Any advice for getting into financial services industry?

[glenn_herwig]

I'm currently 19 years old in college. I've always been super excited to learn more about how the markets work and study the Great Recession. I am a very personable person. I really would like to get into wealth management just don't know how to go about it. Do I look for an internship? Or get my cerifications first and when I finish my marketing degree look for a job with the certification? Would really like to hear some insight. I'm sure there are a few people in the industry on here.

All the best,

Glenn

[Wesley Crusher]

Do you know anybody in the industry? Family, friends, friends of family? That will be your best way in.

You can also see if your school offers any internship programs or has career fairs.

[Dcdfinance]

What sector are you interested in?

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[glenn_herwig]

Originally Posted by Dcdfinance

What sector are you interested in?

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Definitely on the investing side of things. I would like to be able to speak to people on a day to day business. Tell clients where there money is and what not.

[Dcdfinance]

Relative to investing I trade Forex and Nadex. However, I own a commercial finance brokerage assisting businesses in obtaining capital and linking them to hedge funds, etc for growth as well as commercial real estate vehicles including conventional and when necessary, hard money ( if and only if the business has a sound exit strategy)
Seems you would rather go the financial advisor route from your post, however.

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[locutus49]

If you want to work for a blue chip firm like Goldman Sachs, an MBA would be helpful. But a couple of my various advisors from Fidelity had just BA degrees, but they were in finance, not marketing.

[Lordofrolex]

Most of my friends that are in this type of industry started with an internship. Start as soon as possible. Summers are a good time to start.

[Star Ferry]

I went to Wharton for undergrad. Did internships at a credit hedge fund as well as investment banking (specifically M&A). Full timed in trading for a year at a bulge bracket before deciding it wasn't for me.

I'm intimately familiar with high finance recruiting -- I've done it myself and hundreds of my friends have, too.

wealth management is arguably the most accessible of all the front office jobs in high finance. But it's still very selective compared to a regular job. A finance related internship this summer would be best, but you could spin anything sales related as being relevant (even selling knives door to door.. in fact, they might even like that story)

If you don't know how to recruit, you can try a website like "mergers and inquisitions" to start out

[AgentHsu]

Originally Posted by Star Ferry

wealth management is arguably the most accessible of all the front office jobs in high finance. But it's still very selective compared to a regular job. A finance related internship this summer would be best, but you could spin anything sales related as being relevant (even selling knives door to door.. in fact, they might even like that story)

If you don't know how to recruit, you can try a website like "mergers and inquisitions" to start out

x2

[azguy]

I've been in Financial Services for 27 years. It sounds like you want to help people and work on the front lines 'face to face" with the investors, good for you. There are two roads you can pursue, start at a bank and become a personal banker and work you way up to a financial consultant. They help you get you licenses and provide exceptional training. If you thinking you have the ability to raise capital then take the Merill Lynch, Morgan Stanley big wirehouse path. They will also help you get all you licenses and provide exceptional training.

But, don't fool yourself, being an financial advisor is about raising capital and meeting new people. It's far less about being a great stock picker or anaylst of ETFs and mutual funds.

If you go the bank route the clients are never yours, they are the banks. They will make you sign non-competes, etc.

PM me with any specific questions

[BLACKHORSE 6]

Originally Posted by azguy

I've been in Financial Services for 27 years. It sounds like you want to help people and work on the front lines 'face to face" with the investors, good for you. There are two roads you can pursue, start at a bank and become a personal banker and work you way up to a financial consultant. They help you get you licenses and provide exceptional training. If you thinking you have the ability to raise capital then take the Merill Lynch, Morgan Stanley big wirehouse path. They will also help you get all you licenses and provide exceptional training.

But, don't fool yourself, being an financial advisor is about raising capital and meeting new people. It's far less about being a great stock picker or anaylst of ETFs and mutual funds.

If you go the bank route the clients are never yours, they are the banks. They will make you sign non-competes, etc.

PM me with any specific questions

There's some great advice in this thread. I don't work in the industry, but I'm the customer/client you're going after. Started with investing a very small inheritance when I was 18, I found a good advisor and have added slowly and consistently for years to build it up.

To expand on the above comment, which is spot on, just remember to make people the priority. Meet their needs and help them out, and you'll have the clients coming to you after a while.

Does my advisor make money off me? Of course. In some ways, am I just a number to him? Yes, that's the way it works. But the relationship is mutually beneficial and so it works well.

Anyway, just my 2 cents.

[Star Ferry]

another thing to clarify for OP

1) wealth management is mostly a sales role (not going to argue here whether it's 80% sales, 90% sales, etc) although there are also analytical elements

2) wealth management varies a lot depending on scale.

There are some "financial advisors" whose clients have very little money. These guys might make money with transaction fees.

Then, there are financial advisors who deal with clients holding decent portfolios ($100,000+)

You're not entering the realm of what I would properly call "wealth management" until portfolios are $1+ million and a fuller suite of services (trust, estate, etc) is also offered.

Big banks like JP Morgan generally only deal with institutional clients. With that said, they'll deal with individuals who have institutional-scale wealth. Wealth Management (or Private Banking) with JPM directly could require a balance of 10+ million. Cross-selling opportunities abound, since folks with 10+ million to invest are likely to have significant business interests too. Those who have smaller amounts like $2+ million would have to deal with a financial advisor at the retail arm Chase Bank.

[GB-man]

Originally Posted by Star Ferry

another thing to clarify for OP

1) wealth management is mostly a sales role (not going to argue here whether it's 80% sales, 90% sales, etc) although there are also analytical elements
.

This is the truth. Know that going in. Only took me an internship to realize I was on the wrong side of the phone...for me.

Many do very well.