Informational Interview
I get a steady stream of people requesting informational interviews.
To save time, I thought I’d share some FAQs in this doc.
How do you become a financial advisor?
You take a super lame test called the Series 65. It takes about a month to study for. None of the information on the test is relevant to being a financial advisor. It’s a complete waste of fu*king time.
Once you pass the test, you now have to learn how to become a financial advisor. The best way to do that is to work for a financial advisor. Try to work for a fee only financial advisor. They’re the least douchey kind of financial advisor.
Can I work for you?
No.
What do you like about your job?
I get to help people every day.
I make a lot of money.
The hours are great.
What do you dislike about your job?
It’s repetitive. The first 1-2 years were exciting and I learned a lot. Now I can do it in my sleep. It’s rare that I’m challenged intellectually at work.
What do financial advisors do all day?
We all work differently. But here’s what I do…
20% sales
I talk to people on the phone or over Zoom and try to manipulate them into hiring me.
40% making and presenting financial plans.
I comb through financial statements to figure out how a client’s doing at this point in time. Then we figure out their life goals. Then I make a plan that tells them how to get from where they are now to where they want to be in the future. Then I present the plan to them.
40% check-ins
I meet with all my clients 2x per year to make sure they’re sticking to the financial plan we made. I check on their investments, answer their questions and assign them homework.
Would you recommend becoming a financial advisor?
As much as I like it, I’m hesitant to recommend it.
Financial advising is groovy.
Landing clients is not so groovy.
When you first start, you’re mostly trying to land clients. It’ll take a lot of grit. Most millennials are wimps and throw in the towel after a few months.
If you’re not a little wimp and stick with it, then it’s a good gig. You’ll get to help people accomplish their life goals while making good money. I feel close to most of my clients and I feel blessed that I get to support them through their lives.
How much do you make?
In 2022 I made $220k working 20 hours per week. I took 6 weeks of vacation.
The first 1-2 years, I didn’t make that much.
This annual report will give you a decent picture of how much money you’ll make.
Hopefully this answered most of your questions. If you’d still like to meet, you can treat me to lunch in the Inner Sunset. Please schedule a time here.