab, etcetera. But that's one of things you gotta take into account when considering this be prepared that you're going to be meeting some resistance. When you go out there and try to pitch to clients and get clients, you're gonna be convincing them to trust you with their hard earned money. It's a really important job, and you have this really big responsibility. So that's one of the things that makes the job challenging. And it's one of the things you better be prepared for. But that being said, as we've already seen, you can make a very high salary after a few years in the business, if you learn the ropes, if you're good at it and you start to attract a lot of clients, you could make a much of the doctor or a lawyer without all that training. And it's really great for those of us that, like toe work independently, you want to be on your own. You won't be an entrepreneur, you don't want to have to have a boss, even if it means only making. I don't know. For your $50,000 a year, you get the work out of your own office. No one tells you what to do. No one controls your hours. That's one of the most attractive things about this business for me, and I know that's one of the most attractive things about it for a lot of other financial advisers as well. It's difficult, though, if you like having a lot of colleagues around you to work with. Most financial advisors will have one assistant, but usually you're not gonna have a whole bunch of colleagues around you to shoot the breeze with and go to lunch with and things like that. So if you're a social person, you get that from your clients, from networking for being out there and prospecting. But you're not gonna get a lot of that, usually on your day to day time in the ah possibilities. Something to think about. You know, nobody mentioned this, but just thinking that there are many jobs where it's pretty easy to make a basic living you don't need very many clients, turn 30 to $40,000 a year. I mean 30 $40,000 in years about what a teacher makes its and with what a lot of sort of starting out professionals make. And if you're happy working fewer hours and just getting at 30 $40,000 a year salary, you only need a few clients as we've seen to get there. So it's not that hard. But if you're seven making a six figure salary, you can also get there with hard work. And so again, there's a lot of flexibility as a lot of ways that you can take this. It can be challenging at first if you don't have private business being or you don't have prior sales training because sales training really helps a lot. Being able to go out there and ask for business. Talk to people about what you do something with their new to sales. They feel kind of like an impostor, or they don't like having overcome objections and overcome. You know, the bias that people have in terms of not wanting to be sold to or manipulated, which is why the correct style of sales now the most effective way of doing sales now is being much more conversational about things and not making the, you know, the old elevator pitch, so to speak, just sort of talk to people about what you do. Introduce yourself, let them be aware of you, and you sort of have become friends of people. You're out there, and now we're taking making friends. They know that your financial advisor and you double relationships, basically. But that's not easy for a lot of people that don't have sales background. So that could be challenged in the first couple of years in the business is totally new. It it could be pretty hard, and some people end up leaving the business, so just something to be aware of. But compared to a lot of other, like sale of jobs, like selling cars, selling insurance, just pierre sales jobs, I would say this is totally separate thing because you're a financial services professional . There's a lot of training that you can get a lot of places that you can take your business is more flexibility, more upside, and at least for those of us that really like finance investing, I think that you could get a lot more out of this type of job than most people would get out of a typical job selling cars or insurance for advertising and those types of jobs. You need more training, more education in this type of vision. Soas faras sales jobs go I would say one of the best sales jobs you can possibly have, but it's still ultimately a sales job. But it's also one of the only jobs with very few entrepreneurial jobs or businesses that you can get started with little or no capital. And it's really one of the only businesses that exist with this as a possibility because of you partner up with franchises. Get her Jones. They are putting up all the money, basically, at first to train. You get everything going. You're gonna be paying that back with you as you share profits with head office. But you can get going without much capital. That's very rare. That's hard to do now in America is the cost for everything Go up. Regulations seem to continue multiple. That's a pretty big pro, a Sfar becoming a financial advisor goes, and basically anyone that has motivated can make it work. You're a motivated individual be successful and you're still you're starting out in your career or your changing careers. Anybody can be a successful financial advisor, going the work hard. I mean, keep saying that, but it's really true. Those people people wash out or the people that fail the CFE exam there. In most cases, they're not really committed to doing it. So as long as you're really committed to doing it and you have your eyes set on success and are willing to push through for a good two or three years, the awesome feeling, I think are very, very low. I mean, everyone that I know that has gone into business, have been motivated has done well. I has made it work. I've seen people go in there and make 40 $50,000 salaries. Nice to go there, make two and $300,000 salary. So you know