August 28, 2024 ā¢ 26 mins
Looking for a Man in Finance? What does it really take. Jerry discusses more than just the basics. What is the education, certifications, and lines of work of people who work in the financial services industry?
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UNKNOWN (00:01):
So,
SPEAKER_00 (00:32):
Hello and welcome to the Big Money Podcast.
I'm your host, Jerry Williams,and we talk about all things
related to money from a gayperspective.
And today I thought it might bekind of fun to take a look at
one of the most popular songs ofthe summer.
I'm looking for a man in financeand look at the actual numbers
and maybe the probability andlikelihood of actually finding
(00:53):
such a person.
So if you don't know exactlywhat I'm talking about, so the
song became sort of a a globalsensation after it was created
by the TikTok girl on the couch.
That's her TikTok handle.
And she created this phrase andit's become a song.
(01:13):
It's also, you know, lots ofdance troops have danced to it
and there's been lots ofremixes.
But again, I was thinking, youknow, what are the actual
numbers behind finding such aperson?
And I thought it might be kindof fun to look at it.
So to begin with, I'm going toplay you a little bit of the
song so you get a rough idea ofwhat I'm talking about.
SPEAKER_03 (01:35):
Six five, blue eyes.
I'm looking for a man.
I'm looking for a man.
I'm looking for a, looking fora, looking for a, looking.
Finance.
Trust fund.
Six five, blue eyes.
Finance.
Trust fund.
Six five,
SPEAKER_00 (01:47):
blue eyes.
Okay, you get the idea.
I'm looking for a man infinance.
So, the whole idea behind that,like I said, I think she was
just having fun and I believeshe said she just created it
sort of out of the blue.
But, you know, the funny thingabout it is it just maybe
registered with a whole lot ofpeople.
And I was thinking about it andI thought, you know, when you
(02:08):
take a look at the criteria, youknow, it might be a little bit
more daunting than just maybeyou know, going into your local
bank or something or hanging outon an investment plaza, you
know, where a lot of investmentbankers work and, you know,
running up to somebody.
But, hey, what do I know?
My sister, she met her husbandand she was sitting on a park
(02:32):
bench and he just strolled up toher and introduced himself and
next thing you know, 20 yearslater, you know, they're still
married.
So, anything can happen.
But, When you're taking a lookat, let's just start off with
men in general, if you'retalking about half the
population, then we're talkingabout roughly 160 million men.
(02:55):
So that's a whole bunch, andthat's all ages too, right?
So I don't know what age you'reactually looking for, but let's
say you're looking for someonein their 30s and 40s, possibly
20s, but let's just stick withmaybe 30s and 40s, but all
depends on what you're lookingfor.
And if you're looking at someonewho That's probably going to be
(03:16):
one of the most challengingthings because only 1% of men
actually are 6'5".
So that's a pretty tall dude.
And with blue eyes, a little bitmore common, but also not as
common as you would think.
Only 17% of the population arepeople with blue eyes.
(03:37):
And especially when you'retalking about men who are 6'5
with blue eyes, that is a very,very And then when you're
talking about adding theadditional criteria of a trust
fund, only 2% of men who are 6'5with blue eyes have an actual
trust fund.
And that of those who work infinance, that actually drops
(04:00):
this down to 6'5 blue eyes trustfund, 341 guys.
So that's not a whole bunch ofpeople.
And, you know, they could beanywhere, right?
You know, I'm just kind ofsaying that's not a very large
population to draw from.
And when you're talking aboutfinance as well, you know,
(04:20):
there's just not one group thatis in finance per se because
it's a very basic generalcategory.
And, you know, when you'relooking at someone who works in
finance, there's just a wholebunch of different type of
careers they could have.
because there's when you'reagain looking at somebody who
(04:42):
could be an investment bankerthat's a totally different job
than someone who let's say is afinancial analyst or someone who
is a financial planner butthere's all kinds of jobs out
there like asset management,corporate finance, private
equity, hedge funds, commercialbanking, risk management,
(05:03):
insurance, accounting, auditing.
So, you know, there's just awhole bunch of people that work
in finance, but that is a goodthing because that also
increases your likelihood ofmaybe finding someone, but they
just are really spread out.
So you'd have to sort of drilldown maybe and look at, hey, the
(05:24):
guys who work in finance, whatare they actually doing, and
that makes them actual money.
