How Much MONEY I Make in 2020 as a Financial Advisor

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Josh Olfert

10 aylar önce

Today we go over the amount of revenue that I generate running my own financial advisory company and how much I pay myself each month from my various revenue streams.

Instagram: josh_olfert
Twitter: josholfert

Haven Wealth Management: www.havenwealthmgmt.com/
Josh Olfert is a professional CFP financial advisor and the Founder of Haven Wealth Management investment fund based out of Winnipeg Canada. Through this channel Josh shares his knowledge of wealth accumulation and personal investing to the world, in an effort to improve financial literacy and help everyone achieve their financial goals.

All numbers and figures discussed in this video are purely for illustrative purposes and are not to be taken as financial advice.

YORUMLAR
Richard Jones
Richard Jones 6 gün önce
Keep it up my friend. When you said “I wish I were farther along by now” I get that. About 5 years ago I was about where you are now. I ended up hiring an Operations Manager, then I out grew 1 full time assistant, and hired a second, and then a 3rd. I now have offices across a couple states and my income this year should be around $1.2M (It’s Sept and I’m over $800k so far). Literally 5 years ago I sat where you are at $120k per year, over worked and feeling a lot of stress. My phone, like yours, never stopped. Hiring an assistant was the best decision I ever made. Today I bring in about $2M/month in new dollars, plus reoccurring contributions from existing accounts. If you ever want to chat about the industry or share any tips, drop me a line some time. Otherwise- keep up the great work!!
Josh Olfert
Josh Olfert 4 gün önce
That's amazing. Thanks for the encouragement Richard! I'm coming up on this transition from working "in the business" versus "on the business". I appreciate you sharing your story!
I am Simran
I am Simran 16 gün önce
Accounting vs finance degree what would u advise?? For undergrad degree in Canada
MVTHAJEWELER
MVTHAJEWELER 17 gün önce
What is the difference between investment representative and investment advisor?
Andrea Arce
Andrea Arce 25 gün önce
Ty for this Im becoming a vp fc this sept and I’m nervous!
We Wives Life Chats
We Wives Life Chats Aylar önce
Thanks for your honesty Great video and information
Josh Olfert
Josh Olfert Aylar önce
Thank you!
Robert Antonioni
Robert Antonioni Aylar önce
My right ear loved this.
Jared Hendren
Jared Hendren Aylar önce
Love this video and it is definitely helping guide me on my path in finance, but can I recommend one thing? Equalize your microphone audio in your videos. I can only hear you with my right ear and I'm partially deaf in that one 😅
Josh Olfert
Josh Olfert Aylar önce
Audio was blown in this video. Not happy about it. Thanks for sticking around anyways.
broken glasses
broken glasses Aylar önce
The suggestion I would give to your video is to make some graph or break down like numbers just stay on the screen as you read and do the math. Since you're already sharing the numbers and screenshots, might as well just do some more visuals so we don't have to listen to the numbers and do math in our own head, just my opinion, you might choose pasta over my opinion but there you go.
Josh Olfert
Josh Olfert Aylar önce
Nope! I love it. In addition to making sure the mic is on next time …
Anthony Locke
Anthony Locke Aylar önce
Ok, you must be making too many videos. 😂 I would be knocking 100 doors a day if my income was that low in that many years. But your quality of life is probably much better. 😂 😂 😂
Josh Olfert
Josh Olfert Aylar önce
Making videos IS my door knocking 😅
Anthony Locke
Anthony Locke Aylar önce
Ok, you must be making too many videos. 😂 I would be knocking 100 doors a day if my income was that low in that many years. But your quality of life is probably much better. 😂 😂 😂
Arjrpz Work
Arjrpz Work Aylar önce
I think you should offer paid financial classes through a website, where you answer a ton of questions people ask you, so you can free your time up, and tackle the major questions as you need to. What it seems like you need is a project manager/business analysit (me), to come in for you, find your weak spots, and help you set up proper business boundaries, with smart strategies to set those boundaries. If you are interested in kinda getting together, and getting some work done on this, i can tell you, i have a background in boundary setting, mental health, emotional health, IT. Creative strategy type stuff. It can cost a lot, but for a good investement, you can have a very large pay off, and be more balanced as an advisor. Let me know if this may interest you! Ive been a project manager for many years.
Diego Baca
Diego Baca Aylar önce
Hey Josh, thanks for all the amazing content. Would love a "Day in the life of a Financial Advisor" video. Cheers!
Josh Olfert
Josh Olfert Aylar önce
Thanks Diego! Its in the works! Not overly exciting because I can't film actual client conversations for privacy reasons and there's still a ton of pandemic restrictions in my city. We'll do our best though!
Inesan Pillay
Inesan Pillay Aylar önce
Great video Josh, I was contemplating relocating to Canada in 2 years, I've already got my CFP and I'm in the process of doing my MBA, are there any specific area's/territories in Canada i should be looking at in terms of career potential?