anybody can do it. There are challenges just as anything, but you know, they're all challenges that could be overcome. And it's just good to know what you're getting yourself into. The next lesson we're gonna look at the different qualifications. What they mean. What if you could get them and all the different sort acronyms and designations that you can get when you're in the financial lies in business as good thing Teoh. 12. Lesson 11 Understanding the Different Qualifications: So I've been talking about the C F P title and how getting the CFB title will probably earn you more money in the longer and just get that sets you apart instead of the gold standard and basically guarantees to potential clients that you know what you're doing. However, it's not as necessary. If you're highly skilled at sales, you know how to sell these financial products is working with the company. You don't need to have it. There's another test that you may have heard of. That I just want to mention, even though it's not related to be a certified financial planner is the CF exam, which makes makes you qualified to be a certified financial analyst. This is examined, qualifies you for being a portfolio manager or many hedge fund are working at large institutional banks and investing large amounts of money. So if you take the CF examines also been called a Series seven exam, it's very, very challenging, and that's a different sort of type of career. So I just want to point that out to you. In case you're confused. You've heard of the C F A. Never heard of the C F p. That's for going into investment management. We're talking about financial planning, mostly four individuals. Okay, so I just want to make that distinction for you. Now there's some older, more traditional exams and titles that used to be sort of the standard and industry before the CFP evey candid standard. These exams and titles are still available, and there's still ways that you can get a title and have credibility, but that are actually a little bit easier. But they're mostly focused on insurance products, so the oldest one used to be the one that most financial advisors had. It's called CEO You, which is a chartered life underwriter. It's a traditional sort of oldest exam or designation in this industry and focuses mostly on insurance products. But as the responsibilities and services offered by financial advisors have expanded, then a certified financial planner, training and exam he came sort of the gold standard. But if you get a ceiling, you, which is easier to get in the C f T. I mean, it does give you a professional designation and gives you credibility, and it's a way to get that that is less working, cost less money. There's another one that's also older in the industry that might be sort of think of. You could think of it as being a level between the ceiling you and the CFE, which is called the Siege FC Chartered financial consultant. It also originated in the insurance industry, but it now provides more general financial education. So and people clients don't really know a lot about these different titles or not familiar with CFT or a CHF. See, it's easier in general to get this chartered financial consultant designation and to pass this exam than it is to get the C F. P exam. And since most lay people don't know a lot about this industry, they just know they someone to help them manage their finances. This might be an easier way to go. You want to go and be independent, then you can get the CHF see examined ceiling. You examine set of the CIA P exam, and these air also test that certain of the company's like Charles Schwab Ray Jones energize, except for the ones that I've been mentioning, some of them will require only the ceiling. You were only the CHF. See. Each company requires a different exam for you to take. Some of them only require a new internal examined. They consider you to be qualified to become a financial advisor. So just important for you to know these different titles and these different tests you may need to take and how hard they are to get and what they mean for you. So just so you know that seal you and say HFC, they're considered easier exam in the past in the C f A or the C F P exams. And while they may not be as prestigious in the industry as those other titles, I mean the customers that you're going after. Oftentimes they won't know the difference. And it's just good for you to know that it's sort of a lower barrier to entry. But you still can get a official qualified certification that you know will help me good clients and also, of course, educate you about the business also of your CPF. You're only a certified public accountant. You don't need to take any additional example. You already have credibility and adequate training in finance. So going into evangelizing, if you don't want to be an accountant anymore, it's a really natural career switch. So a lot of accountants become certified financial pires and often time because they could make a lot of money and they want to work with people. They maybe they get tired of this constantly doing the financial statements and just that cold, hard numbers and copulating that you have to do is a c p A. So that's one way to go. You know, people obviously, that holding Juris doctor degrees of, in other words, lawyers who have been a law school. They don't need any further certifications of your lawyer, but you don't want to be a lawyer anymore. You can easily make the transition and becoming a financial planner. You have a lot of credibility as a former lawyer with a J D degree. So it's a good fit for you. Different companies, As I said Edward Jones LPL Financial, the two biggest. They usually required internal exams based on their own training programs, and they usually don't require the C F P. And so basically they make a barrier to entry easier, and they get easier for you to become a financial advisor, of course, so they can make money and so that you can get, you know, get going faster and because they're the ones that are paying for the training everything. So going with these companies when you don't have any of the other training yet is probably the best way to go, because it could be everything you need to give you all the products and trained how to sell them. And it's all packaged for you. So it's good to know that stuff, and hopefully that will help you guys know what to consider when you're thinking about which way to go. As you start thinking about becoming a financial adviser and the next lesson, we're just gonna review some of the main points of the course and make sure that we kind of summarize what we really need to know before we go into this career. 