Now, if you are talking aboutsomeone who, let's say, is an
investment banker, then that'ssomebody who's going to have a
real specific set of skills.
And one of the skills thatthey're typically, skill sets
(05:47):
that they're going to have, andalong with all their credentials
and education, you're looking ata minimum, somebody with an
undergraduate degree, mostlikely a graduate degree, maybe
an MBA or a master's in financeor economics or maybe
quantitative finance.
And then along with thosecriteria, there's also licensing
(06:13):
that generally comes along withthat.
And especially if you're talkingabout someone who's an
investment banker, then they aregoing to have what they call a
Series 79.
And the Series 79, again, is aFINRA license that means that
they have passed the criteriaset forth that give the public
(06:37):
the belief that this personknows what they're doing.
That's what I'm trying to say.
So when you pass this exam,which is challenging, right?
They don't make it easy, but youknow that someone who has at
least this license has a prettygood idea of what they're
(07:00):
actually up to.
So you can go and try to findout when you're talking with
someone.
Let's say if they do say, hey,what do you do for a living?
I'm an investment banker.
Oh, do you have your Series 79?
Then he'll be able to tell you,yeah, yeah, I do.
Or, no, I don't.
And then you would be able tosay, oh, okay, well, what do you
(07:22):
do then if you don't have aSeries 79?
But, you know, it's not thebe-all, end-all.
But it's like generally...
When someone goes to work infinance, let's say a financial
advisor, then they're going tohave to have, at a minimum, a
Series 7 license, along withtheir bachelor's degree.
Because you typically have tohave...
that education behind you.
(07:44):
Most institutions are probablynot going to hire you if you
don't have at least a bachelor'sdegree.
Whether that's right or wrong, Idon't know.
I know that at the verybeginning of my career, it
wasn't a hard and fast rule thatyou needed a bachelor's degree,
but as time marched on, yeah, itbecame a prerequisite, and you
(08:05):
really did have to have it, oryou really wouldn't be able to
get hired.
So you can still find people whodon't have it, but It's pretty
rare these days.
But if you get the Series 7, youknow, that's pretty common.
And along with that, theyusually need like the Series 66,
which is the rules, regulations.
But the Series 7 is just sort ofa broad securities registration.
(08:30):
And again, it's thequalification that's
administered by the FINRA, youknow, Financial Industry
Regulatory Authority.
And there's, I believe...
There's, let's see, well,there's probably about 130 some
odd questions and you have aboutthree and a half, maybe four
(08:54):
hours to complete it.
And you have to get at least a72% or higher to pass.
But There's a lot of people whohave it, but a lot of people who
fail it as well.
But you won't be working in theindustry if you don't typically
have a Series 7.
And then many times a financialadvisor will not only have the
(09:15):
Series 766, but they will alsohave additional certifications
depending on, again, what theydo, maybe in wealth management
or maybe it's in retirement.
It's hard to say, but if, again,you're looking for somebody who
has a real high income it couldbe someone who's maybe a
(09:35):
portfolio manager or maybesomebody who again is an
investment analyst and thenThere are certain certifications
that give them even greaterspecialty and they become pretty
challenging to get as well.
Things like the CFA, which isthe chartered financial analyst,
(09:59):
and there's three differentparts to it.
The first part is, you know, notit's challenging, but not the
most challenging.
The second one is consideredprobably the hardest.
And then there's the third exam,which is if you pass the first
two, then you're got a goodchance of passing the third.
But that's not something that'seasily obtained.
(10:20):
Very few people really have thisCFA.
And again, they don't reallyneed it unless they're doing
actual analysis of companies.
But nevertheless, it could besomething like the CFP, the
Certified Financial Plannerdesignation.
And that's just one that, again,gives you the registrant that
(10:41):
set of letters behind their namethat says they have reached a
certain standard that allowedthem to use those specific
letters and that title,certified financial planner.
But, you know, you can ask allthese questions of anybody that
you meet and they should be ableto tell you, you know, if you
(11:02):
say, what is your background?
What is your education?
Do you have any certificationsor licenses?
They should be able to quicklyrattle off what they have.
But, you know, everybody'sdifferent and not everybody has
to have exact same things.
But, you know, like I said,what's most common is at a
minimum, a bachelor's degreecould be pretty much in any
field.
