Full Careers

Career transition to Financial Services?

I am a successful Recruiting Manager about 4 years into my career. I graduated with a BBA in Mngt in 2004. I am wanting to make a transition into the Financial Services Industry but not quite sure where to start. I have all the requirements needed in order to be brought on by a large firm that will sponsor me through licensures and training, however I am reluctant due to my cost of living. I am single and have a mortgage. This would be a risky move! Long story short ;)....does anyone have other suggestions for me to segway into finance without quitting my job and jumping right in? Or perhaps other career suggestions that have higher starting salaries, such as a Sales Assistant to a group of Financial Advisors? Something allowing me to begin getting my feet wet with a bit less risk to my needed stable paycheck? Thank you! :)

Public Comments

1. Try doing some temp wprk in the finacial service industry, handling and learning some back office functions, then learn the business once inside the compsany and post for jobs you like internally on the job career section of the company
2. Wow, I can relate. I started in the Brokerage biz a LONG time ago. There are not many positions that I haven't held in the field. Only because I started as a receptionist on a summer break from school, and to make a REALLY long story short; became a broker with a major brokerage firm. I took the exams when I was a sales assistant for a group of brokers. (my vacation time was spent studying and taking the series 7) Much to my managers surprise WAY back then, I announced that I wished to become a broker. I was lucky enough at the time to be allowed to do so. I enjoyed great success and later went on to the Compliance side. I too was a single mom when I was a broker. My manager at the time was a dream come true...(good luck finding one like I had now!!) he allowed me to bring my child in to sit (really lay down under my desk) before I had to leave quickly to take my child to daycare. The market opened even earlier in those days! The ups and downs of living on commission while a single mom...well...probably took a few years off my life. As lucrative as it was every month, you start at ZERO. at the start of every month It was tough. I have been in the biz now for almost 25 years (oh my! that is hard to say!) I think you are on the right path looking to the SA side. It may take some time to find a group of brokers that are willing to supplement your income themselves, as base pay at any firm for an unregistered SA really stinks. But don't give up! They know it is hard to find "good help" (even if that is an old cliche, it is true!) Your number one priority MUST be that they will sponser you to become series 7 (if going for a wire house firm) or your RIA license, if going that route. It is actually advantages to them for you TO BE licensed, as you then would legally be able to accept orders in their abscence. The most successful people I have seen, have slowly built their own client base (rather quietly) while an SA. AND/OR gaining such confidence and loyalty from their broker that when the broker retired thier "book" was left to their SA. I would bet if you are a recruiting manager you probably rely on commissions somewhat for your paycheck. I am not saying it is impossible...but is a tough road! You should just be looking at any "base pay" that will make your mortgage etc. Think of any commission as gravy down the road. There are TONS of firms willing to hire anyone to become a stock broker..why? because most don't make it to their first year. MAJOR turnover! Carefully scrutinize any firm you may be interviewing with. Make sure the reputation is sparkeling. (you can check them, and any broker, out on the new FINRA website.) It is doable. But I look back now and wonder how I ever did it. Nothing like cold calling! ( a fate I would not wish on my worst enemy!!) Your degree will be a huge benefit! Milk it for all it's worth. Be ready to show your successes and quantify them. As glamorous as it may seem from the outside...bottom line..it is still just a sales job. Don't let any one tell you different. Go the SA route, negotiate TOP PAY (you should be able to get it with your degree) and you will need to be "sponsered" by a firm anyway in order to take your exams. You might as well be making a paycheck while you study! Best of luck!!! Hope I was able to give you a little insight. OH...p.s. This is NO business for the faint of heart. It IS still an "old boys network," but you sound like you have your act together. Go for it. Worse case? You go back to Recruiting, right?
3. I understand where you are coming from, I was a career changer. I started out in education and ended up with a 21 year career on Wall Street. Sounds like you are well positioned for a jump, but need to be mentally and financially prepared to take a step back. To do that I would keep the goal in focus, as you may develop a very rewarding career. Also as a financial services executive, I recommend checking out www.learntosucceed.biz. They can make the difference, sound career advice and they will answer your specific questions. Good Luck.
4. Imagine that you don't have a mortgage, and don't have a recruitment job. You're starting from scratch. How would you design your ideal career? The first thing to consider in choosing a career is love. What do you love doing? What would you really enjoy doing? This is the PASSION part of every great career. Take the time to explore various activities and DO them and see how you FEEL about them. TALENT Next, it's not enough to "like to do something." You have to be fairly good at it, and keep getting better. WORLD'S NEED Even if you become "good at something you like to do," you must focus your passion and talent on fulfilling a NEED experienced by other people. Do you understand what I mean? Only by fulfilling a need can you get paid. Otherwise, it's just a hobby. MEANING If you answer the above three questions (what is my passion? what is my talent? what is the need I'm serving?), then you're on track for an amazing career that makes you fee ALIVE every day while paying you good money. The last ingredient is meaning, that is, the degree to which your work is aligned with what you believe in. This comes naturally with age and experience, so I would not worry about it so much. Joseph Campbell offered the best advice: "Follow your bliss." When you follow your bliss (or choose a career based on your passion), money will follow you. Money always follows people who engage in joyful creation. Feel free to ask me more questions at the site below if you wish! Good luck! Peter Nguyen Career Strategy Advisor IdealCareerFramework.com