o/t financial advisors

[JustWannaBeHuge]

With all that has been going on with my biz, I like to have back up plans. Does anyone know how much a financial advisvor for Amex usually makes? Or is anyone in this field? I'm pretty anal when it comes to numbers and my fiance mentioned this to me and I have been checking into it, but I haven't been able to find any type of Pay scale for this type of job. I have seen that the advisor needs to take several "Series" exams, off the top of my head, I believe it was the series 7, 63, and maybe the 66 as well.

Just curious if anyone here knows anything about it.

Thanks.

JW

 

[mr.clean101]

financial advisor

I have some experience with this but it has been long ago. I took the exams and those sound correct. Series 7 is a bitch the others were not to bad. I know back then most companies would give a small draw salary for a short period of time and then it was straight comission. I would imagine that amex would give quite a bit of training and support but I do not know. This line of work is just like insurance sales your either fit the job or not. If that kind of work fits you I am confident that a six figure income is possible. The only problem is that you have to eat while traveling that road to six figures. Not much concrete info here but I hope it helps a little. Mr.clean101

 

[slide]

JW,

The range of what a broker for American Express makes will vary significantly dependant upon clientele and years of service. I had a friend of mine who went that route, but basically starved with AmEx and moved on, but he doesn't (or didn't at the time) have a family. He is great in person, but terrible at "cold-calling", which is essentially what you'll have to do to build your business. Unless something has changed where they give you leads, so instead it's luke-warm call (vice cold).

It's a great industry, if you can get in somewhere. Not saying AmEx isn't a good place, but I think they will take "anyone" off the street and train them, but I think you (the individual) have to pay for everything--(I could be wrong), and the rest is up to the individual. It should be all deductible however.

The series 7 is tough, but you only need a 70 to pass. "Only" here is a relative term, but it can be done. There are places that offer a week of classroom study that prepare you for the test and there are also places to get study material as well, but again, I think this (with AmEx) would come out of your pocket "up front" (again, unless something has changed--as this is what happened with my friend). The 66 is a combination of the 65 and 63, but typically a broker will have his 7 & 63 at a minimum.

Good luck and let me know if you have any more questions.

-slide

 

[mark mcgwire]

I posted a website you can check for salary ranges over on the UG.

 

[Duncan]

Hey bro

this economy aint the time to be a financial advisor unless you want one of your irate customers like me fillin your ass with buckshot. We all be losin money.