Do certified financial planners make good money?

[Phokus]

My fiancee is is working on her CPA and is looking to do the CFP afterwards... i'm trying to find out what CFP's make but i can't seem to type in the right google search words. Are there any CFP's here or who know of any? Just wondering what the market is like.

 

[FoBoT]

it should continue to be a growing area as the baby boomers go into retirement

 

[iversonyin]

My friend is an intern in Citigroup. He works for a financial adviser. You can make good money, but you need to build a good client base. AND you need to know your stuff (generate return for your clients according to their risk tolerance). The better you are, the more asset you manage, and the more you get paid.

 

[everman]

Yes you can, independent is the best way to go in the long term.

 

[Al Neri]

compliance is the best way

 

[Phokus]

Thanks guys

Originally posted by: Don Rodriguez
compliance is the best way

what do you mean?

 

[Al Neri]

if you are getting into some sort of financial position, the most lucrative and safe bet would be compliance, some sort of specialized compliance.

 

[iversonyin]

Originally posted by: Don Rodriguez
if you are getting into some sort of financial position, the most lucrative and safe bet would be compliance, some sort of specialized compliance.

Do you know what you talking about?! Compliance is NOT a profit center.

 

[Phokus]

Originally posted by: iversonyin

Originally posted by: Don Rodriguez
if you are getting into some sort of financial position, the most lucrative and safe bet would be compliance, some sort of specialized compliance.

Do you know what you talking about?! Compliance is NOT a profit center.

are you guys talking about compliance as in auditing? i'm confused? Oh and whats up buddy, hope your job search goes well 😀

 

[bennylong]

You won't make much money till you built your client base, which could take awhile. If you're fee based, you probably won't make much either.

And I agree with the other, compliance is the way to go. With Sarbanes Oxley and the USA Patriot Act, financial institution and fortunte 500 companies are paying big $$$$$ now so they don't get a heavy fine.

 

[iversonyin]

Originally posted by: bennylong
You won't make much money till you built your client base, which could take awhile. If you're fee based, you probably won't make much either.

And I agree with the other, compliance is the way to go. With Sarbanes Oxley and the USA Patriot Act, financial institution and fortunte 500 companies are paying big $$$$$ now so they don't get a heavy fine.

Companies pay you a salary while you are on training and building a client base. (30k-50k, not much). Once you have a client base and you done a good job, the amount of the money you manage should steadily goes up. (assuming you are good at what you do...putting money into asset that work best for the clients). Your commission is base on % of the asset you managed. So it can be A LOT of money.

Sarb-ox is being debated right now. (Exchanges and Wall Street are complaining because of Sarb-ox, they lose out on IPOs/listings). Does Sar-Box have a future? We not quite sure. I'm sure they won't get rid of it completely, but I think it is going to loosen up.

One of my friend is in this field call "IT audit". It is a by-product of Sarb-ox. He goes around and look through the clients' system and stuffs. Good field with great potential (for now). But if for whatever reason Sarb-ox get loosen up, this might shake up the whole industry for a bit. It is a highly specialized field, and I don't know if the skills are transferable to other industry/field.

CPA + CFP is a better IMHO. You can start your own firm, consult people on taxes and such. It's more entrepreneurial, but sure beat working for someone else. (you charge your own hours, and you get the whole piece minus expense. But if you work on compliance side, the company you work for pays you a LITTLE portion of what they charge).

 

[Al Neri]

Originally posted by: iversonyin

Originally posted by: Don Rodriguez
if you are getting into some sort of financial position, the most lucrative and safe bet would be compliance, some sort of specialized compliance.

Do you know what you talking about?! Compliance is NOT a profit center.

compliance is an oversight department

obviously it is a cost center, so ok, you may not get paid like a portfolio manger, etc. will, but the increased demand and high job security makes it probably one of the best professions out there. not regular IC compliance (mutual funds), more specialized, institutional (IA act) compliance....

 

[JEDI]

Originally posted by: Don Rodriguez

Originally posted by: iversonyin

Originally posted by: Don Rodriguez
if you are getting into some sort of financial position, the most lucrative and safe bet would be compliance, some sort of specialized compliance.

Do you know what you talking about?! Compliance is NOT a profit center.

compliance is an oversight department

obviously it is a cost center, so ok, you may not get paid like a portfolio manger, etc. will, but the increased demand and high job security makes it probably one of the best professions out there. not regular IC compliance (mutual funds), more specialized, institutional (IA act) compliance....

this is accounting or CFP?