Exploring Career Paths in Financial Planning

Grote, Jim
August 2005
Journal of Financial Planning;Aug2005, Vol. 18 Issue 9, p36
Academic Journal
This article addresses the challenges facing career development in the financial planning profession in the U.S. According to Jim Barnash, 2005 president of the Financial Planning Association, becoming a financial planner involves four stages: an internship; back-office work; an apprenticeship that includes direct work with clients under a mentor/planner; and full planner status. What is usually missing in the real world is step three, where a planner teams up with a senior mentor/partner and learns how to work with clients. Lou Stanasolovich, CEO and president of Legend Financial Advisors in Pennsylvania, has an internship program that adds to his bottom line and provides a wealth of experience for students. His first rule of internship is to switch from the summer intern model to a year-round model. The second rule is to grab students early in their college career and keep them until they graduate. The third is to provide plenty of training. The final rule is to give interns a list of very specific tasks. Lincoln Financial Advisors has created an apprenticeship process using a mentoring model to tackle the challenge of finding clients and selling services. For those averse to any and all sales cultures, UBS Financial Services is establishing a model for producing technical experts in the planning field. INSETS: FPA's Career Development Resources;Insights from New Planners.


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