On my first week working at a wealth management firm, I was assigned to a male mentor who asked me why I wanted to be a financial advisor. He then told me that I would not last a week as an advisor because I would need to bring in $10 million a year to succeed, and he didn't think that I could. He underestimated me, and within a few years, I had hit the milestone. That was our first and last mentoring conversation, and it was close to 10 years ago. Today, when I give advice to young people in the industry, I try to be encouraging and set straightforward expectations.
— Rose Niang, Director of Financial Planning, Edelman Financial Engines, in Suwanee, Georgia
The worst career advice I've ever received was, "Don't take that promotion." It came from a close colleague, from her own insecurities [about failure]. She was so convincing that I went to my boss at the 11th hour and tried to back out of the promotion. Lucky for me, my boss ignored my pleas. Because of that, and the other support systems I had built within the firm, I was able to challenge myself in ways that I never knew possible. It's a good reminder that sometimes even colleagues are too close to situations to see the bigger picture; you have to trust your gut and your mentors and take the leap, even when you don't see the other side yet.
— Cecilia T. Williams, CFP, AIF, director of investment operations/CCO, Halbert Hargrove, in Long Beach, California
As a 26-year-old newly minted financial advisor, I was interviewing with a number of wealth management firms trying to figure out how to best build a career as a financial advisor. The CEO of a successful RIA told me, "You'll never be able to build an advisory business on your own." This well-intentioned advice was accompanied with the guidance that an advisor needs a big-name firm and resources behind them to support clients. Fortunately, I rolled the dice and went the independent route. There are some great "supported independence" platforms out there that have truly perfected assisting advisors to build and grow their own businesses. I look back and can't imagine providing the same experience and level of devotion to my clients as an employee of a big firm.
— Russ Reinhart, Managing Director, Wealthcare, in West Chester, Pennsylvania
The worst career advice I've ever received was, "Keep your options open." Don't do that. Close all the doors but one. Focus on being exceptional in one area and work harder than anyone else to get there. When you run a marathon, you don't want someone running beside you with a glass of lemonade saying "it's okay to take a break." Put the blinders on and go for it.
— Eric Arnold, CEO, Planswell, in Toronto, Ontario, Canada
— Eric Arnold, CEO, Planswell, in Toronto, Ontario, Canada
I was taking the required courses needed to sit for the CFP exam when the company I was working for at the time stopped reimbursing employees for CFP expenses. I was halfway through the program, so I decided to continue. I took the exam, but did not pass. I talked to one of my managers about retaking it, and his advice was, "Don't waste your time and don't waste your money. You don't need it for your job." I put it behind me and moved on. But four years later, feeling like I was stuck in my position, I decided to try again. I signed up for a review course, dusted off my study materials, took the exam, and passed. When I told my boss that I passed, he congratulated me and said, "But you know you will not need to use it here." He was right, so I knew it was time to find a career where I would use it.
— Christopher Briscoe, CFP, vice president and wealth advisor, Girard, in King of Prussia, Pennsylvania
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I was 22 years old, and the worst career advice I received was to take out personal loans to fund the building of my business. With no money coming in and just $1,000 in my bank account, who would give me a loan? Even if I got one, it wouldn't have been in an amount that would have made an impact. I was at the time in a commission-based environment, where the typical ramp-up to make your first dollar was around four to six months. The pressure of trying to get clients was enormous; I didn't need the added pressure of trying to pay back a loan. Prospective clients can sense when you're too eager; they put up a psychological wall. Twenty-six years later, I'm glad I never took that advice. Without the pressure of personal loans, I was able to ramp up the business in a way that has stood the test of time.
— Thomas Henske, Financial Advisor, Fifth Avenue Financial, in New York City
I've received numerous bits of bad advice — everything from "You're not right for this career" to "Why don't you go raise a family" to "This is no place for someone like you." One thoughtless wirehouse manager told me I "did not fit in" many years ago; he was only interested in meeting numbers. It's hard staying around when you know you're not wanted, but I would not get sidetracked. I stayed for two more years in a very uncomfortable environment. When the time was right, however, I went independent and have never looked back.
— Rochelle Odesser, CFP, Madison Planning Group, in White Plains, New York
The worst career advice I ever got actually came from a mentor, while I was getting my education. He said, "You shouldn't try to go into a finance career. You're female, cute, blonde, and blue-eyed, and nobody will take you seriously." I have to admit, this felt pretty harsh. But the upside is that my internal response was, Challenge accepted! I was determined to build a career in financial advising, and from that point, I never looked back. Sometimes there's nothing more motivating than someone telling you, "You can't do this." At least, that's how it worked out for me, and I will be forever grateful for that terrible advice!
— Kimberly Foss, CFP, Founder and President, Empyrion Wealth Management, in Roseville, California
On my first week working at a wealth management firm, I was assigned to a male mentor who asked me why I wanted to be a financial advisor. He then told me that I would not last a week as an advisor because I would need to bring in $10 million a year to succeed, and he didn't think that I could. He underestimated me, and within a few years, I had hit the milestone. That was our first and last mentoring conversation, and it was close to 10 years ago. Today, when I give advice to young people in the industry, I try to be encouraging and set straightforward expectations.
