Iginla2010 Wrote: ------------------------------------------------------- > ^ Enlighten us what you do for a living that is so > much better than a used car saleman. All we keep > hearing from you is that you are in a buyside shop > (new job) and your firm is hiring MBAs. And that > you fantasize about going to Wharton even without > having written GMAT. > > What the hell are you doing on this forum anyway, > since 2006??? It took you almost 5 yrs to pass > level 1?? You just passed level 1 in Dec 2010 and > you’ve been on this forum since Jan 2006, offering > your precious advice to the lowly car salesmen > here. You may be literate but you have a long way > to go before you get educated. > > If you’re riding so high on a buyside horse, I’ve > already been there done that. > > What is so special about what you do? Just > curious! Passed level 1 the first time I attempted it (December 2011). I’ve been completing my actuarial exams otherwise. I work for a top buyside shop in a post-MBA position (I do not have an MBA), though I was with a smaller shop for about 5 years before that. There are others on this forum that can verify my claims, but they’d still be anonymous users to you so what does it matter? You can choose to disagree with my views, but I’m not the first person to have a negative opinion of financial advisors. I’m guessing by your strong reaction this is something you’ve heard more than once. There’s a reason for the reputation. Analogously, you can make a ton of money as a lawyer, but you’ll still be a lawyer (respected in some people’s eyes, despised in others). Don’t hate the messenger as you’re already well aware of the finance community’s view of FAs.
Dec 2011? I really don’t know what FAs do where you come from. So, what does a post-MBA position do for a top buyside firm anyway? How much money do you manage? If you don’t manage money, what kind of companies do you buy? Do you construct portfolios?
Oops, 2010. How much money do I manage? Zero. I’m not a portfolio manager. How much does the firm? Lots. And Lots. If you think I’m a unique snowflake and the only one with a low opinion of financial advisors, then why are you wasting your time? Otherwise, have you heard the opinion before? Often? Why do you think it’s so common? You may add tons of value to your clients - I have no way of knowing. However, just because you’re the superstar of the FA business doesn’t change my impressions as a whole. Even if it did, the OP should still know he’s going into a field that at least some have a negative view of. His exit ops will be limited once branded an FA, just like if he was back office, an accountant, etc. We all have struggles - just trying to make him well aware of one before he makes the plunge.
Iginla2010 Wrote: ------------------------------------------------------- > ^ Enlighten us what you do for a living that is so > much better than a used car saleman. All we keep > hearing from you is that you are in a buyside shop > (new job) and your firm is hiring MBAs. And that > you fantasize about going to Wharton even without > having written GMAT. > > What the hell are you doing on this forum anyway, > since 2006??? It took you almost 5 yrs to pass > level 1?? You just passed level 1 in Dec 2010 and > you’ve been on this forum since Jan 2006, offering > your precious advice to the lowly car salesmen > here. You may be literate but you have a long way > to go before you get educated. > > If you’re riding so high on a buyside horse, I’ve > already been there done that. > > What is so special about what you do? Just > curious! That was one heck of ad hominem attacks. It seems you or Canadian have different implication for so-called “Financial Advisor”.
I don’t think the OP needs opinions based on hearsay, which is what you are doing. We’ve had this discussion in the past. The OP already knows more about this field than you do. We’re still not sure what you do at a “top buyside” firm. @ skycfa: yes, maybe FAs south of the border are not wealth managers.
