Financial Advisor Opportunities for Transitioning Military Officers

Article from Listen Up! blog on MilitaryOfficerJobs.com

Are you a people person?? And on top of that are you pretty good with numbers?? Put those two talents together and become a financial advisor, also known as a wealth management advisor.? This is one of the most lucrative jobs you’ll find if you’re good at it, and you really don’t need any prior experience.? Most firms will provide you with a complete training program, private office, secretarial support – and off you go.

This is a role tailor-made for former officers, requiring all the skills and attributes of top officers, such as leadership, discipline and integrity – plus it offers career satisfaction in helping individuals and families manage their financial futures.? And as said, if you’re good at it, the financial rewards can be very hard to beat.??

The Role of a Financial Advisor

So what does a FA do? A financial advisor provides guidance and advice to individuals or businesses in managing their financial affairs. This can include helping clients with retirement planning, investment strategies, tax management, estate planning, and insurance needs. In the U.S., financial advisors work in a highly regulated environment, ensuring they maintain ethical standards and fiduciary responsibility to act in the best interests of their clients.

But this job entails more than just managing investments. Advisors work closely with clients to help them achieve long-term financial goals. This requires excellent communication skills, empathy, and the ability to build trust over time—qualities many military officers develop throughout their service.

Another point – if you land a job with one of the larger companies, much (though not all) of the number-crunching side of the work will be done for you by professional Portfolio Advisors.? Thus your position will be account manager and intermediary between your firm and your (usually affluent) clients, while at the same time being rainmaker (financial sales representative) for your firm.? Your success or failure will largely depend upon your ability to reach out into the community to attract new clients – simply being good at developing investment portfolios for current clients is not enough.??

Why Military Officers Are Sought For This Job

Military officers usually have skills and attributes that make them a good fit for this job.? Here’s what financial advisor firms see that they like in military officer candidates – :

1. Leadership and Management Skills: Military officers are generally used to taking on leadership roles, managing teams, and making decisions. This translates well to managing a portfolio of clients and guiding them through complex financial decisions.
2. Discipline and Work Ethic: Financial advisors often need to juggle multiple clients, deadlines, and intricate financial strategies. Military officers usually handle multitasking and the stress that goes along with it well.?
3. Integrity and Trust: In the financial services industry, trust is paramount. Military officers are often seen as trustworthy by potential clients, which can help bring in new clients and build strong relationships with current ones.
4. Strategic Thinking and Problem-Solving: Financial advisors need to think long-term and develop complex financial strategies tailored to the individual needs of their clients. Military officers are seen as being intellectually capable of handling the complexities of the job.?

The Transition from Military to Financial Advisor

Many companies offer training programs specifically designed for transitioning veterans, helping them get up to speed in the world of finance and wealth management.

Some firms will expect new hires to obtain the Certified Financial Planner (CFP) designation, which typically takes about 18 to 24 months to earn. Other credentials, such as the Chartered Financial Analyst (CFA) or Financial Industry Regulatory Authority (FINRA) licenses (such as Series 6, Series 7, Series 63, or Series 65), may be necessary depending on the firm and specific role.

Compensation: What to Expect

A career in financial advisory offers substantial earning potential, but compensation can vary widely based on location, experience, firm, and the size of the client base. According to the U.S. Bureau of Labor Statistics, the median compensation for personal financial advisors in 2023 was approximately $100,000. Note that it is common for a firm to offer a base salary guarantee for the first few years of employment as the FA gets established. However, this base salary figure only tells part of the story.

Financial advisors usually work on a commission-based model, meaning they earn a percentage of the assets they manage for their clients. Advisors who build a large and loyal client base can easily reach into the low six figures in earnings. Many top-performing financial advisors make $250,000 or more annually. It is not at all unheard of for a top FA to earn above $400,000.??

Top Companies Hiring Military Officers as Financial Advisors

Below are five companies that actively seek to hire military veterans and offer strong training and compensation programs.

1. Merrill Lynch Wealth Management

Merrill Lynch, a subsidiary of Bank of America, is one of the most prestigious names in wealth management. The firm has a Veteran Associate Program designed specifically for military veterans, offering training and mentorship. The program helps veterans build a career in financial advisory by guiding them through certifications and practical training. Starting salaries can range between $60,000 and $80,000 during the training phase, with earning potential reaching six figures once established.

2. Morgan Stanley Wealth Management

Morgan Stanley is another top name in the financial advisory world. The company’s Veterans Financial Advisor Program focuses on providing transitioning military personnel with the tools, training, and licenses they need to succeed in the financial services industry. The program offers a salary while transitioning and earning certifications, with potential for performance bonuses and commissions as they begin to build their client base. Advisors at Morgan Stanley can earn between $75,000 and $150,000, depending on experience and performance.

3. Edward Jones

Edward Jones, known for its personal approach to financial advising, is highly supportive of military veterans and offers robust training programs. The Edward Jones Veterans Transitioning Program is specifically designed for those coming out of the military, helping veterans learn the ins and outs of financial advisory while obtaining the necessary certifications. Edward Jones financial advisors start with a base salary of approximately $50,000 to $70,000, with potential for significant commission-based earnings in subsequent years.

4. Northwestern Mutual

Northwestern Mutual, one of the largest financial services companies in the U.S., is committed to hiring military veterans through its Military Veterans Recruiting Program. They offer veterans extensive training and mentorship, helping them obtain CFP and FINRA licenses. Northwestern Mutual offers a base salary of approximately $50,000 during training, with long-term earnings potential of $100,000 to $250,000, depending on the client base and performance.

5. USAA

USAA is uniquely positioned as a financial services company dedicated to serving military families. While it primarily focuses on banking and insurance, USAA also offers wealth management and financial planning services. The company has a strong commitment to hiring veterans and offers a supportive environment for transitioning officers. Salaries at USAA vary based on the role and experience but generally range from $70,000 to $100,000, with potential bonuses.

Steps to Succeed in a Financial Advisory Career

1. Leverage Your Network: Transitioning military officers often have extensive personal and professional networks. Leverage these connections to grow your client base.
2. Develop Sales Skills: While financial knowledge is essential, sales skills are equally important. Advisors must be able to sell their services and build trust with clients.
3. Focus on Personal Development: Being a successful financial advisor requires constant learning and adapting to changes in the financial markets and regulations. Stay informed and continue to enhance your skill set while at the same time working toward your CFP, CFA or other FINRA credentials.?

To sum up, the financial advisory (wealth management) field offers transitioning military officers an exciting career opportunity to apply their skills in leadership, discipline, and trustworthiness in a rewarding civilian career. With great compensation packages, in-depth training programs, and a clear pathway for professional growth, becoming a financial advisor is an hard-to-beat option for transitioning officers who are by nature people-friendly, sales oriented (and not too bad with numbers). For the right candidates, this is a field offering huge financial potential and career fulfillment.

NOTE: If you're a transitioning US military officer be sure to visit our new website MilitaryOfficerJobs.com. You'll find a wealth of resources to assist you in your civilian job search and several national vet-friendly job boards. Also, if you are an experienced Financial Advisor or Wealth Management Advisor seeking new opportunities, we can help. Contact us at [email protected]