I have been following your Facebook page for more than a year now. Recently, I attended one of your seminars and I was very happy to have attended. I also seemed to enjoy what the financial advisors are doing - conducting seminars, discussing about investments, helping people be more financially healthy and doing one on one financial coaching. Currently I am employed and is earning around P25,000 per month. But I feel that I have stagnated and I want to earn more because I believe I am very hard working and I even spend overtime regularly. Unfortunately, some of it are without pay. Also, I feel that my job is not anymore challenging. I want to do something new and grow.
My question is, how much do financial advisors earn and do you think a person like me with little financial background can also become a successful financial advisor?
Thanks for answering my question and more power to FinancePH.
Your avid FB follower"
Thank you for reaching out to us to clarify about this issue. With regards to your question as to how much financial advisors earn, there seems to be no definite answer. In the Philippines, financial advisors earn commisions and variable income. They do not earn a fixed income. This is different from financial advisors in developed countries where they charge a specific consultancy fee or management fee to their clients. Unfortunately in the Philippines, that set up may not happen in the near future.
I started my career as a financial advisor when I was age 21 right after college. I first started as a part-time advisor while working as a CPA in one of the big accounting firms in Makati. Usually meet my clients after work or during Saturdays. At that time I was earning an average of P15,000 to P20,000 per month from my sales.
As the years progressed, I started to become less shy and started to be more confident of my job. Eventually I started to earn P35,000 to P50,000 per month. The key here is to take care of your existing clients and continually serve them so you will have repeat business.
Globally there is an international organization called the Million Dollar Round Table or MDRT which is one of the best honors that a financial advisor can achieve. Unlike certification courses such as the Registered Financial Planner (RFP) or the Certified Wealth Planner (CWP) where you study and take an exam to be certified, the MDRT designation can only be achieved if you reach certain level of income every year. This means that you can be an MDRT this year and next year you are not.
The income requirements to be part of this organization can be found at the website of MDRT at https://www.mdrt.org/membership/requirements/. Currently the income requirement for 2017 to be part of MDRT is at Php 2,094,300. Which means that if you earn at least Php 2,094,300 you are eligible to apply as member of MDRT. This amount changes every year to adjust for inflation.
Reaching the MDRT status as a financial advisor is one of the greatest dreams for most financial advisors. This translates to not only income but several company rewards, fame and free travel incentives. Because of my job as a financial advisor I normally travel out of the country at least twice a year and most of them are for free. But don't think that this is easy to achieve. MDRT financial advisors represent only 5% of the total financial advisors all over the world. Most MDRT financial advisors take time to build up their skills, confidence and client base to be able to achieve an MDRT status.
As to your second question if you need to have financial background to be a financial advisor, the answer is no. In fact some of the top financial advisors that I know have not take any finance classes when they were in college. The key there is to attend regular training and have a mentor who is also an MDRT.
If ever you wish to know more about the career please visit www.beafinancephadvisor.com. If you are not yet decided and wish to attend an orientation to know more details kindly visit www.beafinancephadvisor.com/orientation.
Hopefully I answered all your questions.
Mark Joseph T. Fernandez, CPA, RFC, AFA, AWP, AEP, MDRT
President of FinancePH
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