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  #1  
Old 24.08.2009, 15:56
transition
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Is being a 'Financial advisor' a bum job?

Just wondered really as I have seen a couple of job openings & lots of advertisements in this field recently.

The crux of the job it seems is following leads & then advising (mostly expat) clients about portfolio investment & asset management.

My reservations are: that no precise salary is quoted (and even stating you could earn a lot of money - smells like commission only), travel expenses for interviews not covered in most cases, very fast response to application (not used to that)...feedback appreciated from anyone who has experience with this or knows anything please.

If it seems like a good opportunity I will list here the many vacant positions soon & the company advertising.
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Old 24.08.2009, 16:07
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Re: Is being a 'Financial advisor' a bum job?

dunno about anything else there - but why would they pay your travel expenses for interviews?
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Old 24.08.2009, 16:21
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Re: Is being a 'Financial advisor' a bum job?

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dunno about anything else there - but why would they pay your travel expenses for interviews?
They expect you to travel to the UK within 5 days for an interview, flights are expensive if you don't have a lot of time in advance & for executive-level jobs it's normal or is it not these days?
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Old 24.08.2009, 16:22
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Re: Is being a 'Financial advisor' a bum job?

It's probably best to be cautious about these job offers. Most of the employers offer no basic salary and a commission only job or only a very low basic salary which you might find it hard to live on. If no experience is required then the company would have to train you and might well charge you for that too meaning you end up owing them money before you've even started earning anything. The financial advisor tag means that in some countries (UK for example) you have to be a registered financial advisor to make sure you don't sell people rubbish they don't need. The job gets bad press because it often involves cold calling and the people working this job are always hungry for leads and will ask each client for additional names of people that might be interested. (there have been a few threads on this topic here on EF recently).

Some people do very well at this career. I was contacted several times by a chap in Germany when I lived there and eventually agreed to meet him. After a few meetings we got to know each other and a level of trust developed, I also checked out his company and the companies whose products he was offering, all checked out well. Eventually I bought a savings plan based offshore which being an ex-pat meant I could avoid paying tax on it. This is an aspect that the FA's here in Switzerland also market. Meanwhile, the advisor in question and I have become good friends and keep in touch, he maintains a pretty decent lifestyle on his earnings as a FA.

If you're interested and think it might be something for you then why not check them out? You can always say no thanks if you don't want it.
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Old 15.11.2009, 17:10
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Re: Is being a 'Financial advisor' a bum job?

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Just wondered really as I have seen a couple of job openings & lots of advertisements in this field recently.

The crux of the job it seems is following leads & then advising (mostly expat) clients about portfolio investment & asset management.

My reservations are: that no precise salary is quoted (and even stating you could earn a lot of money - smells like commission only), travel expenses for interviews not covered in most cases, very fast response to application (not used to that)...feedback appreciated from anyone who has experience with this or knows anything please.

If it seems like a good opportunity I will list here the many vacant positions soon & the company advertising.

Transition,

Did you ever follow upon this? I will not post addresses but a great many boilerroom share scams operate from Zurich and Geneva. They recuit people from the UK to cold call UK residents illegally. If you google 'boiler room scams' you will soon get an idea of what goes on.
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Old 15.11.2009, 17:47
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Re: Is being a 'Financial advisor' a bum job?

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Transition,

Did you ever follow upon this? I will not post addresses but a great many boilerroom share scams operate from Zurich and Geneva. They recuit people from the UK to cold call UK residents illegally. If you google 'boiler room scams' you will soon get an idea of what goes on.
I did sharescams & ironically I followed one piece of advice a while ago from the information I got back after you advised me to google 'boiler room scams'...

....as in 'if it sounds too good to be true then it probably is'.

This particular company I went for a job with a while back decided they would ask all the questions without asking me if I would like to ask any (all by telephone) & because of that I pulled out & cancelled the flight & then told them I thought they were up to no good & they were gone in a cloud of dust.

They are preying on very desperate unemployed people in the UK which annoys me too & I am very happy if they get pulled up about what they do (if that is why you ask), to be honest they all (along with others mentioned on this forum) seem like smarmy cowboys to me.
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Old 15.11.2009, 17:54
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Re: Is being a 'Financial advisor' a bum job?

I'm fairly sure that Bernie Madoff is, himself, not entirely convinced that financial advising was the best career path to follow. Especially in light of recent developments.
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Old 15.11.2009, 18:07
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Re: Is being a 'Financial advisor' a bum job?

Do a search on this site and read up on the comments.
Some employees have also posted, interesting stuff.
The money on offer could be good, but it appears along with selling un-suitable products to the financially you sell your soul as well, or at least your morals.

On another note, more and more expats are being made redundant from the big employers, I know more than a handful in the last couple of months personally, and if you're tied into a savings plan budgeted for on high salary figures, you could be in dire straits.

Last edited by Editor Bob; 16.11.2009 at 02:35. Reason: Company name removed for legal reasons
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Old 15.11.2009, 18:17
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Re: Is being a 'Financial advisor' a bum job?

Unbelievable! The *******/******* thread has been pulled!

All the effort HONEST people have put into that thread to stop people being scammed!

That speaks volumes in itself about these companies.

Oh well, looks like we have to start again.

Last edited by Editor Bob; 16.11.2009 at 02:36. Reason: Company name removed for legal reasons
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Old 15.11.2009, 19:16
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Re: Is being a 'Financial advisor' a bum job?

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The money on offer could be good, but it appears along with selling un-suitable products to the financially you sell your soul as well, or at least your morals.

