Entry-Level Positions For Aspiring Wealth Advisors
Entry-level financial planning positions typically involve "client service or paraplanning," with paraplanning offering valuable experience in "tax planning and retirement planning," while client service builds crucial client communication skills—a vital aspect of the industry. Although advisor roles exist, the interviewee cautions against those focused solely on insurance sales, suggesting alternative entry points are equally valuable and shouldn't be underestimated.
Client Service, Financial Planning, Paraplanning, Communication Skills, Paperwork Management
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
AK Mashhoon
Founder / Wealth Advisor
Buena Vista Financial Planning
Cuesta College and Cal Poly, SLO
N/A
Business Management & Admin
Finance (Banking, Fintech, Investing)
Finance
Worked 20+ Hours in School, Transfer Student, Student Athlete, First Generation College Student
Video Highlights
1. Entry-level positions in financial planning often involve client service or paraplanning roles.
2. Paraplanning offers valuable experience in areas like tax and retirement planning, providing a strong foundation for becoming an advisor.
3. Client service, while seemingly less glamorous, is crucial for building client rapport and managing expectations, which are essential skills in the industry
Transcript
What entry-level positions are there in this field that an undergraduate college student might consider?
Entry-level positions are generally in client service or paraplanning. Technically, you could be an advisor right away, but most firms offering those positions will want you to sell insurance. You might regret that business model.
I think client service or paraplanning is great. Paraplanning involves being the right-hand person to a lead advisor, working closely with them on real-life cases. This includes helping with tax and retirement planning, and inputting numbers.
This role allows you to learn things that contribute to your ability to be a good advisor. However, don't overlook traditional client service, which can involve scheduling meetings and handling paperwork. There's a lot of paperwork in this industry now; much of it is Sable or DocuSignable.
A key aspect of success in this industry is setting expectations. If you don't understand how paperwork functions, you can't set good expectations. Someone who has handled paperwork can do so effectively.
Often, you'll be on the phone with clients. A paraplanner might not be on client calls; they're learning other important financial planning-related tasks. Client communication is arguably the most crucial skill, as is building rapport.
Both client service and paraplanning are excellent entry-level positions in this field. College students should not feel these roles are beneath them. I remember graduating with an accounting and finance concentration from a good school and having the option to work for a large accounting firm as a consultant.
Looking at this industry, it can be harder to get into a position that feels equal, but it's simply a different path.