Location: Boston, MA
The firm's Financial Advisors (FAs) act as relationship managers for private clients. They are well credentialed (most have postgraduate degrees and/or professional designations) and have Series 7, 63 and 65 securities registrations. FAs, generally, have been successful selling intangible services prior to joining the firm. While the ideal experience is gained in a financial services company, successful staff have had experience in public accounting firms, law firms, consulting organizations, commercial real estate firms or product-sales companies.
A successful FA possesses several traits, including:
Business development and client service are the two key elements of the FA position. The FA must initiate and cultivate new client relationships, as well as provide outstanding service for existing clients. Prospective clients are identified primarily through referrals from clients, accountants, attorneys and other professionals specializing in services provided to high networth individuals; thus the FA needs to develop and nurture a network designed to generate referrals. This approach differs from retail brokerage which often relies on cold calling and a transactional approach to build a base of business.
- Seasoned in experience (on average, 10 years) with a professional presence
- A seller/closer with a consultative, rather than a transaction-oriented approach
- Quick learner with an entrepreneurial style, willing to work under a "share of the firm's revenue" arrangement
- Willing to travel to develop business
The FA does not function in the traditional role of a broker, and he or she does not select individual securities. The FA does help clients determine appropriate portfolio structures using sophisticated proprietary asset allocation modeling software. This software allows FAs to present detailed investment plans to clients and to illustrate various scenarios. Investment Policy Groups within the firm decide how assets managed by the firm will be invested, and their decisions are implemented uniformly -- subject to tax, cash flow and individual investment policy considerations -- on a fully discretionary basis. FAs are kept apprised of shifts in each client's portfolio and in the firm's general investment outlook.
Upon joining the firms, FAs complete a three month internal training program in New York City that introduces the firm's approach and prepares them for the Series 7, 63 and 65 securities exams, if necessary. Once out of training, the role is largely entrepreneurial as the FA builds a referral network and a client base.
Each FA develops sales strategies for his or her area(s) and - with input from the office's Managing Director - implements these strategies over a number of years. Staff sales and training meetings are held frequently to review progress and provide support.
For additional information on this position please contact: