Over the years, I’ve met with many good sales people who work in auto sales. They keep steady sales numbers month-after-month, earn an above-average income, and some are even considered the sales leaders for their dealerships. And yet, over and over I hear expressions of dissatisfaction. Many express frustration with having to work nights, weekends, and holidays. Many feel like they aren’t meeting their fullest potential. I even had someone say, “I feel like I’m kicking out a lot of RPM’s, but this profession won’t let me shift past third gear.”
If any of this sounds familiar, consider a career in the financial planning industry.
Really, it’s not a stretch. Most of your skills will carry over. You’re used to forming a connection with prospective customers. You know how to respond to the needs and interests of other people. You’re comfortable with educating yourself about various products and helping your customers understand which suite of features is right for their situation. The only difference is you’ll be talking about money instead of cars—and you’ll find your work more enjoyable and much more meaningful.
1. Regular, but Flexible Schedules
No more working nights, weekends, and holidays. Our clients like to meet during normal business hours, on normal business days. When our clients enjoy a three-day holiday weekend, so do we. That’s good news, especially if you have children. Also, tenured advisors will oftentimes hire junior advisors to manage their book of business—meaning you’ll get to a point in your career where you can take an extended sabbatical without losing any of your clients. You’ll get the time to immerse yourself in community volunteer work, continuing education, or maybe taking your kids to Europe. And your career will be there when you get back.
2. Much Greater Earnings Potential
Do you sell cars at a domestic auto dealership? Foreign brands? Luxury? As you know, your client base is limited to the income-bracket your dealership markets itself to. So it is unlikely your first client of the day will have a 5-figure income and then the next will have a net worth of 8-figures or more. For the financial advisor, your client base is limited only by you. Location isn’t even a factor. Your business isn’t dependent on the physical infrastructure of a car lot, so you can sell to anyone, anywhere, within the state(s) where you are licensed. If you focus on the right clientele, you can double, triple, or even quadruple your income, without having to spend any additional hours in the office.
3. Residual-based Income
A car sold is a paycheck for the month. But what if that car sold would bring you a paycheck for years to come? The financial industry has an incentive-based compensation structure (meaning you work on commission) that not only pays upfront, but the advisor is also paid a residual income from renewals. In other words, each year an advisor works, their renewal base from past sales gets bigger and thus can provide a secure source of income not seen in the auto industry. Many advisors even get to the point where they have a guaranteed six-figure income from the renewals from past years’ business alone.
4. Less Competition, More Cooperation
You’re probably used to being in direct competition with your fellow salespeople; if one of them earns a commission on a sale, that means you most likely didn’t. But in the financial world, our co-workers aren’t competitors, they’re valuable resources. Our advisors often work together to offer additional expertise and insight to clients. The structure of these teams both enables us to serve our clients better and opens up opportunities for additional compensation for us. And since there is not the hard push to constantly upsell, you and your colleagues won’t be under any pressure to cross any ethical lines.
5. Opportunity to Leave a Lasting Legacy
The planning that advisors do can positively influence generations to come. Our advisors are the ones who help provide financial peace of mind when tragedy strikes, and they are also the ones who help their clients’ hopes and dreams come true. Most people appreciate having a car, and it’s fun to help someone pick out the ride they want, but that’s nothing compared to knowing you helped a family on their way to lasting financial stability.
So, if you’re ready to propel your career and life into its next stage, we’d love to meet with you. Contact me to schedule a no-hassle meeting with a member of my team for an exploratory conversation.
Securities, investment advisory and financial planning services are offered through qualified registered representatives of MML Investors Services, LLC Member SIPC www.SIPC.org OSJ 6330 S 3000 E, Suite 600, Salt Lake City, UT 84121 801-943-6277