WHAT I AM SEEKING:
Enter the financial advising/wealth management profession via a development program with X company. E.g., series 7, 66 and insurance licensing upfront followed by sales, business, and prospecting technique development phases.
I desire to stay in Southern California to build my book, plus my girlfriend (likely fiance by end of this year) will soon be starting Physician Assistant school and she currently works with and socializes with many young health professionals (potential clients?). We'd love to grow roots and a family here.
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ABOUT ME:
My name is Cody Larsen, born and raised in a small town Kansas with big ambition. I attended a California State University and successfully earned two bachelor degrees with honors (finance, real estate), while also earning designation as distinguished graduate from the AF ROTC program (nation's top 10%) in 2012. I chose the Air Force for its strong reputation, but also for their ability to mold someone into an intuitive leader among ambiguity. I then immediately began Boston University's Master of Science program for Project Management completing in fall 2014.
I am currently 27 years old with almost four years active duty service as an officer specializing in Acquisitions/Program Management (separating in May 2016). One year was spent managing a large territory across TX for recruiting candidates into the AF ROTC program and awarding scholarships. The remainder was spent as a project manager in Los Angeles leading two critical and complex projects for the Air Force's portfolio in creating the next generation of GPS, each project with a budget over $35MM.
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WHY I BELIEVE I'll BE SUCCESSFUL:
- Though my brief experience is stamped with "Project Management", I found my stronghold, success, and passion (what brought most enjoyment) were the relationships I had built. I want to capitalize on the 'people business' backed with unlimited growth potential. I WANT TO SELL AND BUILD LONG-TERM RELATIONS (commission and fee-based)!
- I am near the final stages of interviewing with Merrill Lynch, Morgan Stanley, a MassMutual agent, and Edward Jones. I have heard from senior partners, as well as mid-career FA/PWMs, their experiences.
- I am aware of the immense challenges FAs experience starting; I've fully prepared myself to capture the opportunity (financially, physically, spiritually, emotionally, and psychologically). I want to put in the hours to build my book and am not discouraged by the many "no" responses I'll get.
- I thoroughly excelled with and enjoyed all of my undergrad studies in finance and enjoy competition; I'm not one to shy away from the opportunity to meet someone new.
- I have strong and loving support, but I do not have an extensive network of the high-affluent or high net-worth...no goodknight either. However, I do believe there are many with potential leads in my current network. I will need to be very effective at prospecting and believe that I can be.
- The Air Force has instilled excellent character traits in me that will guide me toward success: integrity, service, excellence. Though cliche, I truly have adopted these personally. Plus, I'm persistent with long-term focus.
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QUESTIONS (from your perspective):
1. Which company do you view as having the best FA/PWM development program?
2. What will make a young FA successful?
3. Am I overlooking anything as I transition into this career field?
4. Would you be willing to hold a phone call with me to talk further? (Firm believer of hearing someone's voice versus reading text without context).
Please post anything else that comes to mind!
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I'll eagerly monitor this thread and message each of you for further questions/concerns. Again, thank you so much!
Best of success and much respect,
CODY L. LARSEN
Answers
Cody,
Be sure to ask the Financial Advisors you speak to why they enjoy what they do. I recently transitioned to Edward Jones via the FORCES program. See: http://careers.edwardjones.com/explore-opportunities/new-financial-advisors/support/military/index.html. I've been very successful here and here's why I love what I do:
-I have my own office in the neighborhood where my clients live and I run it the way I want to run it. The firm pays for the building and expenses.
-I set my own hours; I come and go as I please; I have one employee who does everything that doesn't require a series 7 or 66 license; I don't have a quota to sell anything proprietary...I get the privilege of doing what is right for my clients.
-I work for a private firm which is not beholden to shareholders and I can also become a limited partner of that firm.
-I can make as much money as I want; it all depends on how hard I work.
Of course, I'm a bit biased, but our training program is the best in the industry and we've been ranked among the top 10 best companies to work for. (http://fortune.com/best-companies/)
Give me a call at (317) 209-9497 if you want a recent perspective from someone who has successfully transitioned.
Regards,
Will
Cody---first, thank you for your service. I retired last year after 40 years in the wealth management business, most recently from Wells Fargo Private Bank in Chicago. First, your goals are admirable, but be aware that you cannot simply take the securities licensing exams by yourself: you need to have a sponsoring employer. In your area of interest, most will require successful completion of those exams as a condition of employment within usually one year after hire. Wells Fargo would be ideal given your location and it has a very extensive network of FAs. Wells is also extremely committed to helping veterans through a Veterans Affairs Committee, or something like that. While I do not know these individuals personally, try contacting:
Daniel Taylor (515)557-6293
Jim Borendame (630)326-9804
Rich Baich (704)715-8018
Best of luck to you!
I am aware of USAA and Wells Fargo Advisors both having great starting programs.
best wishes,
Tina
Cody,
I'm happy to share my industry experence and perspective. Do you have time for a call sometime this week? I have time this afternoon and tomorrow to talk.
Additionally, I have a few firms to put on your radar.
Kit
312-344-0999
kit.lancaster@gcgfinancial.com
Cody,
It sounds like you have the drive to succeed as an FA and you are acutely aware of the risk involved as well.
Check BoA careers site, there is a recent posting for a position with U.S. Trust in their private advisor training program.
Big thing to consider when deciding between PWM/FA role is with one you build a business and can take it with you, the other not so much.
Justus
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