Can I Explore a Financial Planning Career While Working in Another Area of Financial Services?

Have you been considering a financial planning career, but you aren’t fully ready to commit? If so, then exploring a financial planning career by taking a non-financial planning position first may be a good option for you. 

Working in a related position at a financial services company lets you gain experience, knowledge and a paycheck as you work toward becoming a CFP® professional. This can be an attractive option for those OR people who need a bit more time to decide on their career path. 

There are many different roles to choose from, and they will vary greatly depending on the size and type of financial services company you choose. For instance, you could start out as a bank teller or customer service representative at a local bank. Or if you like working with technology, you might pursue a product manager role at a large fintech company that designs software products for financial services companies. 

The financial services industry relies heavily on data analysis, so if you like working with data, being a financial analyst  might be a good fit for you. And if you have a talent for selling, there are many sales and sales manager positions in financial services. Again, these are just a few examples of the many different roles that can help you gain entry into financial planning. 

Advantages of This Career Approach

Taking a non-financial planning role will allow you to familiarize yourself with the financial planning profession, or a particular company that interests you, while helping you determine whether the career is a good fit.  

Many financial planning companies are willing to hire job applicants based on their current skill sets as long as they show a strong desire to serve clients. These companies will then support and assist their employees as they pursue CFP® certification later. Many employers will even provide reimbursement for obtaining the certification. 

Companies That Provide a Glimpse of the Financial Planning World 

Here are examples of the types of companies where you can work to get insight into financial planning as a career, as well as a brief explanation of what each type does.

• Fintech companies create tools, technology or software that make time-consuming tasks more efficient. Some fintech companies you may recognize include Stripe, Square, Coinbase and Chime. 
• Custodians and platform providers consolidate the operational needs of a large number of companies to provide resources for growth and client service. J.P. Morgan, The Bank of New York Mellon Corp. and State Street Corp. are among the largest custodian banks in the U.S. Examples of platform providers include TD Ameritrade, Merrill Edge and Charles Schwab. 
• Asset managers provide asset management solutions to companies, freeing up advisors to spend more time with clients. Vanguard Group, BlackRock and Fidelity Investments are among the top asset managers in the U.S. 
• Third-party administrators and record keepers assist companies with their own retirement plan creation, maintenance, compliance and fiduciary responsibilities. Fidelity Investments, ADP Inc. and Vanguard Group are all third-party administrators.  
• Industry vendors and wholesalers market products for use by banks and other financial services companies. This includes a broad range of businesses that offer different types of products and services to the financial services industry. These can include software companies like Microsoft and Oracle, bank equipment providers, companies that sell office supplies and even security services, such as Brink’s and March Networks.