Josh Olfert
Josh Olfert Aylar önce
From West to East: BC: One of the best places in the world. Extremely expensive. AB: Bustling Cities with Big Oil Money. SK: Flat. Nothing going on. MB: Dirt Cheap to Live. Kinda weird. ON: The New York of Canada QC: French Province with a completely different legal system
Patrick Montgomery
Patrick Montgomery 2 aylar önce
Very constructive video - thank you. So you have a few "partners" who pay you "commission", for want of a better word. How do you feel about "encouraging" a prospective client to change their current investment-platform/pension-provider just to ensure you get the commission from one of your "partners"? How do you cope mentally when you walk away from a prospective client without getting a commission?
Daniel
Daniel 11 gün önce
It’s so funny how people think all financial advisors are Bernie Madoff or The Wolf of Wall Street. Patty stop watching movies and American Greed and realize advisors help people EVERY SINGLE DAY, not only making them money but protecting their families financial future. ….but you keeping snapping those photos and charging people for your “artistic” skills, at the end of the day we both don’t work for free….buddy
Josh Olfert
Josh Olfert 2 aylar önce
Thanks Patrick! In my mind “commission” typically means a transaction was made and a slice of the profit was taken by the facilitator. In the case of us selling insurance, this is definitely the case. But when it comes to investment management we charge a “fee for service” as we’re not paid anything upfront. We’re only paid to service that client in the future and if the client isn’t being serviced they’ll leave. Commission feels like “one-and-done”, fee for service feels like there’s an expectation that continuous value will be provided. If we can create a win-win and the client is excited to work with us enough to transfer from an existing relationship I feel we deserve to earn that fee in the future. Coping with losing out on compensation is definitely difficult in the early years but as the business grows it becomes easier and easier to just “move onto the next one”. Hope this clarifies my perspective!
I Kalam
I Kalam 2 aylar önce
Great content!
Josh Olfert
Josh Olfert 2 aylar önce
Thanks Imran! I appreciate you looking past the audio quality 😬🙏🏽
Nick I.
Nick I. 2 aylar önce
Hey josh awesome video. I just wanted to get your thoughts as a personal banking associate for a bank as a stepping stone into a financial advisor? I currently have a background in sales and only finished highschool. Would this be a good route? Thanks
Josh Olfert
Josh Olfert 2 aylar önce
That’s a great stepping stone in my view! If you’d like to get experience before going out on your own that’s a great role because you’ll learn a lot about the financial decision and where people’s struggles are. You can learn to provide value from there!
Valerio Di Francesco
Valerio Di Francesco 2 aylar önce
what are the best degrees of financial planning in Australia (online and offline)???
Josh Olfert
Josh Olfert 2 aylar önce
Degrees are overrated in my view! Deep Self-learning by reading the foundational books in personal financed with a CFP for credibility is more than enough. For the CFP part, go here: fpa.com.au/education/cfp-certification/
69FOV
69FOV 2 aylar önce
Thank you for this super in depth video! can you tell me the real differences between financial manager and financial advisor? thanks!
Josh Olfert
Josh Olfert 2 aylar önce
No, thank you for watching! The difference really depends on the context. The title "financial manager" is a little vague. That could mean a lot of things. I imagine its typically a corporate/managerial role that exists in a wide variety of institutions. A financial advisor on the other hand works personally with individuals and families to sort out their household wealth.
Jyoti kasturi
Jyoti kasturi 2 aylar önce
How to become financial advisor? Can you make a video about that please
Jyoti kasturi
Jyoti kasturi 2 aylar önce
@Josh Olfert thank you 😊😊
Josh Olfert
Josh Olfert 2 aylar önce
Try some of these! trshow.info/watch/LBq9qQZbc4w/video.html trshow.info/watch/NehsumXKDl0/video.html trshow.info/watch/KlaeuB-3qx0/video.html
Ralph Morgan
Ralph Morgan 2 aylar önce
You listed your monthly income streams (about $100K pa if you ignore the rental investment income, which isn't really related to your FP work), but didn't say what your expenses are.
The Adzad
The Adzad 3 aylar önce
Great Vid - however I think it’s also very important that you inform the viewers that the monthly income figures you’ve provided are PRE TAX and expense dollars. FA’s are responsible for garnishing their own wages for 1) Fed taxes 2) Provincial taxes 3) CPP (both employee & employer portions) 4) EI deductions and 5) benefits are usually out of pocket expenses as well - please correct me if I’m wrong
Josh Olfert
Josh Olfert 3 aylar önce
Oh totally! These are pre-tax, pre-expense figures. I’m fully responsible for paying ALL of those things. And its a total hassle lol!
Sumit Sharma
Sumit Sharma 3 aylar önce
Can you tell something about financial planner and analyst. I am just confused.
Lebron James
Lebron James 3 aylar önce
Get a mic
Josh Olfert
Josh Olfert 3 aylar önce
I can’t believe I even failed Lebron James
King Bobb
King Bobb 3 aylar önce
Bro love the vid but invest into a mic. The audio is not good.