Some are real specific, like infinance or business, but it
(11:25):
doesn't really have to bebecause again most people have a
graduate degree as well and thatis going to be a lot more
specific like mine is inpersonal financial planning so
once you have that then if youit depends on what role you're
going to take again whetheryou're going to be a customer
facing, you will then needsomething like at a minimum, the
(11:48):
Series 7.
If you work in the mutual fundindustry, or maybe you sell
variable annuities, you may onlyneed, you know, something like
the Series 6.
And it's not as difficult toobtain the 6 as a 7, because the
7 encompasses a lot more things.
But, you know, it just reallydepends on your role.
(12:10):
If you're an actual stockbroker,you're working for a brokerage
firm, and you're doing a tradesfor people or just pretty much
giving advice in that realm,then you're going to probably,
you will need the Series 7.
So that's just how it goes.
If they're a registered brokerdealer, yeah, they have to have
the 7.
And again, they have to adhereto state laws as well.
(12:34):
And there's the series 66, whichcovers the blue sky laws and
gets into the do's and don'tsand what the states require,
what the penalties are, how youhave to provide certain
documents at certain times.
And it just goes through all thenitty gritty and the lawyer kind
(12:57):
of stuff.
And that can be really one ofthe most challenging ones as
well.
A lot of people don't find it ashard as the 7, but it is also
one that is challenging becausethere's so many rules that you
have to go by.
You know, one of the things as Isay all that, you know, when
you're working in finance, youknow, generally again, you have
(13:18):
a pretty high set of skills andyou've gone through a lot to get
to that level.
And that's one of the reasonswhy that, you know, people who
work in finance get paid prettywell.
Because I'm not saying that ifyou're a plumber or HVAC worker
or anything else like that, thatyour skills are not valuable.
Of course they are, right?
(13:38):
If you got a leak in your roofand it is going to ruin your
house, you need to get someoneout there, ASAP, someone who
knows what they're doing.
And as long as they can do it,they don't need a bachelor's
degree, master's degree, certaincertifications, et cetera, in a
field that doesn't pertain tothem.
You just need someone who hasthe skills, expertise,
(13:59):
capabilities of fixing thatleak.
But just as you, when you hiresomeone who is a certified tax
advisor or somebody like that,you just have the ability when
you don't know who you'reworking with to identify again
there's certain skill sets ifyou know what to look for and
(14:20):
that's one of the things youjust want to ask when you are
interviewing people that youwant to work with and you're
asking about their backgroundand you know what their
education and licenses andcertifications are and that just
gives you a certain level ofunderstanding of if it's someone
that you think you know has putin the time and the effort to
(14:43):
get to the level that you feellike they really are an expert
in what they do.
But of all the people in theUnited States that have an
actual graduate degree, it'sonly about 14% of the
population.
And that's people who areactually 26 and older.
And people with a...
(15:04):
just a bachelor's degree, isaround 41%.
So it's a lot higher.
More women actually have abachelor's degree and master's
degrees than men.
But that wasn't always the case,but that seems to be the
direction that the population isgoing in these days.
(15:25):
And when you're talking aboutmen, Only about 13% of men
actually have, again, that typeof education.
So that's just going to narrowyour base down pretty
substantially.
And then when you're talkingabout the type of role, then
especially when it comes to whatthey do you know they could be
(15:51):
on the entry level they could bemid-level they could be seniors
or they could be in managementor they could run their own
company a lot of differentdirections they could go in
especially let's say they'reworking in mergers acquisitions
or private placement or maybeagain they're working as an
investment banker analyst thenusually they're going to be
(16:12):
working for a lot larger companyand They're...
especially when those companies,they're a grinder.
They really are.
You go in there and you're goingto be working some 12, 13,
14-hour days, and that's justwhat you've got to do to get
your foot in the door and toreally learn the ropes.
(16:32):
And, hey, it is what it is.
If that's what you want to signup for and you want to make that
kind of money, you're going tobe easily earning six figures,
easily.
And then it depends on, again,the type of work that you
produce.
But it is something that isdefinitely out there, something
that you could look for.
Now, also, when it comes to atrust, hardly anybody really has
(16:57):
a trust in the grand scheme ofthings.
Trusts are common but uncommon,meaning you don't need a trust
if you really don't have a lotof money or reasons to put it in
a trust.
