Career Change At 40 - 4 Tips for Future Financial Advisors

Published: Dec. 30, 2019, 3 p.m.

b'Show Notes:\\nTo all my career changers out there... what do you need to know in order to make it as a financial professional?\\nAs a coach to financial advisors, I run across a lot of career changers from all walks of life and all ages.\\nI get a very common question, what steps should I take to make it as a financial advisor? It\'s not an easy question, but I\'m going to do my best to help you out. Because this is a great profession in need of really great people.\\nIf you haven\'t already, navigate here and download my free guide that gives you 10 tips to help you jumpstart your career as a financial professional.\\n\\nDecide on your route. I\'ve mentioned the traditional vs. the non-traditional route before, but it involves the degree to which you want to be regulated.In short, as a financial coach that just specializes in budgeting and/or debt reduction or student loan counseling that doesn\'t not advise on investments you can avoid being regulated. \\n Decide on your build. What does this mean? Well, what are you trying to accomplish? I\'ve gotten a lot of "Hey Dominique, can I be a financial advisor as a side hustle?"Some want to actually quit their current career cold turkey and start. Others might be the "go-to" for friends and family and are considering a switch. Any of these are valid reasons but they lead to the inevitable questions of "what should you build?" If you want a full list of what to consider check out this video.\\n Build some runway. This can be done in a lot of forms including (1) Reducing your expenses for "x" months while still working your job, or (2) having a working spouse while you save.In either case, you will need margin and runway while you transition. The biggest mistake I see aspiring financial professionals make is not considering how long this will take and not having enough margin to get up and running. This should be 18-24 months of expenses to help you transition. \\n Hire a coach. I can\'t stress this enough. You need someone that can help you through some of the strategy involved in building a successful practice and making the pivot from your previous career.A coach is helpful in deciding the following:(1) How will you focus your energy? What gets done now vs. later? (2) Developing your marketing plan. Which type of clients will you target or go after and how? (3) How should you price your services? \\nThanks for listening, reading and watching.\\nAre you a current or aspiring financial professional? Click here to learn more about how I\'m helping you jumpstart your career!\\nWant to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).\\n\\n--- \\n\\nSend in a voice message: https://anchor.fm/dom-the-maven/message'