What to Look for in a Financial Planning Job

Whether you’re seeking your first financial planning job or looking for the next step in your career, it’s crucial to find an employer that’s a good fit. While compensation is an important detail, it’s not the only factor to consider.

The firm you choose can have a big impact on your professional growth and overall job satisfaction. Your employer can determine the type of clients you serve and influence your approach to financial planning.

So, how do you choose the best financial planning firm for your next job? Let’s cover the essential factors — beyond salary — to take into consideration during your next job search.

Research Roles and Responsibilities

Many firms place new planners in sales-focused roles that revolve around quotas for assets under management (AUM). There’s nothing inherently wrong with this, and it’s a setup that can help you gain experience and build your portfolio. However, it’s not the right environment for every financial planner.

If the idea of a sales-heavy role doesn’t align with your preferred work style and goals, it’s a good idea to look for jobs that offer a broad array of responsibilities. If you’re just starting your financial planning career, look for firms offering entry-level client service roles or paraplanning jobs.

Sometimes, job descriptions don’t offer a clear picture of responsibilities. Here are some questions you can ask during an interview to get a better idea of what you’d be doing:

Is this role primarily focused on sales?
Would my responsibilities include financial planning and advising?
What are the performance expectations, and how are they measured?
Does this job require independent work, or will I have access to a mentor?
Will I be working with a team of peers?

Don’t be afraid to ask questions — ensuring a good fit benefits you and a potential employer!

Connect With an Experienced Financial Planner

Your professional network can be invaluable during a job search. Professionals who have more experience can provide valuable insights about what to expect in your career. They can also help you avoid common mistakes and provide essential context to help you make informed career decisions.

There are several ways to grow your professional network:

Reach out to peers on LinkedIn or in online communities (like Amplified Planning CORE).
Connect with other planners at conferences.
Build relationships with planners at different types of firms (e.g., RIAs, large institutions, boutique firms, etc.).
Ask questions about their experiences — what helped them the most or what they would have done differently.
Attend professional development events — these can be great opportunities to connect with other planners and firms!

If you can connect with someone at a firm you’re considering, that’s even better! They may be able to provide key information to help you decide whether that firm would be a good fit.

Understand Firm Types: Wirehouses, RIAs, and Broker-Dealers

There are many different types of financial planning firms, and they all have unique structures, expectations, and clients. Understanding the differences can help you choose a firm that matches your values, preferred financial planning approach, and career goals.

Here are some of the different types of firms:

Wirehouses: These are typically large, well-established firms with a sales-heavy approach. Many offer comprehensive training programs, but you may find that your job is primarily focused on meeting sales quotas.
Broker-Dealers: These firms generally follow a commission-based compensation model. That means you’ll likely have to focus on selling investment products to clients.
Registered Investment Advisors (RIAs): These are independent firms that focus on providing fiduciary services — they offer advice that’s in the client’s best interest. Because of this client-centric approach, you may have leeway to be more flexible in your planning approach. These firms may require new planners to already have key fiduciary credentials, like a CFP® certification.
Boutique Firms: If you want to work in a niche market, such as high-net-worth investments, a boutique firm may be a good fit. These companies usually offer clients personalized services, but they might not have as many internal training programs or resources for new planners.

If you’re not quite sure how a firm is structured, ask questions during an interview or networking event. Ask whether the firm focuses on sales or advice (or a blend of both). Clarify whether the firm is a fiduciary and whether compensation is based on product sales.

Evaluate Training and Professional Development Opportunities

It’s important to continue learning throughout your entire financial planning career. If you want to find a financial planning job that will support your professional development, here are some questions to ask:

Does the firm provide tuition reimbursement?
Will the firm cover the cost of a CFP® certification or other professional credentials?
Are there in-house mentorship opportunities or training programs?
How does the firm support its planners’ long-term professional development?

This profession is always evolving — look for firms that will provide you with training and ongoing education so you can adapt to changing paradigms.

Review Client Philosophy and Fee Structure

Just like there are different types of firms, there are unique approaches to serving clients and generating income. If you want to understand a firm’s priorities, look at how services and fees work. Ideally, you should work in a firm with values that match yours.

Consider how the firm charges fees — does it have flat rates or set fees? Does it charge based on a client’s AUM?

Look at the firm’s approach to financial planning, too. Is the focus on client-centered guidance or product sales? Do clients tend to stay for a long time, or does the firm prioritize short-term gains?

Evaluate Workplace Culture and Team Dynamics

When you’re choosing a place to work, you want to make sure you’ll enjoy your day-to-day experience (at least for the most part). A firm’s internal structure and culture will impact your professional relationship and overall job satisfaction.

Look for these positive signs:

A focus on collaboration instead of competition
Opportunities to contribute new ideas and communicate with leadership
Policies that support a healthy work/life balance

Likewise, it’s important to look for red flags. See if you can determine how long employees tend to stay with the firm. High turnover rates are a bad sign — they might indicate poor management, job dissatisfaction, or a lack of growth opportunities.

Technology is another facet of the daily work environment. If possible, see whether you can determine how a potential employer views modern technology and tools.

Will you have access to industry-standard financial planning software? Does the firm prioritize tools and resources that improve the client’s experience? If the firm incorporates cutting-edge tools, ask whether employees receive training to use them effectively.

Research Reputation and Reviews

How do employees and clients view the firm you’re considering working for? Evaluating a firm’s reputation can help you understand its strengths, weaknesses, and general approach to financial planning.

Online job platforms, like Glassdoor and Indeed, can be good sources of information about employee experiences. See if you can find reviews for the firm you’re researching.

If you want to see how clients view a firm, look for testimonials or Google ratings. You can also check to see whether a firm has received any awards or official recognition from professional organizations or industry publications.

Calculate Compensation Beyond Salary

As mentioned earlier, compensation isn’t the only factor in choosing a financial planning firm. But that doesn’t mean it’s unimportant! You should definitely consider salary when evaluating different potential employers.

However, compensation encompasses more than just your paycheck. Here are some other elements that could increase the value of your compensation package:

Performance-based bonuses
Healthcare, paid vacation, family leave, and retirement benefits
Profit-sharing or equity opportunities
Flexible working hours or telecommuting options
Tuition reimbursement
Mental health resources

Consider which perks are the most important to you personally, and then focus on those as you’re applying for jobs and negotiating offers.

Choose a Financial Planning Job That Aligns With Your Values

Compensation, perks, training, and a good work culture are all important. But it’s also crucial to find a financial planning job that matches your personal values and professional priorities. Working with a firm that shares your views on serving clients is the key to a fulfilling and meaningful career.

As you start your job search, reflect on what’s most important to you. Here are some possibilities:

Diversity, equity, and inclusion
Community service/outreach programs
Philanthropic efforts
Volunteer opportunities

There may be other priorities that are important to you. As you’re evaluating a potential employer, look at its mission statement. Does it resonate with you? And does the firm live up to those values and goals? If so, that might be the right place for you!

If you’re not quite sure what your ideal job looks like or what your personal financial planning approach is, that’s OK. Amplified Planning CORE gives you the guidance and resources to make those crucial decisions.

As an Amplifier, you’ll get to learn about various niches in financial planning and different approaches to client work. You’ll build your planning skills in an encouraging environment and hear from peers and experienced planners alike. You’ll get a peek inside an active firm and see what it’s really like to work with clients.

Are you ready to dive deeper into your career? Join Amplified Planning CORE today!