13. Lesson 12 Course Review: So again, I would emphasize that this is a growing and highly profitable industry. If you're not sure about your current career, your current job, it's at risk of being automated if you are sick of what you're doing. This is a smart business to go into. It's not gonna be automated any time soon, although there is very helpful software that is used. Roll isn't any financial advisors and plans, and people are always gonna want a human to talk to you together. Advice and help them with their money is unlimited income potential. Just like any sales job like this is a sales job that has a higher likelihood of making a higher seller. It's very difficult to make a six figure salary selling insurance your car's love cold calling those businesses have, you know, sort of bad reputation, the used car salesman sort of reputation. And while I mentioned the reputation of financial advisors in some areas, kind of going down a little bit, it's not a stain. You're still financial professionally, still have more credentials, a bachelor's degree, usually and more training. So it's not by the same levels of the sales jobs, and it's unlimited income potential really isn't lived in some people, very few even making the millions of dollars doing this type of jobs. So that's pretty awesome. There aren't very many jobs where you can say that about, You know, there's relatively little barriers to entry if they're already mentioned. Of course, it's easy to become a financial vice that is, to become a lawyer or a doctor. But you can make as much money or mawr as those professions, so it's a pretty good combination of ease of entry and income potential. It's great for salespeople and anyone with a financial background again. Don't be afraid if you don't think you know everything about business. Everything about sales. If you have any of these skills, you can acquire the other skills by parting with one of these companies were simply taking some more courses and updating your skill set. But if you really get a sales, it's a great fit for you. If you love finance, it's a great fit for you. You will almost certainly be successful. It does take hard work to get established. There's no way around that you need a job where you're building a business or a 1,000,000,000 sales con tell you are gonna have to work hard. I mean, that's that's all there is to it. For the first few years. You get to work, right? But if you're willing to do that, you will be successful. Some areas have a lot of competition. It may be harder to get that higher six figure salary if it is a told ton of financial advisors in your area. So I would say, Look around, do some research, check and see if you can find a smaller town with very little competition. You could probably do well there or go to a larger city. Maybe you find some area that doesn't have a financial advisor. You can work out of your home. In this business, you can get a house and have a whole office in there. As long as you you know, maybe put up a nice side, maybe make it so part of your house is sort of separate. That's your office, and then you live in the other side. But I mean, you could embed yourself within of affluent community, and you can carve out a niche pretty much anywhere. But it's make sure that you don't go to an area as too much competition and shoot yourself in the foot before you get started. You know the CFB exam. It's very challenging. It has an initial patron of acceptable in 64%. It's like most people don't go through with it, but it can differentiate you greatly if you do so. If you're feeling ambitious and you really want to be successful, I would advise that you do get CF P certified, and that will set you apart from the competition in a big way. That's how you can make the big bucks in the industry. Of course, you can make it if you're a good cells and you can make it the other ways, but having a CFB, really, it sets you apart. Very few careers off of this combination of ease of entry, income, potential, mental stimulation and independence. I makes a rare combination. It's why it's a popular job. But even though it's becoming a more and more popular job, the industry is expanding. There still a great deal of opportunity, which is why I mean this course. I encourage people to go into this field. I think it's a great way to help people and also help yourself to be able to make a lot of money and have a good life. Well, helping people build or maintain their well. I just think it's a great industry, great for anyone looking to change careers. You know, that already holds a bachelor's degree that already has some experience in any of these areas and really with this job, even though it could be challenging, I say the sky's the limit. I love being a financial consultant. I love finance. I love sales. All these things make this for really great career. So I encourage you guys to take the challenge and go into it. If you're considering it, you're taking this course and obviously you are. And I love the hear back from you guys about your experiences and how you're doing, and I wish you the best of luck