They can be expensive to set up.
Generally, you need, of course,there are certain roles in a
trust.
There's a beneficiary, theperson who receives the benefits
(17:20):
of the trust.
There is the actual trusteethemselves.
Then there's the trustor, peoplewho put the money or assets in
the trust.
There's just a lot of differentroles.
ins and outs of the trust.
And so because of all that,there's the cost of developing
it, then there's the cost ofmaintaining it, and then there's
(17:41):
the cost of distributing.
And all of those take time andeffort, and you have to stay on
top of it.
Can you do it yourself?
Of course, right?
Would you?
Most likely not.
Even if you're running yourfamily trust, that's going to be
pretty daunting because when youplace assets inside of the
(18:02):
trust, let's just say you'reputting stocks and bonds in
there, but you could havehouses, you could have any kind
of...
Private placements, you can havea whole bunch of things that
could go inside of it.
It just really, really depends.
And a lot of times, you know,law firms or trust companies,
(18:26):
they actually will take over theadministration and they can even
serve as a trustee.
Usually have one or more peopleas a trustee, could be one
though, because if that persondies, you need to have a backup
trustee.
And again, there are certaindistributions that are required
and that depends on the assetsin there but you don't want to
(18:46):
get in trouble and you have toreally look at the trust
document and go by what itactually says and especially
when the beneficiaries aredemanding money or it could be a
young person who isn't able tohandle the money yet there's so
many in and outs to that soagain someone who has a trust is
pretty uncommon and if they'realso working in finance they may
(19:09):
have had a trust gifted to themby let's say their grandparents
Even their parents.
Maybe there are just certainassets that went in there.
And when they reached 25 or whenthey graduate from college or
when they got married or so andso, then there may be those
milestones that are included inthe trust.
And that may be at the pointthat they do receive, you know,
(19:31):
the bulk of their inheritancethrough the trust.
And the trust just maintains themoney in this secure environment
until they actually get toreceive it and spend it or save
it or whatever else they want todo.
But, you know, the trustee alsohas to make sure that the assets
in the trust are handledappropriately so they have a
fiduciary responsibility to makesure that they're doing the
(19:53):
right thing.
You don't want to open up thetrust, let's say, and there's
nothing in there or all themoney has dwindled away because
of poor investment choices.
They can get sued.
And that does happen because alot of times the trustees don't
know what they're doing, makepoor investment choices, or they
just let something...
know remain in there and justturn a blind eye to it and then
(20:17):
you know everything just wentbust that definitely happens so
not something that um in aprofessional world is really
going to happen but if you don'thave a professional trustee it
can definitely happen so againthe um a trust is uncommon The
(20:37):
licensing is difficult.
Six, five, not too common.
And then working in finance,also small population.
And out of all the men, youknow, you're, again, talking
about a very, very smallpopulation.
But, you know, on top of that,so we already then have said
it's a small population thatyou're actually going to be
(21:00):
dealing with.
But let's just take a look at,you know, some of the other
parts that would be relevant if,let's say, you're even in You
know, girl on the couch and youdecided that, hey, let's see
what I can make out of thisbecause they've already started
to, like I said, make somethingfrom it, whether you are
(21:20):
participating in it or not.
So let's see what happens, youknow, to you.
someone who decides, like her,girl on the couch, that she's
actually gonna go on tour.
Let's see what
SPEAKER_03 (21:35):
happens.
Two and a half months ago, Imade the Man in Finance song.
Here's a little reminder.
You remember that, right?
That earworm of a song.
I was also signed to a recordlabel.
Casually.
Extremely casually.
And they're sending me on aworld tour.
(21:57):
starting today and by world touri mean a european tour but still
sick today i must kiss theground of the united states of
america soil and must bid heradieu because i'm going to
germany spain france belgium youbetter believe i'll be shaking
my little tushy on all thosestages in all those countries So
(22:20):
I hope to see you all there.
Yeah, but I'm not gonna lie.
Traveling stresses me the fuckout.
So I'm like literally peeing mypants because like I hate flying
so much.
And yeah, I cried a couple oftimes, but I am so dumb because
I am so lucky.
So some internal battles rightnow.
(22:42):
Just wanted to give you guys theheads up.
Oh, and to all you mofos who arelike, oh, your 15 minutes is up.
It's been two and a half months.
