Show Notes: 1. It will take 3-5 years to make a considerable income as a Financial Advisor. Starting off is excruciatingly difficult. 2. Several advisors sell insurance products and mortgage products since it pays well. Advisors might earn as much as CAD 1200-1500 per policy and 1% of outstanding mortgage as commission. 3. It is a recurring revenue business. 4. Fee for Planning: This is becoming an industry norm. You charge CAD 200-500 to CAD 3000 per hour to provide a comprehensive financial plan. 5. Every city has Financial Advisors with CAD 100m under management, making over CAD 1m with a team and overheads. There are also a few folks with CAD 1 billion under management and a sizeable operation. 6. This is a Freedom vs. Security tradeoff business. Thanks for the amazing video, Josh. Did you read the Alvarez & Marsel report on the future trends in Wealth Management? It talked extensively about Financial Advisors helping clients invest in private assets. Can you make a video about that - something like - Future of Wealth Management or Investing in Private Assets as a financial advisor?

@JoshOlfertCFP

3 жыл бұрын

👊🏽

Your channel is very helpful for folks considering being a financial advisor!

@JoshOlfertCFP

2 жыл бұрын

Thanks Corey!!

Debt management is one of the most underrated skills of entrepreneurs. They say most business owners give up within the first 2 years, that is because they get themselves in considerable debt, not realizing that is the nature of entrepreneurship. Those who push on end up like Josh.

@JoshOlfertCFP

3 жыл бұрын

Hahaha - what a compliment. But I think you’re exactly right. If ones expects to maintain a lavish lifestyle while starting a business they’ve got it backwards. The nature of entrepreneurship is front-loading your suffering! Any real and valuable benefit only accrues in the future.

Super love this video!

Hey Josh, always appreciate the time you take to explain these things to us that are new to the business. Could we possibly see a video of some examples of how you have made or make income? Maybe how many hours you spend a week to build your book in the past and currently? Thanks

@JoshOlfertCFP

3 жыл бұрын

I’ll think more on this one! Thanks for the suggestion.

Hey Josh, I entered this industry quite early on I'm 29 now and going to open up my own brokerage. What's the things you think I should pay attention to when you look in hindsight

Great video

@JoshOlfertCFP

3 жыл бұрын

Thanks Tanner! 🙏🏽

Great video thank you. Would u advise becoming a financial planner first or go straight into training as an advisor with a firm?

@chriskennedy5341

3 жыл бұрын

I'm doing the training route with a large financial institution right now and I must say it's comforting having the guidance. It's largely based on selling insurance to start, but you have the ability to grow in the business with financial planning and wealth management. It may take you outside of your comfort zone, and if you don't have the ability to call a complete stranger (referred to you by a friend/family member) and discuss finances politely and respectfully, then it's probably not going to work out for you. Advisors start out as sales people, but then you begin to understand the value of advisors as long as you are honest and not looking to sell a product to people that won't actually benefit their lives now or in the future. Keep doing the research and apply to positions when they come up. I have ZERO experience, but am passionate about finances and helping people get their financial goals straight. Brush up on your literacy and write a convincing cover letter and you will have an interview in no time.

@JoshOlfertCFP

3 жыл бұрын

Love this Chris! I think you’re bang on about everything. You’ll come out the other side a way tougher and more mature person. But there’s no doubt its difficult - anything thats worth it SHOULD be difficult.

“Akward super cringey conversations”- I felt that lol 😂

What highschool subjects did you need to start financial advisory?

@JoshOlfertCFP

3 жыл бұрын

Non-Calculus maths. Then read the great finance books. (check jolfert.com for my readling list)

I want to start in a financial services company like Edwards Jones, gain experience and money to cover expenses for some years and then venture and create my own company or something like that, great videos, I subscribed today and already seen like 10 hahaha

@JoshOlfertCFP

3 жыл бұрын

Love it! Thanks my man! Cheers 🍻

What’s the first thing you would do on a financial journey if you were being self taught?

@JoshOlfertCFP

2 жыл бұрын

Ditch the idea of getting rich super quick and learn from evidence. Stay away from day-trading schemes or get rich quick fantasies and read the foundational books in investing: Rich Dad Poor Dad, The Wealthy Barber, The Intelligent Investor, The Little Book of Common Sense Investing, etc - hope this helps!!

@theapchannel5875

2 жыл бұрын

@@JoshOlfertCFP Definitely. I’ll look into the books. I look around all over KZread for different kinds of strategy’s and I just really like the way you come across with your videos. I get what you mean with day trading. They all do come off as a get rich scheme and that’s not what I want or want to be deceived. Thanks again for the advice. I look forward to your new series as well!

I just got hired as financial advisor for Florida Financial Advisors (fee based) I’m in the process of getting all of my licenses. How long should I expect to be broke lol?

@JoshOlfertCFP

3 жыл бұрын

Good man Michael! “Fee Based” advisors are much more likely to have their heads on straight in my view. You’ll be broke for 2 years! And it’ll all be worth it.

"Not to kill the the Client, or eat them for that matter",then your window god is like"Roarrrgh~~" LOL

This dude has a Lamborghini at 25 and bmw and GTr