Do financial planners make alot of money??
Well, they don’t tend to get a salary. most financial planners are independant agents who are paid off commisions based on sales of insurance, mutual fund products and the like. Some are paid by clients, but most are simply commisions and residuals based on sales to those clients. In rarer cases banks do hire planners on salary, but usually at fairly low pay, under 40k, you tend to work quite hard and longer than normal banking hours for clients without having the autonomy of other planners and you’ll never own your own client list as it belongs to the bank. It’s a fairly grueling job, especially in the start up. It usually takes several years to begin to turn a profit since you have to build up clients and start receiving a steady stream of residual payments from products you’ve sold. Building the business is the hard part, dealerships will hire you and teach you and point you in the right direction, but you’re on your own really. Successful financial planners can make good money once
