Show Notes | May 17, 2021 | Episode 104
Do you love planning for the future? Has working virtually for a banking, insurance or investment firm ever crossed your mind? Then, it may be time for you to become a certified financial planner, sell life insurance or get your Series 65 registration.
Today, we have two guests to fill you in on the registrations and certs needed to be successful in this field. One comes from the corporate side and the other from the entrepreneurial side.
Our first guest Sheiva Dadkhah is an Army Ranger spouse who pivoted her career from banking to working as the Housing Manager for the US Army Management Command at Fort Story in Georgia.
Her career journey started as a bank teller at age 16. Sheiva worked her way up in the financial industry by obtaining the Series 6 and Series 63 registrations, which enabled her to sell annuities, mutual funds, stocks, and bonds.
After obtaining the Accredited Financial Counselor (AFC) Certification, Sheiva had the opportunity to advance to other positions within Navy Federal Credit Union. When Sheiva married into the military four years ago, she had peace of mind that she could continue her career since there’s usually a branch near each duty station.
AFC is a cert that will always follow you. If you lost your job or had to PCS, you can find so many different job openings seeking an Accredited Financial Counselor.
Sheiva is also an adjunct instruction. It is her passion to one day become a fulltime professor. It was Sheiva’s certifications, licenses and ultimately real-world experience that landed her the opportunity to teach a masters level course in an MBA program.
With the Series 6 and 63 military spouses can become financial advisors, financial reps, and retirement reps with life insurance and investment companies. Accredited financial counselors can obtain positions such as financial counselor, financial advisor, and budget analyst.
Sheiva also sells life insurance as an addition to her primary job. As a state license, military spouses can easily obtain a new license without having to find a primary job right after a PCS.
Throughout your career if you ever have the opportunity to obtain a cert or license, go for it, Sheiva said, especially if the organization you are working for is wiling to pay. Even if you do not think you need it now, you never know where a cert will take you in the future.
Our second guest, Scott Tucker is a 2002 West Point grad who left the military in 2008 and has been working with Active Duty and veterans ever since.
As the founder of US VetWealth, a lifestyle and financial consulting brand that helps service members go from paychecks and government benefits to wealth and liberty, Scott refuses to confirm to the way we “should” live and work.
As a former financial advisor working for a big firm, Scott used to have to smoodge with people on the golf course. Now, he doesn’t have to convince anybody. People come to him for the kind of financial advice they are after.
Usually, success comes to those who are the most well-known, Scott says, like Dave Ramsey or Dr. Phil. However, in this day and age if you have enough digital skills and are willing to put yourself out there, you can share the value you can bring to others via YouTube, podcasts, and social media.
Instead of saving for retirement and hope the stock market works out, US VetWealth finds service members are getting out of the military in their 30 and 40s. With a whole life ahead of them instead of following the traditional model of replacing one job with another, Scott asks veterans what they actually want to do.
Instead of retirement, Scott asks military families to think about financial planning for the now. These days, you can work to live instead of live to work.
If you are collecting a pension in your 40s. Instead of thinking, “I make a few extra thousand a month, but I still need to get another job,” think about your pension as an asset you can leverage to work for yourself.
If you are going the corporate route like Sheiva, the Series 6 and 63 are the way to go, Scott says. However, since they are tied to big firms and the Financial Regulatory Authority, they may not be the best option for military spouses who move around a lot.
To give investment advice you don’t have to have those licenses you can share financial advice through technology. You only need those licenses if you plan to get paid for financial advice, Scott says.
Scott got recruited out of the military by a big financial firm, so he got the Series 6 and 7. He had to spend all his time smoodging to try to attract business, which he hated as an introvert. Although big firms will train you, Scott believes they are really just after your contacts.
During a midlife crisis, Scott wrote a book about finding your life’s purpose, but since it mentioned topics related to finance, the firm he worked for would not let him publish it, so in 2008, Scott dropped his Series 6 and 7 licenses, got the Series 65, and struck out on his own.
If you want to get into investment advice, the Series 65 gives you the ability to manage money. You can also use it for financial coaching. The only thing you can’t do with the Series 65 is sell mutual funds.
For someone entering the industry, the Series 65 will enable the advisor to have a relationship with 3rd party money managers, which pay you through fees.
To be a financial coach you don’t have to have any licenses. Look at all the financial bloggers. There are bloggers and podcasters who set up financial coaching who do not have any licenses. They just can’t give specific investment advice.
The licenses are not what get you ahead, Scott says. It’s being a good networker that gets you business. The real secret of the investment industry is to be a good networker. What good will it do you to have a certification if people do not know, like or trust you?
For someone interested in financial planning, talk to as many people as you can to figure out how you can fit into this industry. With things like YouTube, LinkedIn and podcasting you can work with the people you appeal to not necessarily everyone.
If you want to work from home the best thing to do is learn digital skill sets. What could work in finance can work in many other industries. Get on YouTube, start buying books and teach yourself some new skills, Scott says. Either get ahead for yourself or get left behind.
Scott’s book “Veteran Wealth Secrets: The Post-Military Playbook for Obtaining Autonomy and Financial Control in the Modern Economy” is available on Amazon. You can read the first three chapters for free.
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