SPEAKER_00 (22:51):
Okay.
I don't know.
Not too humble, right?
But, yeah, that's my opinion.
But you know what?
Let's just take a look at,again, just for the fun of it.
If you put yourself in hershoes, then what could happen?
SPEAKER_01 (23:14):
Yeah, but has he paid his taxes?
I've seen the IRS take a 6-5 guydown to, God forbid, 5-11.
I've seen trust funds go pooffrom not disclosing foreign
accounts on an F-bar.
I have seen liens and leviesdecimate the money that you can
earn from a carry.
So, finance isn't enough.
(23:36):
Those eyes can get darkened bythe IRS.
Make sure he's paid his taxes.
SPEAKER_00 (23:40):
Well, there's some good advice right there, right?
And, you know, that just provesmy point that you really need to
know what you're doing.
There's a lot of in and outs.
And just because you say, youknow.
I need to find a guy who has atrust fund.
You know, finding him is onething, but you know, again, is
he in trouble and is he smartwith his money and is someone
(24:01):
professionally managing it?
So, you know, not all thequestions that you need to ask,
but it is something just to beaware of.
And as always, you know, seekcompetent tax advice, seek
competent legal advice and seekcompetent financial advice.
The, all the things that areimportant, but again, I think
that we'll leave it right therebecause I think we all got the
(24:21):
general idea.
And, you know, whether thisturns out beneficial for her or
not, I frankly don't care.
She's not someone I think, Idon't know.
She's just, again, not so humblethat I would really be rooting
for her.
That's just my opinion.
Anywho, let's close it out, andI'm going to leave you with a
(24:45):
remix that I found from one ofthe guys, and I think it's
pretty fun.
It definitely took the wholelooking for a guy in finance in
a different direction, and itactually makes it kind of fun.
So, let's see.
SPEAKER_03 (25:03):
It's only
SPEAKER_04 (25:16):
right to make this as rapey as possible.
SPEAKER_03 (25:32):
just like
So,
SPEAKER_00 (00:32):
Hello and welcome to the Big Money Podcast.
I'm your host, Jerry Williams,and we talk about all things
related to money from a gayperspective.
And today I thought it might bekind of fun to take a look at
one of the most popular songs ofthe summer.
I'm looking for a man in financeand look at the actual numbers
and maybe the probability andlikelihood of actually finding
(00:53):
such a person.
So if you don't know exactlywhat I'm talking about, so the
song became sort of a a globalsensation after it was created
by the TikTok girl on the couch.
That's her TikTok handle.
And she created this phrase andit's become a song.
(01:13):
It's also, you know, lots ofdance troops have danced to it
and there's been lots ofremixes.
But again, I was thinking, youknow, what are the actual
numbers behind finding such aperson?
And I thought it might be kindof fun to look at it.
So to begin with, I'm going toplay you a little bit of the
song so you get a rough idea ofwhat I'm talking about.
SPEAKER_03 (01:35):
Six five, blue eyes.
I'm looking for a man.
I'm looking for a man.
I'm looking for a, looking fora, looking for a, looking.
Finance.
Trust fund.
Six five, blue eyes.
Finance.
Trust fund.
Six five,
SPEAKER_00 (01:47):
blue eyes.
Okay, you get the idea.
I'm looking for a man infinance.
So, the whole idea behind that,like I said, I think she was
just having fun and I believeshe said she just created it
sort of out of the blue.
But, you know, the funny thingabout it is it just maybe
registered with a whole lot ofpeople.
And I was thinking about it andI thought, you know, when you
(02:08):
take a look at the criteria, youknow, it might be a little bit
more daunting than just maybeyou know, going into your local
bank or something or hanging outon an investment plaza, you
know, where a lot of investmentbankers work and, you know,
running up to somebody.
But, hey, what do I know?
My sister, she met her husbandand she was sitting on a park
(02:32):
bench and he just strolled up toher and introduced himself and
next thing you know, 20 yearslater, you know, they're still
married.
So, anything can happen.
But, When you're taking a lookat, let's just start off with
men in general, if you'retalking about half the
population, then we're talkingabout roughly 160 million men.
(02:55):
So that's a whole bunch, andthat's all ages too, right?
So I don't know what age you'reactually looking for, but let's
say you're looking for someonein their 30s and 40s, possibly
20s, but let's just stick withmaybe 30s and 40s, but all
depends on what you're lookingfor.