Josh Olfart
Josh Olfart 2 aylar önce
Dm me
erikaaxj
erikaaxj 3 aylar önce
I feel like financial advisors are just sales people
Josh Olfert
Josh Olfert 3 aylar önce
That assumption will render you correct probably +90% of the time!! 🤣
Wendy Anyango
Wendy Anyango 3 aylar önce
This is so helpful, thank you. I'm so gonna be the female version of you 💯
Josh Olfert
Josh Olfert 3 aylar önce
Flattering!! Thank you! Feel free to set the bar higher. You can FAR surpass me.
ethan murdoch
ethan murdoch 3 aylar önce
You are living my dream
Josh Olfert
Josh Olfert 3 aylar önce
Why thank you! 🙏🏽 And someone else is living mine! The dreams never end.
Theresha C
Theresha C 4 aylar önce
Great video! Next Graham Stephan. I'm looking forward to start my finance course :)
Josh Olfert
Josh Olfert 4 aylar önce
Thanks Theresha! 🙏🏽
Harpreet Singh
Harpreet Singh 4 aylar önce
Was wondering for a college student who is majoring finance what is best thing for me to do rn like looking for a job that will look good on my resume. what skills should I know and finally what job do you think I would probably get after I graduate? P:S I'm doing my bachelors and I'm in my second year.
Brian Morton Jr
Brian Morton Jr 4 aylar önce
Glad to see you are making income from online source!
Josh Olfert
Josh Olfert 4 aylar önce
Thanks Brian! 👊🏽
TeaBone 123
TeaBone 123 4 aylar önce
IRS watching this like 🥵🥵
2000chevy4x4
2000chevy4x4 4 aylar önce
What a great instructional video! Thank you!
Josh Olfert
Josh Olfert 4 aylar önce
No, thank you!
Carlos Mejia
Carlos Mejia 4 aylar önce
Great video, Josh! As someone who is sitting for his CFP in July, I can attest to the amount of years put into studying to earn the various licenses!
Josh Olfert
Josh Olfert 4 aylar önce
@Carlos Mejia Thanks again!
Josh Olfert
Josh Olfert 4 aylar önce
Best of luck Carlos! You'll kill it.
Thomas Knight
Thomas Knight 4 aylar önce
@Carlos Mejia ah thx
Carlos Mejia
Carlos Mejia 4 aylar önce
@Thomas Knight He shows up in the FP Canada registry
Thomas Knight
Thomas Knight 4 aylar önce
Carlos, look up Josh Olfert on the CFP registry. He doesn't show up
Thomas Knight
Thomas Knight 4 aylar önce
Calls himself a "registered certified financial planner" when CFP is not a registration, an individual is not registered, an entity is, and the only proper use of CFP is to say you are a certified financial planning professional, not that you are a cfp, since a cfp is a designation not a license. It was literally on the test
Josh Olfert
Josh Olfert 4 aylar önce
Lol you're really giving me a hard time here Thomas! I operate in Canada. That's where the misunderstanding is.
mk Gamer651
mk Gamer651 5 aylar önce
i thought my headphones are broken
Harm Bents
Harm Bents 5 aylar önce
nice video man!! Btdubs-you look like charlie puth
Josh Olfert
Josh Olfert 5 aylar önce
Lol thank you! I’ll make sure my girlfriend hears this.
Khalil Jones
Khalil Jones 5 aylar önce
So 10 million in assets only bring 8k a month? Well that’s not to bad just thought it would be at least 11
Josh Olfert
Josh Olfert 5 aylar önce
Close! But it’s typically less for most advisors who’s firm offers them everything. If you’re self employed and run your own firm it’s about this. You’re right - and the public still complains about fees. I’d ask them to try and survive for 3 years as an FA 😂
angel Garcia
angel Garcia 5 aylar önce
Do or can financial advisors get payed a salary?
angel Garcia
angel Garcia 5 aylar önce
@Josh Olfert Thanks for the advice.
Josh Olfert
Josh Olfert 5 aylar önce
Aboslutely! But that usually comes along with trading away your freedom. The two primary models are: 1) Work for yourself (no salary) 2) Work for someone else (salary) If you’re fascinated with financial planning and investing either can be a great fit. But if you value freedom over security you’d want to opt for a role with no salary. These roles are typically structured in a way that allows you to be your own boss.
Jason Signor
Jason Signor 6 aylar önce
Good video but I thought I went deaf in my left ear at first. lol. Okay... So, you make $10K a month and you say IN SOME WAYS you are extremely grateful!? IN SOME WAYS?? You make more than most people will ever make!!! You should be EXTREMELY GRATEFUL! Just remember... it can all go away. No-one is immune from difficulty. Proceed with humility and you'll do well.
LENNON
LENNON 2 aylar önce
@Josh Olfert what’s your social circle like? Who should I be targeting? Start Monday.
