Series 7 Exam countdown

I began blogging when I was pregnant with Jimi, more as an online diary of sorts than any other thing. Now that I have him, and his sister Lorin, there's less time to do things like write.

However, as I am studying for the Series 7 exam, it strikes me that I may want to be able to go back at some point in the future and see the things that I had trouble with while studying, so as to enable me to re-study those topics. Also, just to chronicle my life as a newbie in the industry.

Before I get into the actual study material, which will be VERY BORING to 99% of my 1 reader, I want to share the story of my journey to become a financial planner. Wow, just realized this might take more time than I want to from studying...so here's the cliff notes:

- While in SLC in 2001 I lost my job, was having a hard time finding one, frustrated, etc. so I talked to my pastor who asked me a most important question, "if you could do anything you wanted to and time, money and education was not a factor...what would you choose to do?" I replied with "I'd be a financial advisor". So he said, begin to find out how to do that.
- I called around and many SLC firms suggested I first obtain my insurance license. I did.
- I also learned that although financial advisor and financial planner were not interchangable terms, I would like to do both of those job descriptions. In other words, act as an advisor within the scope of comprehensive financial planning.
- I realized that most successful financial planners had the CFP
designation, so I began to take the courses to pass this exam (at the time the CFP Board of Standards did not require those sitting for the exam to have a bachelors degree). This would prove to behoove me in more way than one.
- I got married. Not really important in my career path, but important in life.
- I got a job at an insurance company, and later left that company for almost double pay at another company as a financial analyst. I always said once my husband got out of school and got a job, I would try to get into the financial field, but that it's pay was commission and I needed something guaranteed.
- We moved to Huntsville, AL. I proceeded to have two children in 18 month's time. This actually is important in my career path, as your world totally transforms at this point.
- After our daughter (youngest) turned 18 months, we began to re-evaluate me going back to work in the corporate world. The prospect of which just didn't quite sit right with me. I said, "If I'm going to go get a job and put the kids in daycare, then I am going to go do what I feel like I've been put on this earth to do."
- I went around dropping off resumes at LPL Financial, Morgan Stanley/Dean Whitter, Raymond James, and others. My first stop would prove to be the only one that mattered, as I met the branch manager. That is a good thing because the others did not so much as bother to return my calls.
- The good people at LPL agreed to sponsor me to take the Series 7 and 66 exams. I had to fill out a U-4 form, submit last year's tax return, get fingerprinted and other preliminary paperwork such as list my last five years residence, ten years of job references, etc.
- My branch manager said that most people who start out in the industry do so at wirehouses because they usually give you a base pay plus commission (though, the base is actually more like a "draw"). They also have production requirements and product placement policy that goes against what I feel I want to do for clients. He said I am smart because LPL and other independent broker/dealers pay about 90% versus the other b/d I mention which pay around 65%. If the company charges $1/share commission I'd get $.90 versus $.65. That'll add up.
- I began to study. The Dearborn Publishing material that my branch manager and transition specialist is just a tidge expensive ($300 range) so I grabbed a book at Barnes & Noble called Exam Cram for $40. I'm going to read this while I save for the $300 expenditure.

My test date for the Series 7 is December 29th, 2010 at 9am. The Series 66 is scheduled for January 4th, 2011 at 9 am. Prayers are appreciated.