And if you're looking at someonewho That's probably going to be
(03:16):
one of the most challengingthings because only 1% of men
actually are 6'5".
So that's a pretty tall dude.
And with blue eyes, a little bitmore common, but also not as
common as you would think.
Only 17% of the population arepeople with blue eyes.
(03:37):
And especially when you'retalking about men who are 6'5
with blue eyes, that is a very,very And then when you're
talking about adding theadditional criteria of a trust
fund, only 2% of men who are 6'5with blue eyes have an actual
trust fund.
And that of those who work infinance, that actually drops
(04:00):
this down to 6'5 blue eyes trustfund, 341 guys.
So that's not a whole bunch ofpeople.
And, you know, they could beanywhere, right?
You know, I'm just kind ofsaying that's not a very large
population to draw from.
And when you're talking aboutfinance as well, you know,
(04:20):
there's just not one group thatis in finance per se because
it's a very basic generalcategory.
And, you know, when you'relooking at someone who works in
finance, there's just a wholebunch of different type of
careers they could have.
because there's when you'reagain looking at somebody who
(04:42):
could be an investment bankerthat's a totally different job
than someone who let's say is afinancial analyst or someone who
is a financial planner butthere's all kinds of jobs out
there like asset management,corporate finance, private
equity, hedge funds, commercialbanking, risk management,
(05:03):
insurance, accounting, auditing.
So, you know, there's just awhole bunch of people that work
in finance, but that is a goodthing because that also
increases your likelihood ofmaybe finding someone, but they
just are really spread out.
So you'd have to sort of drilldown maybe and look at, hey, the
(05:24):
guys who work in finance, whatare they actually doing, and
that makes them actual money.
Now, if you are talking aboutsomeone who, let's say, is an
investment banker, then that'ssomebody who's going to have a
real specific set of skills.
And one of the skills thatthey're typically, skill sets
(05:47):
that they're going to have, andalong with all their credentials
and education, you're looking ata minimum, somebody with an
undergraduate degree, mostlikely a graduate degree, maybe
an MBA or a master's in financeor economics or maybe
quantitative finance.
And then along with thosecriteria, there's also licensing
(06:13):
that generally comes along withthat.
And especially if you're talkingabout someone who's an
investment banker, then they aregoing to have what they call a
Series 79.
And the Series 79, again, is aFINRA license that means that
they have passed the criteriaset forth that give the public
(06:37):
the belief that this personknows what they're doing.
That's what I'm trying to say.
So when you pass this exam,which is challenging, right?
They don't make it easy, but youknow that someone who has at
least this license has a prettygood idea of what they're
(07:00):
actually up to.
So you can go and try to findout when you're talking with
someone.
Let's say if they do say, hey,what do you do for a living?
I'm an investment banker.
Oh, do you have your Series 79?
Then he'll be able to tell you,yeah, yeah, I do.
Or, no, I don't.
And then you would be able tosay, oh, okay, well, what do you
(07:22):
do then if you don't have aSeries 79?
But, you know, it's not thebe-all, end-all.
But it's like generally...
When someone goes to work infinance, let's say a financial
advisor, then they're going tohave to have, at a minimum, a
Series 7 license, along withtheir bachelor's degree.
Because you typically have tohave...
that education behind you.
(07:44):
Most institutions are probablynot going to hire you if you
don't have at least a bachelor'sdegree.
Whether that's right or wrong, Idon't know.
I know that at the verybeginning of my career, it
wasn't a hard and fast rule thatyou needed a bachelor's degree,
but as time marched on, yeah, itbecame a prerequisite, and you
(08:05):
really did have to have it, oryou really wouldn't be able to
get hired.
So you can still find people whodon't have it, but It's pretty
rare these days.
But if you get the Series 7, youknow, that's pretty common.
And along with that, theyusually need like the Series 66,
which is the rules, regulations.
But the Series 7 is just sort ofa broad securities registration.
(08:30):
And again, it's thequalification that's
administered by the FINRA, youknow, Financial Industry
Regulatory Authority.
And there's, I believe...
There's, let's see, well,there's probably about 130 some
odd questions and you have aboutthree and a half, maybe four
(08:54):
hours to complete it.
And you have to get at least a72% or higher to pass.
