Becoming a Financial Advisor at 40? Yes, You Can!

Becoming a Financial Advisor at 40 - Yes, You Can

This is for all you career-switchers, and those considering a career change move into financial advisory services:

Don’t listen to the nay-sayers and the haters: You absolutely can become a successful financial advisor as a second career. In fact, as a career-switcher, you’ll have many advantages over your younger peers in your training classes.

Here are some of the many pros of becoming a financial advisor mid-career – and a few of the obstacles you may encounter.

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How Much Do Financial Advisors Make?

How Much Do Financial Advisors Make

The simple answer is easy: According to the Bureau of Labor Statistics, personal financial advisors, on average, made $121,770 in 2018. Translated into an hourly figure, the typical financial advisor made $58.54 per hour, assuming a 40-hour work week.

That’s a mean average, though, which is skewed significantly higher by a few highly successful advisors at the top of the profession. The median average is much lower: $88,890 per year in 2018, or – again assuming a 40-hour work week — $42.73 per hour. “Median” means half the advisors surveyed earned more than that figure, in that year, and half of them made less.

The lowest 10% nationwide made $41,590, or $19.99 per hour – assuming a 40-hour work week. The top quartile of the profession earned $157,710.

But few of them became that successful by working a mere 40-hour work week in their early years!

Here are a few factors to consider to maximize your earning potential.

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4 Steps to Avoid the Commoditization Trap (And Justify Your Fees)

4 Steps to Avoid the Commoditization Trap (And Justify Your Fees)

Water is water, right? Everybody selling water is in the business of selling H2O. If anything was a hopeless case for commoditization and price collapse, it should be bottled water. Most cities in America can now deliver very clean, safe water right to the tap – at 0.0025 per gallon.

But bottled water companies like Waikea, Fiji, Aquafina and Desani have been tremendously successful in branding their products, affiliating themselves with target markets, associating themselves with positive lifestyles, creating a positive customer experience, and getting a premium price. Customers pay between 400 and 4,400 times more for bottled water than they do for tap water, and the premium water market continues to grow.

Financial advisors face a similar dynamic.

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