spope Wrote: ------------------------------------------------------- > I’ve been considering making the move from > investment consulting/research to be a financial > advisor (background - CFA, 6yrs exp). While I am > aware that the FA landscape is littered with > clowns, due to the low barriers to entry, and > there is a very high failure rate of new advisors. > The entrepreneur in me is drawn to the autonomy > the career offers as well as the lifestyle once a > practice is established. > > I guess I am looking for some perspective… > > - Am I foolish to leave the institutional side of > the business for retail FA? > - Is the autonomy/lifestyle that I observe of > established FAs a reality? > - Assuming I would make this move, how long should > I expect to bootstrap until a regular paycheck? > - Anyone else on this forum considered this, or > done it already? > > Thanks for any comments. Do you have any sales experience? Strange question that likely won’t get answered, but what’s your total comp now? You’re in a different position with a somewhat established career than many 23 year olds trying to break into “finance.” Sounds crazy, but I would take a weekend job in sales and see how you feel after a couple months. If you don’t love the chase, find thrill in getting new business and are able to brush off rejections, then it may not be for you. Find something that requires you to do cold calling and see what it may be like starting out. Your clients aren’t going to know the difference between CFA and CFP. If they did, they probably wouldn’t be giving you money unless you had a loooong track record and somehow distinguised yourself.
Iginla2010 Wrote: ------------------------------------------------------- > I don’t think the OP needs opinions based on > hearsay, which is what you are doing. We’ve had > this discussion in the past. > > The OP already knows more about this field than > you do. We’re still not sure what you do at a “top > buyside” firm. > > @ skycfa: yes, maybe FAs south of the border are > not wealth managers. I’d be glad to tell you what I do at a “top buyside” firm if you can make a convincing argument as to why it matters in the context of this conversation. You seem to refuse to admit that I’m not the only one with this viewpoint and that it’s actually pretty common. I’m sure FAs south of the border also consider themselves wealth managers. Doesn’t mean others in the finance community do.
Iginla - I may be wrong, but I don’t think the work you do would be considered an FA. I always thought of FAs more like say Edward Jones, whereas WM is geared towards HNW individuals. Could be mistaken though.
Danny Boy Wrote: ------------------------------------------------------- > Iginla2010 Wrote: > -------------------------------------------------- > ----- > > I don’t think the OP needs opinions based on > > hearsay, which is what you are doing. We’ve had > > this discussion in the past. > > > > The OP already knows more about this field than > > you do. We’re still not sure what you do at a > “top > > buyside” firm. > > > > @ skycfa: yes, maybe FAs south of the border > are > > not wealth managers. > > I’d be glad to tell you what I do at a “top > buyside” firm if you can make a convincing > argument as to why it matters in the context of > this conversation. You seem to refuse to admit > that I’m not the only one with this viewpoint and > that it’s actually pretty common. > > I’m sure FAs south of the border also consider > themselves wealth managers. Doesn’t mean others > in the finance community do. Well, I was just trying to establish some credibility, if any, on your opinion of used car salesmen. But I won’t be anti-climactic for your sake. I will let you enjoy your fantasies of a wannabe. Of being somebody on an online forum that you could never be in your real life. You could pose as a hot shot post-MBA incumbent without an MBA (still don’t know what that means) at a top buyside firm, but you know deep-within you’re just a bottom-dwelling paper-pusher trying to make a name here. I won’t steal your cake. You looking down upon ANY profession just tells me that you are pretty far removed from reality. Especially, after claiming to be a representative of the whole finance community. I guess, that’s what you expect from a brat who has been spoon-fed all his life. Well done!
Danny Boy Wrote: ------------------------------------------------------- > Passed level 1 the first time I attempted it > (December 2011). This tipped the douchebag scale in your favor, both because of the relative insignificance of the accomplishment for an experienced professional and because of the typo. Oh, also bragging doesn’t become anyone really. I think working as an entry level FA at MS or EJ or something would be absolutely terrible, but that doesn’t mean that being the point person on client relationships is terrible. One of the most successful PMs I know, about 60 and owns a boutique now, started as an FA, grew assets, started a track record in the 80s and now does a really nice SMA business with billions under management. Stereotyping is for fools, regardless of whether you think the stereotype is based in reality. That’s the problem with people in this profession…ya’ll need to read some Plato: “all I know is that I know nothing.” Stay humble.
