Why I Did Not Become a Financial Planner: A Lawyer's Guide for Those Who Are Considering This Career

1. Go to your library and/or your local bookstore, and find the two or specific "how to succeed as a financial planner" books that are out there.

2. A lot of financial planners position themselves as a person's financial "quarterback". That is, as a gatekeeper to other professional advisers needed to implement the financial plan. The message is "come to me; we'll get a plan together for you; and I can refer you -- introduce you -- to any required accountants, lawyers, stockbrokers, and so on."

3. You will need to choose a niche, which will depend on the regulatory licence(s) you hold and the company you work for. Some of my financial planner buddies specialize in various life insurance products (and make a good living at it); others are only mutual funds; others maybe disability insurance products.

4. From my outsider's perspective, it's a tough industry. Highly competitive.

5. A long time ago, I applied, twice over a few years' space, to a big life insurance company. They gave me an aptitude test. The results of that test, both times, were clear: I had no business working for that company doing that kind of work. It was actually useful information, though it didn't feel like it at the time. They were looking for people able to call lots and lots of people. At age 43, you should have some good idea of your strengths, so if this isn't your strength, maybe it's better to find a different side occupation. The training you've had won't be lost.

6. By lots and lots, the 200 people is only to get you started. One of the "how to negotiate" authors says that everyone knows 200 to 250 people. So that's why your company used that figure. I've heard that successful financial planners will need to develop a regular client base of 500 to 700 people. One successful broker up here pays for a weekend radio show; she gets a professional radio host, and they play question and answer for an hour or so.

7. So pick your niche. You already have a background, given your age. Go and sow and harvest among the people in the industry you've been involved in, is one approach. Film workers; lawyers; accountants; whatever -- as long, of course, as the people in your background industry have money to buy what you're selling. The latest new area up here seems to be financial planners for people going through divorce. As a lawyer who used to do a lot of family law, I agree that that's not a bad offering, as long as the planner actually has an accurate view of both family law and the financial needs, present and future, of people in that circumstance.

8. One marketing approach up here is to hold a financial planning seminar, with a couple of related professionals. You as planner, someone as tax adviser, someone as lawyer. Works well in the estate planning side of things. Get a nice place, have some decent wine and cheese. Makes for a nice evening for everyone.

9. Lastly, the good ones seem to need to travel a lot. They go into the smaller towns holding these events, and build their list that way. Probably a smart strategy; less competition in the outlying towns than turning over the well-picked rocks of people living in the major cities.