This morning, I was reading OnWallStreet.com and found this fascinating article about a student who is a Certified Financial Planner®. I wanted to do a quick update to follow-up on our internship opportunity at Morgan Stanley.
Steven Crevar (Age: 27. Graduation date: 2010. Current job: SMF Financial Advisors) shared some great insights and I wanted to share these with some of the students at Bauer College of Business at University of Houston.
About Opportunities in Financial Services
Before I joined the program, I read a few articles on the topic of personal financial planning, and how it’s on the rise. Financial planning is applicable for every age and income level. There’s an obvious need for it — there will always be a profession for it.
Why Become a Registered Investment Advisor
During the interviewing process with wirehouses, broker-dealers, and insurance firms, I started getting questions about how many people I knew so I could recruit them as clients, through cold-calling and sales pitching. I knew it wasn’t about me, it was about who I knew. I knew that wasn’t for me. The broker-dealers, insurance companies, and wirehouses don’t have to follow a fiduciary standard by law — they often take the financial planning process and make it the same for everyone, recommending the same products for example. But the financial planning process should be very personal and contain advice and products if need be. At the end of the day, if you’re selling everyone the same product, you’re not doing the job as well as possible.
What Does The Industry Need
A clearer identification of who is a financial advisor and who’s not. To pass the Certified Financial Planner (CFP) exam, we go through such enormous training. People can avoid going through the CFP, Chartered Financial Consultant (ChFC), and Certified Public Accountant/Personal Financial Specialist (CPA/PFS) examinations but can call themselves advisors without education — that’s scary. There needs to be a clearer understanding for consumers about who is a financial advisor and who’s not and who has their best interest in mind and who doesn’t.
I’m trying to connect with the author of this article. Paula Vasan is a great writer, interviewer!
Follow @PaulaVasan on Twitter