Josh Olfert
Josh Olfert 6 aylar önce
Thank you for the reminder Jason! You’re absolutely right. The nature of my work and social circle makes for a massive selection bias. I have friends who are 10x better off and it’s hard not to compare upwards. Thanks again!
A Font
A Font 6 aylar önce
How do you become a financial advisor
Shathabdhi R
Shathabdhi R 6 aylar önce
My right ear is giving beep sound 😭🔊
Tyler
Tyler 6 aylar önce
My right ear enjoyed this
Rousky Regny
Rousky Regny 6 aylar önce
Hi. What are the licence you have ? Could you name number
Marwin Clark
Marwin Clark 6 aylar önce
My right ear enjoyed this
Marwin Clark
Marwin Clark 6 aylar önce
But very good video!
Dorcas Bila
Dorcas Bila 6 aylar önce
Please make a video on how you became a qualified financial advisor🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺
Josh Olfert
Josh Olfert 6 aylar önce
Here you go: trshow.info/watch/LBq9qQZbc4w/video.html
Clever Name Here
Clever Name Here 6 aylar önce
Ahh this video is mono through the right side channel for his voice and the music is through the left. 😔
Taylor Z
Taylor Z 6 aylar önce
Josh what are your thoughtd on the score stock? $scr
Brandon Glover
Brandon Glover 6 aylar önce
Good video and content. Your voice audio only comes out of 1 speaker BTW. But Im sure you've been made aware of that by now. Cheers!
Devon Inman
Devon Inman 6 aylar önce
Can you work remotely
Josh Olfert
Josh Olfert 6 aylar önce
@Devon Inman Thats legit not a problem whatsoever unless you find yourself in an extremely unlikely scenario like a global lockdown with an associated quarantine and international travel ban.
Devon Inman
Devon Inman 6 aylar önce
@Josh Olfert yea I feel that, in person relationship building, but like I general if you wanted to take a slightly extended vacation it wouldn’t be an issue to handle some things remotely ?
Josh Olfert
Josh Olfert 6 aylar önce
Yes and no! I can work remotely because most of my work would be in an office anyways. But its really nice to meet clients in person.
A Lone Pizza
A Lone Pizza 6 aylar önce
What would your advice be for a yound cable technician looking to get into this field? I'm making decent money for my age (23) but don't plan on crawling in attics for the rest of my life lol. I'm going to be going back to school for Finance soon, and will likely go into a firm but I do hear that entrepreneurship is 10x better then being with a firm, but I would be extremely nervous handling clients finances as a noob! Any advice? Thanks and great video!
Josh Olfert
Josh Olfert 6 aylar önce
Thanks for supporting the channel! I started with a larger firm for about 1 year and then built my own practice. With all of the regulation and compliance its very difficult to start on your own in this business on day 1. You will almost always need some sort of supervision or sponsor in your first few years.
Teodric
Teodric 6 aylar önce
My left ear is lonley
Josh Olfert
Josh Olfert 6 aylar önce
I know ... my top video ever has trash audio...
Evan Pricco
Evan Pricco 6 aylar önce
I’m currently an undergrad in Broadcasting and Media with a minor in Business, but I know that I want to go to grad school and get an MBA in finance. Being a financial advisor (whether being a private advisor or working for a firm) is what I’m aiming for career-wise. Will the unrelated bachelor’s degree hurt me in any way?
Josh Olfert
Josh Olfert 6 aylar önce
Absolutely not! For instance, I didn’t even get a degree at all. I think the *best* thing you can do it just get into the workforce. Get experience in or near the industry you want to be in. You won’t really realize what options are out there or what you might like/dislike without actually being around it. Who knows what door open up when you start knocking as opposed to spending years planning on which one to knock, and whether or not something will open. Wishing you all the success! Hope this helps
james arnold
james arnold 7 aylar önce
So glad to stumble across this channel! I have one more year till I get my degree in Finance and then looking to get those CFP letters!!!
Josh Olfert
Josh Olfert 6 aylar önce
Love that! Congrats James. Thanks for supporting the channel. 👊🏽
Michael Coleman
Michael Coleman 7 aylar önce
I’m a broke 24yr old, hire me 😭
RADHE KALAMKAAR
RADHE KALAMKAAR 7 aylar önce
Love from India ❤ I'm also going to opt the course of Finance very soon❤ Wish me luck My big brother✌✌☺☺
ALPHA_FPS
ALPHA_FPS 7 aylar önce
That hair cut is so fresh damn!!!!!!!! I like y’a cut G!!!!!
LENNON
LENNON 2 aylar önce
@Josh Olfert facts
ALPHA_FPS
ALPHA_FPS 7 aylar önce
@Josh Olfert ayy no problem 😉 keep up the great videos keep on the grind 🇨🇦
Josh Olfert
Josh Olfert 7 aylar önce
Eyy!! Thanks brother 😂
KizoKlapz
KizoKlapz 7 aylar önce
Hey question, do i have to start my own business? Or can i work for somebody else?