... in which case you might as well shoot for investment banking.
I hear the money is a little bit better, and you can only sell your soul once anyways ..
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Old 15.11.2009, 19:52
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Re: Is being a 'Financial advisor' a bum job?

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Unbelievable! The *******/******* thread has been pulled!

All the effort HONEST people have put into that thread to stop people being scammed!

That speaks volumes in itself about these companies.

Oh well, looks like we have to start again.
Hmmm.... it was here.

You can use this google search to see the cached pages.

Last edited by Editor Bob; 16.11.2009 at 02:37. Reason: Company name removed for legal reasons
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  #12  
Old 16.11.2009, 08:56
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Re: Is being a 'Financial advisor' a bum job?

We should look into a possible solution for hosting the threads that are removed due to threats of legal action... that way EF is not vulnerable, and yet the info is available.


I am going to explore some options today
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Old 16.11.2009, 11:02
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Re: Is being a 'Financial advisor' a bum job?

Maybe if we just have a central thread on this and omit the names of the perpetrators?
It won't take long for people to make the leap once the scenario is spelt out; cold called at work, expats only, tax advantage, offshore investment, fixed term, whole life policy, high pressure selling, etc etc
I think it's probably reasonable to name Generali and Skandia as the main product providors.
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Old 16.11.2009, 11:08
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Re: Is being a 'Financial advisor' a bum job?

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We should look into a possible solution for hosting the threads that are removed due to threats of legal action... that way EF is not vulnerable, and yet the info is available.


I am going to explore some options today
register a new domain in a country that would be very difficult to proceed with legal action against (3rd world), hide registration information, put disclaimer words on front page (this is only our opinion blah blah)..

lots of options
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Old 29.11.2009, 17:55
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Re: Is being a 'Financial advisor' a bum job?

And today I talked to a friend who signed up for a 10 year contract last week with the company that cannot be named.

If she'd have been able to read the warnings here then she might have been more careful.

The cached version also appears to have gone from google so I can't retrieve it to see if she signed up to any of the "less good" schemes.

If anyone has a copy of the long posts giving specific points where bad advice was being give, then I'd appreciate a PM copy.

Does anyone know if there is a "cooling off" period?
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Old 29.11.2009, 19:20
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Re: Is being a 'Financial advisor' a bum job?

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And today I talked to a friend who signed up for a 10 year contract last week with the company that cannot be named.

If she'd have been able to read the warnings here then she might have been more careful.

The cached version also appears to have gone from google so I can't retrieve it to see if she signed up to any of the "less good" schemes.

If anyone has a copy of the long posts giving specific points where bad advice was being give, then I'd appreciate a PM copy.

Does anyone know if there is a "cooling off" period?
Damn shame! There'll be many more as well.
As we all know, it can take 8 years to break even !
There must be a cooling off period.

However, sending a letter is not good enough, they can simply deny receiving it. It will have to be delivered by hand, or sent recorded delivery.
Best delivered to the guy who sold her the policy.
I have read elsewhere that these companies will deny getting the cancellation confirmation where possible.

Also, they can be late sending the contracts/forms to her, leaving little time for manoeuvre.
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Old 29.11.2009, 21:20
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Re: Is being a 'Financial advisor' a bum job?

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And today I talked to a friend who signed up for a 10 year contract last week with the company that cannot be named.

If she'd have been able to read the warnings here then she might have been more careful.

The cached version also appears to have gone from google so I can't retrieve it to see if she signed up to any of the "less good" schemes.

If anyone has a copy of the long posts giving specific points where bad advice was being give, then I'd appreciate a PM copy.

Does anyone know if there is a "cooling off" period?
You can repudiate, within 7 days, an impulsive contract signed with a door-to-door salesman, at home or at your workplace, or in a vehicle, or during an excursion.

Read the Law (Swiss Code of Obligations)
http://www.gesetze.ch/sr/220/220_001.htm
(see section H "Widerruf bei Haustürgeschäften und ähnlichen Verträgen")
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Old 29.11.2009, 21:37
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Re: Is being a 'Financial advisor' a bum job?

If the google cache is no longer available, you could try www.archive.org instead.
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Old 30.11.2009, 00:58
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Re: Is being a 'Financial advisor' a bum job?

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And today I talked to a friend who signed up for a 10 year contract last week with the company that cannot be named.

If she'd have been able to read the warnings here then she might have been more careful.


if she only signed up last week, then her loss is at most the very first month's remittance. She can kiss that goodbye and not throw any more money their way...
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Old 30.11.2009, 01:13
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Re: Is being a 'Financial advisor' a bum job?

I was thinking by now your investment punter out there would realise that all these schemes/policies since the 60's only make money for the sales people and those that manipulate the investments.
We have had Unit Trusts, Endowments, Pensions, Investment Funds, Hedge Funds, Bonds etc etc.

In fact I am surprised that the City of London and the financial centres of the world have any business left to do.
I gather there are still a load of suckers out there; or perhaps they are just selling trash ("bundled financial investments") to each other as they have been doing for the last 10 years and think they are making money. Or perhaps it is like musical chairs but the opposite; when the music stops, you get hit with the loss.

I sit here in disbelief that the FT100 is so high at 5,200 +. I really thought it would be around the 3,500 max and ask myself why is this the case.

Is it becuase the banks have off loaded their Toxic Debts (Bad Debts) to the government and got Government Bonds in exchange and used these as collateral to buy shares and hype the market or are there so many stupid (perhaps I will be proved wrong) punters buying shares doing the Bar....Bar.....Bar......Sheep Syndrome.
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