Rookie advisor gets career advice in Talvest Town Hall

(July 11, 2003) Some experienced advisors became career counsellors this week in Advisor.ca’s Talvest Town Hall after a newcomer to the industry asked for advice. Mark, who said he has completed the CSC and written the CFP exam, wanted to know which firms offer the best training for new advisors, adding he has had meetings with both Clarica and Investors Group.

“In my opinion, the best way to start in this business is to work under a more experienced advisor for at least two years,” responded Dan H. “Think of it like an apprenticeship or internship. I’m convinced that’s the only way new planners can effectively learn the business.”

Doug wrote that he agreed with the internship suggestion. “When I started in the business it was as an assistant, which later developed into a partnership,” he said. “It was tough enough as it was, I cannot imagine starting with no foundation or guidance.

“Whatever you do, do not start to build a book somewhere with the intention that you will move later when you are bigger,” he added. “The first several years are by far the toughest, make sure they count for you.”

Dave added that if Mark values his independence, he will probably want to avoid both Clarica and IG. “There is no point trying to start your career and get established with either of these two because as you’ve seen, your clients would not be portable.”

An unidentified writer suggested that Mark also look into getting his life insurance licence.

Mark thanked all the advice-givers, but noted that it wouldn’t be financially feasible for him to start out as an independent. “If anyone is looking for an apprentice in the Durham region, call me!” he concluded.

Do you have any words of wisdom for Mark? Join the discussion in the “Free For All” forum of the Talvest Town Hall on Advisor.ca.

Filed by Doug Watt, Advisor.ca, dwatt@advisor.ca