Josh Olfert
Josh Olfert 7 aylar önce
The opposite! I think it’s MUCH easier to start with an established firm. If you’re in the USA look for a good independent RIA in your area. In Canada find an independent (Non-Bank) broker/dealer and it’ll be a great start. The career is never easy at the start, but you can make it easier by leveraging an existing brand and platform. Hope this helps!
The Destroyer
The Destroyer 7 aylar önce
I just checked your LinkedIn and found you basically do not have a formal education. What you are is a sales man, you are no Financial Advisor
Josh Olfert
Josh Olfert 7 aylar önce
I ain’t changing this guys’ mind but for whoever cares to know the truth I’m a CFP - cheers.
Angel Rodriguez
Angel Rodriguez 7 aylar önce
I would like to
Blake Jacques
Blake Jacques 7 aylar önce
hey josh! love this channel and these types of videos, im currently in university and wondeirng what school you went to and what degree you acheived if so? thx man!
Josh Olfert
Josh Olfert 4 aylar önce
@Thomas Knight Hey Thomas! Good detective work. I use my real name, but I'm in Canada! Check here instead: fpcanada.ca/findaplanner
Thomas Knight
Thomas Knight 4 aylar önce
@Josh Olfert You need a bachelors to get a CFP. I looked up your last name on the CFP directory and nothing came up. Do you use a different name on your YT than your legal name?
Josh Olfert
Josh Olfert 7 aylar önce
@Blake Jacques Love it!! Cheers my man
Blake Jacques
Blake Jacques 7 aylar önce
@Josh Olfert solid man! good for you! creating your own business is a job inside of a job itself, love the grind. can’t wait to see where you will take haven 🚀 definitely will be in the same field when i’m qualified! probably will cross paths !
Josh Olfert
Josh Olfert 7 aylar önce
Thank you Blake!! I never went to university. I was lucky that in high school I knew exactly what I wanted to do and how I could get there without a degree. So I took the risk and built all this up in the 5 years I would have spent in school, and got my CFP in lieu. Cheers! Thanks for your support.
tylah
tylah 7 aylar önce
great video! i was surprised when i saw that this video had less than 10k views. im studying to become a financial advisor right now
Josh Olfert
Josh Olfert 7 aylar önce
Thank you for the vote of confidence! Sorry for the terrible audio. That’s awesome! All the best to you. Let me know if you have any big questions I can build content around. Cheers!
Kadrea Dawkins
Kadrea Dawkins 7 aylar önce
Love your videos! I trade and invest in stocks for myself and I want to start trading for others, while charging them a fee. Do I need to become a financial advisor?
Josh Olfert
Josh Olfert 15 saatler önce
@andrew john Sure thing Andrew. This is actually how Warren Buffett started his career managing money. Most business structures (corporation, partnership, etc) are really just fancy ways of defining who has the liability if the business collapses or if people get sued. A limited partnership is one of these structures where the business has many different partners (limited partners, or in this case your investors) but with one primary leader (general partner, you/the investment manager). In this structure the limited partners are only liable for losses of their initial investment. If the company fails they can't lose more than that, or go into debt, get sued or be forced into bankruptcy. HOWEVER, the general partner can. The general partner would go out and prospect investors and convince them to sign on as limited partners. When they do this, they would effectively be agreeing to risk their money with your investment strategy. If you do well, your earn fees and profits. If you do poorly, your investors will leave. If you go bankrupt, the companies creditors and enemies can come after you personally (lawsuits). If you're a talented investor, this would be an effective way to run your own boutique investment company without being regulated by securities commissions. But you bear substantially more risk personally. Hope this helps!
andrew john
andrew john 16 saatler önce
@Josh Olfert could you explain how a limited partnership works?
Kadrea Dawkins
Kadrea Dawkins 7 aylar önce
@Josh Olfert This helps a lot thank you! I appreciate it!
Josh Olfert
Josh Olfert 7 aylar önce
Hey Kadrea! There’s a few ways you could do this but it’s certainly a touchy area. The industry is riddled with complex regulations. You could become a registered securities advisor which would take you a couple years of study and designations. Or if you have a big circle of people who trust you with their money you could explore a limited partnership with you as the general partner and your other investors as limited partners. There is a ton of risk here, so be careful! You’ll certainly want legal counsel. Hope this helps!
Phil 9060
Phil 9060 7 aylar önce
Could you be a Firefighter and a Financial Advisor at the same time?
Josh Olfert
Josh Olfert 7 aylar önce
Bang on. Case in point.
Josh Olfert
Josh Olfert 7 aylar önce
Yeah absolutely! That would be a killer combo. Provided your clients know that 2 weeks out of the month you’re probably MIA. That’s the challenge I see. And lastly, you’d need to find a dealer firm that it willing to have you working 2 jobs.