— Rose Niang, Director of Financial Planning, Edelman Financial Engines, in Suwanee, Georgia
The worst career advice I've ever received was, "Don't take that promotion." It came from a close colleague, from her own insecurities [about failure]. She was so convincing that I went to my boss at the 11th hour and tried to back out of the promotion. Lucky for me, my boss ignored my pleas. Because of that, and the other support systems I had built within the firm, I was able to challenge myself in ways that I never knew possible. It's a good reminder that sometimes even colleagues are too close to situations to see the bigger picture; you have to trust your gut and your mentors and take the leap, even when you don't see the other side yet.
— Cecilia T. Williams, CFP, AIF, director of investment operations/CCO, Halbert Hargrove, in Long Beach, California
As a 26-year-old newly minted financial advisor, I was interviewing with a number of wealth management firms trying to figure out how to best build a career as a financial advisor. The CEO of a successful RIA told me, "You'll never be able to build an advisory business on your own." This well-intentioned advice was accompanied with the guidance that an advisor needs a big-name firm and resources behind them to support clients. Fortunately, I rolled the dice and went the independent route. There are some great "supported independence" platforms out there that have truly perfected assisting advisors to build and grow their own businesses. I look back and can't imagine providing the same experience and level of devotion to my clients as an employee of a big firm.
— Russ Reinhart, Managing Director, Wealthcare, in West Chester, Pennsylvania
The worst career advice I've ever received was, "Keep your options open." Don't do that. Close all the doors but one. Focus on being exceptional in one area and work harder than anyone else to get there. When you run a marathon, you don't want someone running beside you with a glass of lemonade saying "it's okay to take a break." Put the blinders on and go for it.
— Eric Arnold, CEO, Planswell, in Toronto, Ontario, Canada
— Eric Arnold, CEO, Planswell, in Toronto, Ontario, Canada
I was taking the required courses needed to sit for the CFP exam when the company I was working for at the time stopped reimbursing employees for CFP expenses. I was halfway through the program, so I decided to continue. I took the exam, but did not pass. I talked to one of my managers about retaking it, and his advice was, "Don't waste your time and don't waste your money. You don't need it for your job." I put it behind me and moved on. But four years later, feeling like I was stuck in my position, I decided to try again. I signed up for a review course, dusted off my study materials, took the exam, and passed. When I told my boss that I passed, he congratulated me and said, "But you know you will not need to use it here." He was right, so I knew it was time to find a career where I would use it.
— Christopher Briscoe, CFP, vice president and wealth advisor, Girard, in King of Prussia, Pennsylvania
Advertisement
I was 22 years old, and the worst career advice I received was to take out personal loans to fund the building of my business. With no money coming in and just $1,000 in my bank account, who would give me a loan? Even if I got one, it wouldn't have been in an amount that would have made an impact. I was at the time in a commission-based environment, where the typical ramp-up to make your first dollar was around four to six months. The pressure of trying to get clients was enormous; I didn't need the added pressure of trying to pay back a loan. Prospective clients can sense when you're too eager; they put up a psychological wall. Twenty-six years later, I'm glad I never took that advice. Without the pressure of personal loans, I was able to ramp up the business in a way that has stood the test of time.
— Thomas Henske, Financial Advisor, Fifth Avenue Financial, in New York City
I've received numerous bits of bad advice — everything from "You're not right for this career" to "Why don't you go raise a family" to "This is no place for someone like you." One thoughtless wirehouse manager told me I "did not fit in" many years ago; he was only interested in meeting numbers. It's hard staying around when you know you're not wanted, but I would not get sidetracked. I stayed for two more years in a very uncomfortable environment. When the time was right, however, I went independent and have never looked back.
— Rochelle Odesser, CFP, Madison Planning Group, in White Plains, New York
The worst career advice I ever got actually came from a mentor, while I was getting my education. He said, "You shouldn't try to go into a finance career. You're female, cute, blonde, and blue-eyed, and nobody will take you seriously." I have to admit, this felt pretty harsh. But the upside is that my internal response was, Challenge accepted! I was determined to build a career in financial advising, and from that point, I never looked back. Sometimes there's nothing more motivating than someone telling you, "You can't do this." At least, that's how it worked out for me, and I will be forever grateful for that terrible advice!
— Kimberly Foss, CFP, Founder and President, Empyrion Wealth Management, in Roseville, California
On my first week working at a wealth management firm, I was assigned to a male mentor who asked me why I wanted to be a financial advisor. He then told me that I would not last a week as an advisor because I would need to bring in $10 million a year to succeed, and he didn't think that I could. He underestimated me, and within a few years, I had hit the milestone. That was our first and last mentoring conversation, and it was close to 10 years ago. Today, when I give advice to young people in the industry, I try to be encouraging and set straightforward expectations.
— Rose Niang, Director of Financial Planning, Edelman Financial Engines, in Suwanee, Georgia
Every seasoned advisor can tell you about the best career advice they ever received, but ask them what the worst advice was and most will pause to contemplate. For some, the question prompts a trip down memory lane, to the very beginnings of their careers; for others it's an opportunity to wax philosophical. In almost every case, though, the responses generate sound advice that carries the weight of knowledge and experience. We asked several advisors to share their experiences. Check out their answers in the gallery above.
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