“Security traders license?”
Yep. I passed the test years ago but let it lapse since I wasn’t using it.
Damn
I don’t know any CFPs that are living in poverty
My cousins best friend in Baton Rouge is rich from wealth management
He just has a formula he uses per clients needs
He puts it to bed and monitors it
A fat 50-100 basis point wrap annually
He has about 750m under investments
Quite a bit of it are injured oil patch and refinery workers with 20 million dollar settlements
He just invests it in secure govt bonds for income and some in equities
You or I could do it just as well I bet online
And if they don’t know better he charges at least one percent annually and points for capital gain in the portfolio
He hunts worldwide and has his own deer camp in prime Mississippi whitetail country
He’s a nice guy
It’s a good job
Him and now his two kids and a receptionist and two bookkeepers
Not much overhead
He schmoozes a lot
Dove hunting in Argentina and so forth....keep clients happy
A one percent wrap on a 20 million dollar book from a badly injured derrick hand is 200,000 a year for his firm
Nice for just investing and keeping an eye on it
Banks should do this for nearly free for big clients to be honest