Powerfully Motivated Entertainment
Powerfully Motivated Entertainment 7 aylar önce
I live in Ontario and just starting for Sun Life they don't allow you to have outside work as they want you to be committed to your work 100%
TooBlunt ForYou
TooBlunt ForYou 7 aylar önce
I love your energy and movement with your hands as you talk, I do the same 😁 great, informational video! I want to study finance for my Master's.
Josh Olfert
Josh Olfert 7 aylar önce
Hahah! Thank you! I appreciate your support and feedback on the video. Best of luck!!
Nick Peterson
Nick Peterson 7 aylar önce
You should get a mic. I think it'd make your vids even better.
Nick Peterson
Nick Peterson 7 aylar önce
@Josh Olfert ​ @Josh Olfert ​ @Josh Olfert lmao I'm sorry that's really unfortunate. Although, if you did make an updated vid it'd likely do even better. I just discovered your channel today and I think you've got the job I want. I'm 18 now and I've really gotten into the idea of investing and building one's wealth. I'm now watching your vid about how you became a financial advisor and I have a few questions for you. 1. What books should I read? (I went to your website but it seems to be down atm) 2. Also since I think you do have the job I want, do you mentor people lol? :) 3. And finally, what made the first few years so difficult? finding clients? I know this probably seems like a really long response I'm just really interested in your career and lifestyle so thanks for making videos about it
Josh Olfert
Josh Olfert 7 aylar önce
I’ll forever be plagued by my top video on TRshow having terrible audio 😂 It’s like perpetual punishment. Maybe we’ll just have to do a 2021 Update? 🤷🏽‍♂️
Daniel Rodriguez
Daniel Rodriguez 7 aylar önce
how did you go about building clientele?
Josh Olfert
Josh Olfert 7 aylar önce
Hey Daniel! Here's my take: 1) Provide value to as many people as possible, for free 2) Get on the internet and broadcast your message (IG, FB, YT, blog, etc) 3) Treat every new client you get like gold 4) Do that over and over again for many years But a ton more on that here: trshow.info/watch/LBq9qQZbc4w/video.html
Gabriel Velloso
Gabriel Velloso 8 aylar önce
Nice video! What is the difference between Financial Advisor and Financial Professional?
Josh Olfert
Josh Olfert 8 aylar önce
Good question! I’m not sure there’s an official one (and there’s certainly a healthy dose of confusion around Titles - they aren’t regulated well). In my view: Financial professional = Anyone who’s a credentialed person working in the finance industry (CPA, CA, CFP, CFA) Financial Advisor = A job title for mostly anyone that works with the public selling or advising on financial products.
Josh Lucarelli
Josh Lucarelli 8 aylar önce
Great video Josh! I’ve been a financial advisor for alittle under a year now and it’s definitely a tough career to start in but I’m starting to generate some reoccurring revenue through portfolio management and I’m loving it. What was the most effective way to generate new clientele for your practice?
Nick San Souci
Nick San Souci Aylar önce
@Josh Olfert you can’t make online content if you work for a brokerage.
Josh Olfert
Josh Olfert 8 aylar önce
That’s awesome Josh!! If you’re almost one year in and you’re still genuinely loving it the right answer on how to get more prospects is to just keep doing what you’re doing but for three more years. Patience plays a massive role. Other than that - online content. If you want to expedite the process create or curate two pieces of content per week for two years. Then engage with the community of people that appear interested. Best of luck 👊🏽
Emely Morales Varona
Emely Morales Varona 8 aylar önce
definitely interested
Emely Morales Varona
Emely Morales Varona 8 aylar önce
I want to become a Financial Advisor.What is the best way to start ?
Josh Olfert
Josh Olfert 8 aylar önce
Right on! That’s fantastic. I’d start here: trshow.info/watch/LBq9qQZbc4w/video.html
Liridon Fetahu
Liridon Fetahu 8 aylar önce
Hi Josh, I appreciate you sharing your income. I am considering becoming a financial/investment adviser and currently just doing research on different aspects of the business. Can you share how much AUM you need to get to the level of income just from your investment advisory services (excluding mortgages, rental income). Thank you.
Josh Olfert
Josh Olfert 8 aylar önce
Thanks for taking the time to watch Liridon! I appreciate it! I wished other advisors had shared their figures with me when I was getting started. There’s so much uncertainty at the start. It all depends on the model you’re operating under. If you’re an independent, you’re probably earning 0.75-1.00% of assets. If you’re at a big bank or brokerage, you’re likely working underneath a senior advisor and getting referred business from them or the branch level. In this case you’re probably getting 0.50-0.60% So in that case, $5,000,000 AUM = $25,000-$50,000/Year in revenue. Hope this helps!
just_another_guy
just_another_guy 8 aylar önce
That fade made me fade away from the content. Nice job!!
Cruzn2Victory
Cruzn2Victory 3 aylar önce
Just watched but for real need your barbers number!!!
Josh Olfert
Josh Olfert 8 aylar önce
Hahahaha. Thanks 🙏🏽 It was the audio for me ...
Samuel Lee
Samuel Lee 8 aylar önce
good job!
