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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Don’t Let Your Niche Get Too Narrow

Don’t Let Your Niche Get Too Narrow

Having a tightly defined niche as a Financial Advisor is important. A research by CEG Worldwide confirms it – six out of ten advisors they surveyed said that focusing on a niche has been “tremendously or very positive” in helping them attract affluent clients. Only three percent said that focusing on a niche had had a “negative impact.”

So if focusing on a niche is so good, why are any advisors having a negative experience with it?

In many cases, it’s likely that these planners have fallen into a common trap: Their focus is too narrow.

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Three Things Elite Advisors Love That Average Advisors Fear

Three Things Elite Advisors Love That Average Advisors Fear

Average Advisors get held back by letting their fear of performing certain essential tasks take control. Elite Advisors on the other hand have learned that with practice and perseverance it’s possible to actively embrace previously daunting tasks.

Here are three challenging aspects of their job that Elite Advisors are keen to take on, thus guaranteeing their success.

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Three More Niches Financial Advisors May Want to Consider

Three More Niches Financial Advisors May Want to Consider

Many new entrants to this industry believe it makes sense to ‘cast a wide net’ in the fear that picking a target market will limit business opportunities. But in fact, this is far from the case. The most successful financial advisors are those that focus on a particular niche.

In a recent post we looked at some relatively under-represented niches that could be worthwhile considering. Here are three more to put on your radar.

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Why You Need to Find a Niche Market and How to Identify One

Why You Need to Find a Niche Market and How to Identify One

The saying ‘you can’t please all the people all of the time’ is never truer than in this business. As a financial advisor you’re ill-advised to work with all and sundry – you’re far more likely to succeed if you can identify a profitable niche and become the ‘go to’ advisor in that area. Once you’re established in your target market potential clients will naturally head your way, keeping your sales funnel full.

You could base your selected niche on people you’ve enjoyed working with or those who share a similar background or interests. You could also decide to concentrate on working with people in a sector that is underserved. Here are three such niche markets you could consider.

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