Iginla2010 Wrote: ------------------------------------------------------- > What the hell are you doing on this forum anyway, > since 2006??? It took you almost 5 yrs to pass > level 1?? You just passed level 1 in Dec 2010 and > you’ve been on this forum since Jan 2006, offering > your precious advice to the lowly car salesmen > here. Danny Boy Wrote: > Passed level 1 the first time I attempted it > (December 2011). brain_wash_your_face Wrote: ------------------------------------------------------- > This tipped the douchebag scale in your favor, > both because of the relative insignificance of the > accomplishment for an experienced professional and > because of the typo. Oh, also bragging doesn’t > become anyone really. It was a response to his question. And yup, there was a typo.
brain_wash_your_face Wrote: ------------------------------------------------------- > Stereotyping is for fools, regardless > of whether you think the stereotype is based in > reality. I have a feeling you’re missing the irony.
BWYF - I think DB just broke the douchebag scale, you might have to find something heavier duty next time.
No, I think this guy just feels great about fantasazing on an online forum. We still haven’t heard what he does that makes him so elite. I bet you in real life he is a closet monkey. “post-MBA position without an MBA at a buyside shop” that still cracks me up. I had never heard of anything like this during my time at a buyside boutique.
I don’t think Danny Boy knows what he’s talking about. FAs at an Edward Jones/Ameriprise DO NOT EQUAL to Wealth Managers/RIAs either independently or within a big bank. I’m working in an RIA that does in house equity selection. If the people who started the firm are worth their salt, potential clients seek you and not the other way around. In certain cases, we had to turn away people who want their money managed by us. to the OP, if you’ve already received your CFA designation…DO NOT GO THE FA route (if you’re in the US). Look for independent RIAs around your city and try to get a job there.
Danny Boy Wrote: ------------------------------------------------------- > I’m sure FAs south of the border also consider > themselves wealth managers. Doesn’t mean others > in the finance community do. He claims to represent the WHOLE FINANCE COMMUNITY. I did a quick search of your posts on this forum and the only thing that oozes is your cockiness and a deep sense of insecurity coupled with fake accomplishments and an inferiority complex. It will take you YEARS to reach a professional career that I have already achieved and I can tell you rudeness/cockiness has never been on the ingredient list.
i have to agree that the “old guard” of the FA world are horrible. they don’t understand markets to any degree. they don’t understand why the markets reacts to certain news and don’t remember why the market crashed 2.5 years ago, 11 years ago, 24 years ago or 81 years ago. they don’t understand commodities, they don’t understand derivatives, they don’t understand basic valuation. these are the leeches of the investment community. these are the ones who get paid for their years of “relationship building” instead of proper portfolio contruction and review as well as sound advice in all life decisions. that said, any CFA FA i’ve met is on the ball and knows what he’s doing. its a question of education. in 30 years, FAs will be respected because on average, they will be knowledgable. they will have to be because the general populace will be more knowledgable in general. see: canada making kids learn about basic finance in elementary and high school. i’m sure one day there will be mandatory courses on investments and retirement planning. that said, they will never be AS respected as the rest of the investment community. its assumed that you become an FA because you aren’t smart or ambitious enough to be an IBer or a buysider. this is true in general but its also a choice of lifestyle. mid-career, FAs of similar education basically work half the amount of time and make the same as any IBer or buysider. plus, you have an asset to sell when you’re done where some IBers or buysiders may not. if you want to have a family and spend time with them, going FA may not be a bad decision assuming you can build the business or “inherit” the business. if you want to have a lame family life, be an IBer or buysider. of course i speak in generalities and situations can differ but this is the general street view in my opinion.
I love this thread!
Of course you do! You made a name for yourself in this one. “Post MBA position without an MBA” “Passed level 1 the first time I attempted it (December 2011)” Ahahahaaaa
Don’t know what to tell ya, champ. Responded to your questions. I’m at a 3-day review seminar today. If someone on AF wants to meet up and vet my credentials so you can sleep better at night then I’d be down for lunch or a beer after. Otherwise, I have met others from AF in person but I’ll never be able prove to you one way or the other, short of giving you my name and the firm (which I won’t do)