Posted by JRSutton on October 28, 2012 at 06:09:26 from (75.130.109.233):
In Reply to: Career Options (long) posted by olliekid on October 27, 2012 at 19:50:53:
Well one thing I'll tell you about the financial consulting/planning side of things - you might want to find somebody in your area that does that, and talk to them about it.
I'm not sure they teach you the reality of it in school, but you'll find that type of job riddled with regulation requirements.
You can't blink without getting an ok from a copmliance officer of some sort.
I think it takes the fun out of that kind of work. I love finances and accounting, anything with numbers and money - but again, in reality, you're job is to ensure you've met all the regulations and not misrepresented your products/services in anyway.
For example - for every single person you speak with during the day, you'll have to call in to a recording service and relay your exact conversation word for word, along with reasons behind the recommendations you made, all to be recorded and stored in case of a future lawsuit. ( you can't record your conversations directly).
As crazy as that sounds - it's the kind of thing that's really there, annoying you every single day, getting in the way of doing what you really want to be doing.
If you're a super organized person, and you're in with a large company doing it, it may not be so bad. But if you're trying to go it alone - FORGET IT.
Every ad you try to place has to be approved by your broker dealer - every EVERYTHING has to be approved. Every change you want to make for a client has to be accompanied by streams of forms that are redundant and excruciatingly complex.
I'd guess 80% of your time is spent covering your butt - 20% is spent doing the work you enjoy.
I'm in software development myself - not actively in this kind of work - but I did dabble in it several years ago.
Thought I'd get my series 7 - studied for it - got close to taking the test (was working closely with a broker so I COULD take the test) - but then took a larger picture look at the decision to get into that - and it was all the regulation #)(*$# that made me realize I couldn't be happy with it. I'm much too efficient oriented - I need fast progress with no bureaucracy style quagmire in the way of things. That kind of stuff drives me nuts!
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