How to Become a Financial Advisor
We have found that advisors who start their career the “right way” are happier and can focus on meeting their clients needs without the financial pressure typically associated with being full time immediately. The pressure of traditional career paths have led to high attrition rates for financial advisors. This can have a negative impact on client relationships and ultimately reflects poorly on our industry. A second career with Parsonex can be a much more attractive option!
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How to Become a Financial Advisor
A Professional Financial Services Practice
We believe that customer service is the key to developing excellent long term relationships with clients. It is therefore critical that advisors build a business that allows them to profitably provide this excellent service to their clients. Traditional business models don’t support this effectively as new representatives are trained to make sales and take up-front commissions rather than setup long term business relationships with clients.
At Parsonex, we teach you how to become a financial advisor and build a business using a long term service model rather than a traditional sales model. In order to do this effectively advisors must:
- Build Residual Income – advisory fees and trail commissions incentivize financial advisors to provide client’s service and help them stay focused on their long term goals.
- Service a limited number of clients – by limiting the number of clients you service you can build stronger relationships and provide better service.
The Parsonex system is designed to help advisors effectively do both of these! By starting part-time, advisors can select options that make the most sense long-term and build a consistent income that will help them transition in the future if they choose to do so. Parsonex advisors choose how many clients they want to work with and can expand their business by mentoring other advisors in our system. This provides a stronger training system where more experienced advisors help less experienced men and women grow their business.
Advantages to Starting Part-Time
There are many advantages to building a business with Parsonex:
- Earn additional income to supplement your current salary and lifestyle.
- Learn from experienced advisors through our mentorship program.
- Build residual income with consistent earnings before transitioning careers.
- Grow the business at your own pace without the financial pressure of being full time and having to “make sales” to survive.
- Gain valuable experience before you make a full-time commitment and transition if and when it makes sense for your family.
- Focus on helping families plan for their long term goals by offering them highly competitive products you can be proud of (a benefit of being an independent firm.)
Our new advisors can focus on long term planning, serving clients with excellence and earning residual income on assets under management. Learn how to become a financial advisor with Parsonex without the pressure typically associated with starting full time.
Watch our latest informational video on how to become a financial advisor.
A Comprehensive Training & Development Program
Professional training and development is critical in learning how to become a financial advisor who is both professional and successful long term. You need to develop the skills and experience necessary to serve clients with excellence. Parsonex allows individuals exploring how to become a financial advisor to learn the business at their own pace while equipping them with the tools necessary to excel.
Our training program teaches you how to become a financial advisor in three important areas:
- Licensing & Registration – We operate in a highly regulated industry. To become a financial advisor you must obtain the proper insurance, securities, and investment advisory licenses. See the “Commitment” section for costs associated with this process.
- Building a Client Base – If you learn how to become a financial advisor but don’t have a clear business and marketing plan for acquiring clients you are prolonging your ultimate success.
- Professional Training & Development – Learning how to become a financial advisor who is successful and professional is a long term endeavor. We have a comprehensive financial advisor training program that is delivered in a variety of live and online formats to help you learn at your own pace. Our network of experienced financial advisors share best practices. A clear development path helps you take next steps and progress towards your goals.
We assign you an experienced and actively producing mentor to help guide you on your journey to become a financial advisor. Mentors help you start developing a client base, earning an income and building your business. Our mentorship program gives you an edge by providing you experienced mentors with real and practical experience that gets you on the path to long term success.
The culture at Parsonex is all about helping people and providing outstanding customer service. We have a business structure and environment that incentivizes more experienced advisors to invest time mentoring new advisors and help them advance in the business. This creates a family like environment where we function as a team and you have a strong network of other advisors supporting you. While you are in business for yourself, you are not by yourself!
“Starting part-time and building up $50,000 of recurring revenue allows people like me the opportunity to build up a base income prior to transitioning careers.”
Read Steve’s story…
“It’s a business that allows me to use my coaching and teaching skills to help families while providing an excellent income for my own family.”
Read Jeremy’s story…
“We were able to become financially independent because someone took the time to educate us, develop a plan, and work with us over the years.”
Read Carol’s story…
Our opportunity might sound too good to be true. It isn’t too good to be true, but it is too good to be free. There are costs both from a financial standpoint and a time commitment to building a business in financial services.
While some firms subsidize licensing costs, they almost always require you to be full time, will pay you less compensation through lower commission rates or haircuts, or are captive and will force you to sell their products. Starting your business with Parsonex offers you and your clients significant advantages because you will be able to earn competitive compensation while simultaneously offering your clients highly competitive products.
The time commitment for most part-time advisors is 10-15 hours per week. The financial commitment to operating a financial services business with Parsonex varies depending on your resident state and which states you would choose to be licensed in. There are initial licensing and registration fees as well as several hundred dollars per month for errors and omissions insurance and services to operate your business. Additionally, you will likely choose to invest in marketing to promote your business.
While there is a financial and time commitment, the rewards are worth it! Building a business with Parsonex will not only provide you additional income but will enable you to start building a residual income that can grow long term while maintaining a flexible lifestyle.