Josh Olfert
Josh Olfert 8 aylar önce
Thanks Sam!!
Nadyaa M.
Nadyaa M. 8 aylar önce
Nice fade. I have my interview tmrw :P
Josh Olfert
Josh Olfert 8 aylar önce
Thank you! hahaha. Best of luck!!
DR Vinson
DR Vinson 8 aylar önce
What’s your average ROI?
Josh Olfert
Josh Olfert 8 aylar önce
Tough to answer. 250+ Clients and they’re all slightly different in some way. Some of our strategies will outperform the market by a couple percentage points in a year, while some will lag in certain years. Probably ends up being pretty close to the average market return, maybe slightly higher. Assume 8-9% on Equities and 2-4% on Fixed Income but those are by no means stable.
Hammy G
Hammy G 8 aylar önce
Good video. You have the model right and assuming you never get better at your work in terms of new client acquisition, your income will grow each year. Personally, I don't take any calls when I am off ( which is most of the time at this point) , however I do have other people that can field those calls. Once you get to the point that you can hire an assistant ( even if part time) I would- since as your business grows, the amount of service required grows. When I was in my 30's my business was doing very well, however I found I was spending most of my time servicing the business which in turn took away from doing any new business which you need to grow at a faster pace. You have a good outlook and I have no doubt of your continued success.
Josh Olfert
Josh Olfert 8 aylar önce
Thank you! I appreciate the kind words. The advice is sincerely helpful. Trying to work towards working ON the business rather than IN the business 👊🏽
Ash AA
Ash AA 9 aylar önce
You might want to consider to use a mic for a better audio... great video
Josh Olfert
Josh Olfert 9 aylar önce
I know!! All the other videos do. Audio crapped out on this one 🥴 Thanks for the support
john ohm
john ohm 9 aylar önce
What song is that in the intro?
Chris Dick
Chris Dick 9 aylar önce
Awesome content! Late rent is a no-go, need to ask for post-dated cheques at the beginning of the lease!
Chris Dick
Chris Dick 9 aylar önce
@Josh Olfert not to date, although I’ve only had one set of tenants to try it with. I think it’ll be one of my requirements going forward with future tenants!
Josh Olfert
Josh Olfert 9 aylar önce
That’s a great idea! Ever get pushback?
Jayce Schomaker
Jayce Schomaker 9 aylar önce
I’d love more videos about the steps you took to get where you are. (Series 7 prep, courses you used etc)
Niyosha Ataollahzadeh
Niyosha Ataollahzadeh 8 aylar önce
I am just about to start with this career please share the job description thanks
Josh Olfert
Josh Olfert 9 aylar önce
Thanks for the feedback Jayce! I’m in Canada so the courses might be different (other than the international ones like CFP, CFA, etc) but I can talk all about the principles and experience of getting them. Thanks!
Sam Youngblood
Sam Youngblood 9 aylar önce
Monday is my first official day as a financial advisor!! Love the video!
I review everything
I review everything Aylar önce
mentor me ill work for you.
Ayana Gordon
Ayana Gordon 2 aylar önce
How it's been going for you Sam
Big
Big 3 aylar önce
Congrats
Ramsey Lucas
Ramsey Lucas 3 aylar önce
@Sam Youngblood How did you get certified? Please reach out to me through my email; ramseylucas7@gmail.com
Ghost Stalker
Ghost Stalker 4 aylar önce
Update on your salary?
Rhyan DeVanno
Rhyan DeVanno 9 aylar önce
Hi Josh I know this is not about the video at hand but i think you'll be best to answer: I'm 19 I have a credit score of 716. (im an authorized user on a few of my parents accounts) I have 1 boscovs credit card i opened a little over a year ago. I would like to open up more credit cards of my own so when I decide to hop off my parents cards I have good credit. Any idea for a good first card for myself.
Josh Olfert
Josh Olfert 9 aylar önce
Always!
Rhyan DeVanno
Rhyan DeVanno 9 aylar önce
@Josh Olfert Ok thanks Josh! I appreciate your quick replies, and very helpful information I appreciate you taking the time to talk to me!
Josh Olfert
Josh Olfert 9 aylar önce
@Rhyan DeVanno I would say 19 is certainly old enough to take responsibility over your own credit cards! Just be smart. Never carry a balance and pick a card that is the best option for the rewards you want. That’s 90% of the battle. Then always pay it early. If you have trouble paying it, cut it up! Credit cards are only ever a bad thing if you hold a balance. Establish your credit early! 👊🏽
Rhyan DeVanno
Rhyan DeVanno 9 aylar önce
@Josh Olfert I'm from America, lol I just used that picture when I was probably 15 because I couldn't think of anything else. Also my parents just spent good portion of there credit card limit and my score dropped 70 points do you think its smart to stay on with them? Or start fresh on my own?
