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Financial Advisor

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Explore Being a Financial Advisor with Debra Vogel

VogelDebra
cz: Briefly describe your job.

I am a Wealth Advisor with Wells Fargo in a department called The Private Bank. I work with clients that have more than $5 million. My job is to help these families manage their wealth and plan for the future. The services I provide include: banking services (checking and savings accounts, CDs, credit cards,etc); investments (managing portfolios of stocks and bonds); loans (car loans, boat loans, home mortgages and equity lines of credit); financial planning (planning for retirement, purchase of a home, paying for college); and tax and estate planning (ways to minimize taxes and efficiently transfer assets to the next generation)

cz: How long have you been working in this field?

I have been in the banking industry for 25 years. I began to specialize in the area of Wealth Management six years ago.

cz: When and how did you decide to choose this career?

When I started college, I thought I would go into education. I was enrolled in advanced level Spanish courses, but I did not necessarily want to teach Spanish. My Spanish teacher at the time encouraged me to consider a degree in International Business, which combined a foreign language major with business courses. I graduated with that degree and after interviewing with several companies, I took a job with a bank in Miami to work in its International Department.

cz: What education and training did you receive before entering your field?

The first bank that I worked for had its own training program that lasted 18 months. For the first six months we were put in a classroom and taught everything we needed to know about banking and making loans. For the next 12 months we worked in different departments around the company to get experience. When I graduated from this program, I decided to work in a different department than International. I was working in an area of the bank that did business with large corporations like Texaco. I worked with businesses for the first 10 years of my career in the Commercial Lending area of the bank.

I was then given the opportunity to switch over to Private Wealth Management. To be successful in that job, I needed additional training. While working, I attended a 12 month program in Financial Planning. Upon completing that program, I took a rigorous 2 day exam to be designated a Certified Financial Planner (CFP). I also studied for six months to obtain a license to sell securities (mutual funds, stocks and bonds) from the NASD (National Association of Securities Dealers), which is referred to as a Series 7 license. I attended a six week course in insurance and took an exam required by the state in order to be licensed to sell insurance.

cz: How did you begin OR what was your first job in the field?

I started my career as a Commercial Lending officer.

cz: Describe a typical day on the job?

My job is all about helping my clients find solutions. I help them solve issues like: How can we afford to pay for our children’s education? When can I retire? How can I safely invest my money? What is the best way to pay for the new house we want to purchase? How can I lower my taxes?

I gather information from my clients and ask them questions about their goals and objectives. I then create a financial plan which will help them achieve those goals. I work with the family to implement the plan, which usually involves putting together an investment program to save for big items (college, a house, retirement). It often includes insurance, to help protect the family from financial hardship. We talk about how they want to transfer their assets or their business to their children and put a plan in place to accomplish that in the most tax efficient manner. Once we implement the plan, we meet periodically to review it and make changes as necessary.

cz: What do you like most about what you do?

I like helping people. I take satisfaction knowing that my knowledge coupled with the services I am providing my clients will greatly benefit them and their children.

cz: What has been the most rewarding experience so far in your career?

I had the opportunity to help a woman who had received a very large divorce settlement and knew nothing about handling money. She was scared and insecure. Over the course of a year we worked closely together and created a financial plan and investment program that will comfortably take care of her the rest of her life. I enjoyed watching her self confidence grow and we became very close friends in the process.

cz: What do you like least about your job?

It is the nature of this business that you need to do a lot of paperwork and reporting. That is my least favorite aspect of the job.

cz: What is the biggest challenge for you in this job?

The biggest challenge is staying informed. To be successful, you must be well read and stay informed of the latest developments in the field of finance. I read business books, magazines, newspapers like the Wall Street Journal, online newsletters and attend courses throughout the year to stay on top of changes in my industry.

cz: What would you like to say to someone considering this career?

This is a relationship business. People do business with people they like and respect. If you are not a “people person” this job is not for you.

cz: What are the most important personal and professional skills necessary to succeed in your field?

Knowledge, experience and people skills are the most important ingredients to be successful in this career.

cz: What would a person interested in entering this field have to do to get a good job in it?

If you want to pursue a career as a financial advisor, you might want to consider attending a good business school and majoring in Finance. This will give you a solid background in business and money. Many employers look favorably upon students that go on to get a Masters in Business Administration (MBA). Some schools offer Financial Planning curriculum, and upon completion you would be eligible to take the CFP exam to become certified, a very important credential. After college you could interview with a number of financial firms including banks (like SunTrust) or brokerage houses (like Merrill Lynch). Most firms offer some in-house training to new hires. Taking a job with one of these firms will, over time, provide you the experience and exposure to the business which will help you achieve your goal of becoming a trusted advisor to your clients.

cz: What could someone who is interested in this field do to learn more about it right now?

Go to the CFP Board website: www.cfp.net to read more about becoming a financial planner.

cz: Is there any general advice you would like to offer to students on making a career choice or on work life itself?

My advice is to pursue a career that involves things you like. If you have a passion for something, look for a career that will allow you to pursue that passion. Success comes with doing something you enjoy.

If you think that you want to be a financial advisor, talk to people that do that job. Find them by talking to your friends’ parents who are in the business or ask Junior Achievement if they can recommend someone to you. Learn as much as you can now, so if you decide to take this coursework at college, you have a good idea of what lies in store for you when you graduate.

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