Financial Advisors From All Walks of Life

March 1, 2015

Trying to make sense of the myriad options for saving and investing – stocks and bonds, IRAs, 401(k)s, insurance plans, pensions, social security – can give you one big headache.

Enter the financial advisor. Combining an aptitude and interest in economics and finance with the ability to communicate the intricacies to clients, the field attracts people from all walks of life.

Jeff Wynder of Petoskey is a financial advisor with OsborneKlein, a private wealth advisory practice of Ameriprise Financial Services, Inc. He came to the field after working as a tile setter.

"It’s a family tradition. My grandpa did it [tile work], my father still does," said Wynder. He enjoyed the satisfaction of completing a job and seeing the results, but it took a toll on his body, especially his knees and back."

When Wynder and his family moved to Petoskey from northwest Indiana, they became clients of OsborneKlein. "We met Shaun [principal Shaun Osborne], became clients and, in less than a year, he asked if I’d like to join [the firm]."

Wynder had considered finance in high school before following in his father’s vocational footsteps. Presented with the chance to do something completely different, he leapt at it. Starting on the bottom rung, Wynder answered phones and performed other clerical tasks, studying the field all the while, and eventually took and passed the necessary exams to become a financial advisor himself.

Sandy Duley of Harbor Springs is another financial advisor who came up through the ranks. She started as an office administrator. "I came in 15 years ago with no experience," she said. "I was a broker’s assistant."

Duley said she continually asked questions about the field, the differences among investments, why this recommendation and not that one. Finally her broker suggested she become a broker herself. "He said, "˜Just go get your license,’" Duley said with a laugh.

She did and, when an opportunity to head the Harbor Springs Edward Jones office opened up, she gladly took on the challenge. "I found I loved the business," she said.

Trevis Gillow went to college to become a history teacher and basketball coach before deciding his interest in economics and finance could be better put to use in a different field. He earned a bachelor of science degree in finance and today is a Vice President for Investments with Raymond James & Associates.

The field is regulated, and to become a financial advisor, certain licenses are required. Individuals interested in selling securities must pass the Series 7 exam, formally known as the General Securities Representative Examination, administered by the Financial Industry Regulatory Authority.

Those who also choose to sell insurance – which most say is an essential part of proper planning – have to pass Michigan’s insurance exam to obtain a license to transact life or accident and health insurance.

There are a number of additional designations and certifications financial advisors can earn, including becoming a Certified Financial Planner, Chartered Retirement Planning Consultant, and Accredited Portfolio Management Advisor.

Continuing education is a necessity. "Continuing education is becoming more the norm to keep up with regulations and offer more services and more expertise," said Gillow.

"Right now there is so much information," said David Schweitzer of Schweitzer Capital Group in Traverse City, a firm affiliated with Raymond James. "The trick is in weeding through it all, so a client doesn’t have to."

In addition to being knowledgeable, a financial advisor needs to be able to work with a wide variety of people. "You’ve got to have communication skills," Schweitzer said.

Another important attribute for becoming a successful planner is a desire to serve the community. "I wanted to educate people about the market, as well as work with people who didn’t want to know the details," said Gillow.

Gen Shepherd of Watermark Financial Services – also affiliated with Raymond James – said she gives the same level of service to all her clients, no matter their income. "Your most affluent clients make you the most money, but I’m from a family that’s very poor," she said.

This economic background gave rise to Shepherd’s desire to help those who might not have as many financial resources.

Among her clients was an elderly woman who had little income to invest. Her children contacted Shepherd when they found some stock certificates. It turned out to be a windfall of Exxon and IBM stock and Shepherd helped them determine its worth and how to proceed. While the original client has since passed away, her children are all now clients.

The return on investment for choosing a career as a financial advisor is pretty good, too. According to "U.S. News & World Report," the median annual salary for financial advisors was $75,320 in 2013, with the lowest paid earning less than $33,190 and the highest paid earning more than $187,199. On top of their salaries, many advisors also earn substantial bonuses.

The cost to become a financial advisor is greater in terms of time and commitment than in the actual dollars required. The Series 7 exam costs $290, the insurance exam costs $40 and the test to become a Certified Financial Planner is $595.

The amount of time a financial planner spends on the job can vary. Some advisors whose careers are in their second decade or later may have a 40-hour workweek, while persons still learning the ropes may work nearly twice as much.

"I work about 45-50 hours a week," said Duley. "I’m eight years into my career. It’s more like 60 to 70 when you’re getting started."

Gillow said he isn’t entirely sure how much he works. "With travel, client meetings, reading, sometimes I might read three hours when I go home at night, sometimes not at all. Work is never 8 to 5."