Josh Olfert
Josh Olfert 9 aylar önce
Hey Rhyan! Thanks for the comment. What country are you in? (PS. I love rhinos)
Daniel Angheben
Daniel Angheben 9 aylar önce
refer.discover.com/s/DANI15
Daniel Angheben
Daniel Angheben 9 aylar önce
Apply for an American Express Card with this link. We can both get rewarded if you're approved! refer.amex.us/DANIEArQr8?XLINK=MYCP
Juan “D.” Ace
Juan “D.” Ace 9 aylar önce
Great vid! I am currently getting my licenses and would love to follow your footsteps 💯
Josh Olfert
Josh Olfert 9 aylar önce
@Andrew Vij Actually didn’t go! Decided for me personally it wasn’t the best use of my time and money. More here: trshow.info/watch/9dy_qhHGVXk/video.html
Andrew Vij
Andrew Vij 9 aylar önce
@Josh Olfert what college did you go to?
Josh Olfert
Josh Olfert 9 aylar önce
That’s awesome Juan! I’m hoping the best for you. I’m here if you need help or have questions!
King Christophis
King Christophis 9 aylar önce
How would you describe the sales experience? Is it a huge component in your eyes?
King Christophis
King Christophis 9 aylar önce
@Josh Olfert well, darn.
Josh Olfert
Josh Olfert 9 aylar önce
I think getting into large ticket sales for experience and self development is one of the best things you can do for your career! You learn that sales isn’t about making people do what they want to do, it’s about getting them involved in a process that makes them excited and ultimately creates a win-win. Other than being an extremely competent software programmer, there is no skill more valuable to your career than sales in my view.
Tobi Aminu
Tobi Aminu 9 aylar önce
Great Content Josh! I am a recent college finance grad and honestly I've been interested in becoming an advisor, but the idea of commission and building my own net worth is sort of discouraging because I hear of many people who gets burnt out within the industry. This video definitely helped me in gaining an understanding of how an advisor gets paid, however how was the career during your beginning years, were you able to maintain a lifestyle apart from just advising and searching for clientele. Or did advising become your "life", I def understand that hard work is an essential no matter what career I am in. But was advising overly demanding during your rook years?
Josh Olfert
Josh Olfert 9 aylar önce
Hey Tobi! Great questions. I totally understand this. It’s certainly a career where you’re voluntarily agreeing to front load your suffering. The first 2-4 years are an absolute grind. You’re overworked and underpaid to a massive extent. Typically, after year 4 you should have some semblance of stability and even work life balance. It’s very okay to be uncomfortable with this. I’ve never personally met an advisor who was comfortable in the job in their first few years. I would say the job HAS to become your life for 18 months minimum or you’re just dragging your feet. I went from being a very social person to not seeing my closest group of friends more than once in a 12 month stretch. It was hard. But I look back and it was EASILY worth it. I’m here to help when you need me.
Camilo Rodriguez
Camilo Rodriguez 10 aylar önce
Thanks for sharing this brother. I just got my bachelors in business management and I’m trying to figure out which path to take, being in a pandemic isn’t helpful but I know sooner than later doors will start to open up. Keep it up!
Firas A
Firas A 3 aylar önce
Is a bachelors in business management needed for becoming a financial advisor? I’m just starting my research about this field
Josh Olfert
Josh Olfert 9 aylar önce
Hey Camilo! Thanks for the comment! Yeah. Things are certainly tough right now. I wouldn’t want to be a brand new financial advisor in late 2020. It’s hard enough to get started in the good years! Keep working towards what you want day by day and progress is guaranteed in the long run. Even if that means reaching outside the norm (blogging, putting yourself out there, developing your skills and ideas) Stay safe!
theduckgoesmoo
theduckgoesmoo 10 aylar önce
Great video! I relate to a lot of the things you said, so it's nice to know I'm not the only one.
Josh Olfert
Josh Olfert 10 aylar önce
You sure aren’t! Thank for watching 🙏🏽
Shona Bertrand
Shona Bertrand 10 aylar önce
Josh you're a CFP! Start charging what you're worth for planning and advice. 250 is a lot of clients, imagine if 100 of them paid you a few hundred bucks a month for your expertise!!!
Josh Olfert
Josh Olfert 9 aylar önce
Thanks for the encouragement Shona! My median client is under $100K investable assets. More often than not “a couple hundred a month” would be pretty detrimental from a fee perspective.
Brandon Yanchus
Brandon Yanchus 10 aylar önce
Getting that trailing commission up - build that annuity!
Josh Olfert
Josh Olfert 10 aylar önce
Yessir! Just doing my best not to get spread too thin 👊🏽 Thanks for the encouragement
Aaron Wojnowski
Aaron Wojnowski 10 aylar önce
Why didn’t you disclose your OnlyFans income?
Alana Schlichting
Alana Schlichting 7 aylar önce
coming soon to a channel near you
TomStefaniuk
TomStefaniuk 10 aylar önce
That’s what I wanted to know too!!
Josh Olfert
Josh Olfert 10 aylar önce
Waiting for the day that the mic is working
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