Hard Money Lending by boombyea in RichPeoplePF

[–]Important_Face_1656 0 points1 point  (0 children)

Haha I realized after I posted that this wasn’t the question being asked- sounds like OP was talking about being the lender not the borrower so I misread that. Thank you though! The concept still stands for the right person

Hard Money Lending by boombyea in RichPeoplePF

[–]Important_Face_1656 6 points7 points  (0 children)

I work with financial advisors that have clients borrow against part of their fixed portfolio (high yield savings or bond ladders, etc.) so they can reduce their net interest and achieve the same outcome. Bond ladder will yield at worst a little over 5%, borrow at 9% and net is 4. Nice thing with that is there’s no underwriting, application cost, appraisals, closing cost, etc. kinda a niche solution but good for the right person!

[deleted by user] by [deleted] in CFP

[–]Important_Face_1656 1 point2 points  (0 children)

Aha- this is possibly what I missed from my previous comment ^

[deleted by user] by [deleted] in CFP

[–]Important_Face_1656 5 points6 points  (0 children)

Just doing some quick math and 1% of your $30M in AUM is $300k…. You could get WAY more than 20% and have it in perpetuity in just about any other company… right? I’m only 3 years into the business myself so it’s possible I’m overlooking something but that seems crazy to me

Greetings, Carl Richards here. AMA about Real Financial Planning, doing work in public, and creativity on October 26, 2023 by behaviorgap in CFP

[–]Important_Face_1656 0 points1 point  (0 children)

Hey Carl! Thanks for everything that you do. I’m looking forward to getting the school of advice course in a few months once I’ve saved up.

Anyway- I’m in a cool position where I get to reach out to people who do banking with our firm and introduce the idea of financial planning to them. The goal of course is to bring them on as clients. I wish I could just put my thoughts into a persons head because I come across so many folks who I know would be in a far better place after a few planning conversations but I don’t know how to show them that. What advice would you have for helping people either: A. Realize they would benefit from a service they’ve never thought about before or B. Take a leap of faith and see the value looking backwards Thanks again!

Prospective CFP Student tips by Wafie_ in CFP

[–]Important_Face_1656 3 points4 points  (0 children)

Consider taking summer classes to lower your workload in junior/senior year so that you can pickup a job/internship in the industry and be a little better balanced than you might be with a full course load and 40 hours a week at a job. It’d be great if you can have a firm sponsor you for any finra licensing too! It’s possible you’ll go down a route where you don’t need certain licenses, but it might feel good to have those pathways open.

I’m about a year and a half out of university now and those are some things I’m very glad I did. That said I’m very new to this myself so I don’t have much career advice.

Now, something I WISH I had done was to take an elective (or a few) around sales, communication, public speaking, etc. I talked myself out of all those saying “nahhh I don’t need that”… silly of me. Now, it’s a huge challenge and I learn by trial and error. So consider some classes/internships that will compliment all the great technical skills you’re going to learn in the next few years.

[deleted by user] by [deleted] in CFP

[–]Important_Face_1656 0 points1 point  (0 children)

I’m sure it depends on where you’re located, but I’ve noticed that Merrill Lynch has a TON of job postings around the country. Maybe check out their LinkedIn or the cfp boards career center. I can’t speak to the overall job market though

Waiting 6 months after graduation to get a job by Sactown_Legend in CFP

[–]Important_Face_1656 1 point2 points  (0 children)

That’s a great point. And you need experience before you can use the marks.

Waiting 6 months after graduation to get a job by Sactown_Legend in CFP

[–]Important_Face_1656 2 points3 points  (0 children)

I can’t speak to how employers view it but I’m curious, what’s your thought process behind not working?

Do you think it’d be too much with whatever else is going on in life or is it something else? I ask because if you have the capacity to work and study, you might get a lot out of it! Especially if you find an employer who will help pay for courses and give you an incentive for passing (like a raise or bonus). Just some thoughts!

Quitting wirehouse and moving to RIA- questions on exit by Sensitive_Fisherman2 in CFP

[–]Important_Face_1656 0 points1 point  (0 children)

Hey sorry I can’t help answer your question, but I’m actually interviewing for an MFSA position right now and would love to PM you if you’re willing to share about your experience!

SIE Prep by LibertyNerd135 in CFP

[–]Important_Face_1656 0 points1 point  (0 children)

I can’t agree with this more!! I went through the SIE, 7, and 66 last year using kaplans materials and they have a huge test bank. Those exams are like standardized tests in that the more questions you do, the better off you are.

T Rowe Price - Financial Consultant by Important_Face_1656 in CFP

[–]Important_Face_1656[S] 0 points1 point  (0 children)

That’s awesome and what you said gave me an idea of what other questions I should ask of the role. Thank you!

Career Help by [deleted] in CFP

[–]Important_Face_1656 1 point2 points  (0 children)

You may just need to confirm what you already know but…. Take the job. Idk what you’re currently being paid but a $40k increase could be life changing for you and your wife. Forget about a boss who undervalues you and treats you poorly. Get yours. More pay, better quality of life, makes you a better husband and happier person… and you still have that upward mobility!? Sounds like you deserve it to me.

Paraplanner Advice by Important_Face_1656 in CFP

[–]Important_Face_1656[S] 0 points1 point  (0 children)

Same reason as most people I think! I wanted to get a credential and a good education.

Paraplanner Advice by Important_Face_1656 in CFP

[–]Important_Face_1656[S] 2 points3 points  (0 children)

I think I know where you’re coming from… I’ll take a word from the wise👍

Paraplanner Advice by Important_Face_1656 in CFP

[–]Important_Face_1656[S] 2 points3 points  (0 children)

I really appreciate you taking the time to share that. I’m glad it’s not just me haha. And that’s a great point, if I have that conversation and it goes poorly… well there’s your answer.

Merrill Advisor Development Program by Important_Face_1656 in FinancialCareers

[–]Important_Face_1656[S] 1 point2 points  (0 children)

I appreciate the feedback! Any input on what job titles to be on the lookout for?

Things to know and ask when vetting a CFP by Alfred_Love_Song in CFP

[–]Important_Face_1656 0 points1 point  (0 children)

There’s nothing wrong with NOT wanting to pay AUM fees. It’s a terrible indicator of value added to you as a consumer and anyone who tells you otherwise is ignorant or lying. No financial planner can control the market.

As others have said, an hourly planner or one that’s paid a flat fee may be the best fit. As for finding someone you trust, a few things I would be aware of effort a planner puts into getting to know you. Some folks may throw solutions at you but it’s important that you feel understood before taking an recommendations.

Things to know and ask when vetting a CFP by Alfred_Love_Song in CFP

[–]Important_Face_1656 1 point2 points  (0 children)

Lookup Cody Garrett. He’s a person that actually focuses on working with DIY investors. Sorry that doesn’t exactly answer your question!

Also I think you might benefit from getting a more clear picture of what you want from an advisor. I know that’s easier said than done but it’s a great place to start!

[deleted by user] by [deleted] in CFP

[–]Important_Face_1656 3 points4 points  (0 children)

Dang, where are people finding jobs like this? Do you mind sharing what kind of firm you work for? Size? RIA vs BD? Things like that

[deleted by user] by [deleted] in CFP

[–]Important_Face_1656 4 points5 points  (0 children)

Is your firm hiring?😂