But There's a lot of people whohave it, but a lot of people who
fail it as well.
But you won't be working in theindustry if you don't typically
have a Series 7.
And then many times a financialadvisor will not only have the
(09:15):
Series 766, but they will alsohave additional certifications
depending on, again, what theydo, maybe in wealth management
or maybe it's in retirement.
It's hard to say, but if, again,you're looking for somebody who
has a real high income it couldbe someone who's maybe a
(09:35):
portfolio manager or maybesomebody who again is an
investment analyst and thenThere are certain certifications
that give them even greaterspecialty and they become pretty
challenging to get as well.
Things like the CFA, which isthe chartered financial analyst,
(09:59):
and there's three differentparts to it.
The first part is, you know, notit's challenging, but not the
most challenging.
The second one is consideredprobably the hardest.
And then there's the third exam,which is if you pass the first
two, then you're got a goodchance of passing the third.
But that's not something that'seasily obtained.
(10:20):
Very few people really have thisCFA.
And again, they don't reallyneed it unless they're doing
actual analysis of companies.
But nevertheless, it could besomething like the CFP, the
Certified Financial Plannerdesignation.
And that's just one that, again,gives you the registrant that
(10:41):
set of letters behind their namethat says they have reached a
certain standard that allowedthem to use those specific
letters and that title,certified financial planner.
But, you know, you can ask allthese questions of anybody that
you meet and they should be ableto tell you, you know, if you
(11:02):
say, what is your background?
What is your education?
Do you have any certificationsor licenses?
They should be able to quicklyrattle off what they have.
But, you know, everybody'sdifferent and not everybody has
to have exact same things.
But, you know, like I said,what's most common is at a
minimum, a bachelor's degreecould be pretty much in any
field.
Some are real specific, like infinance or business, but it
(11:25):
doesn't really have to bebecause again most people have a
graduate degree as well and thatis going to be a lot more
specific like mine is inpersonal financial planning so
once you have that then if youit depends on what role you're
going to take again whetheryou're going to be a customer
facing, you will then needsomething like at a minimum, the
(11:48):
Series 7.
If you work in the mutual fundindustry, or maybe you sell
variable annuities, you may onlyneed, you know, something like
the Series 6.
And it's not as difficult toobtain the 6 as a 7, because the
7 encompasses a lot more things.
But, you know, it just reallydepends on your role.
(12:10):
If you're an actual stockbroker,you're working for a brokerage
firm, and you're doing a tradesfor people or just pretty much
giving advice in that realm,then you're going to probably,
you will need the Series 7.
So that's just how it goes.
If they're a registered brokerdealer, yeah, they have to have
the 7.
And again, they have to adhereto state laws as well.
(12:34):
And there's the series 66, whichcovers the blue sky laws and
gets into the do's and don'tsand what the states require,
what the penalties are, how youhave to provide certain
documents at certain times.
And it just goes through all thenitty gritty and the lawyer kind
(12:57):
of stuff.
And that can be really one ofthe most challenging ones as
well.
A lot of people don't find it ashard as the 7, but it is also
one that is challenging becausethere's so many rules that you
have to go by.
You know, one of the things as Isay all that, you know, when
you're working in finance, youknow, generally again, you have
(13:18):
a pretty high set of skills andyou've gone through a lot to get
to that level.
And that's one of the reasonswhy that, you know, people who
work in finance get paid prettywell.
Because I'm not saying that ifyou're a plumber or HVAC worker
or anything else like that, thatyour skills are not valuable.
Of course they are, right?
(13:38):
If you got a leak in your roofand it is going to ruin your
house, you need to get someoneout there, ASAP, someone who
knows what they're doing.
And as long as they can do it,they don't need a bachelor's
degree, master's degree, certaincertifications, et cetera, in a
field that doesn't pertain tothem.
You just need someone who hasthe skills, expertise,
(13:59):
capabilities of fixing thatleak.
But just as you, when you hiresomeone who is a certified tax
advisor or somebody like that,you just have the ability when
you don't know who you'reworking with to identify again
there's certain skill sets ifyou know what to look for and
(14:20):
that's one of the things youjust want to ask when you are
interviewing people that youwant to work with and you're
asking about their backgroundand you know what their
education and licenses andcertifications are and that just
gives you a certain level ofunderstanding of if it's someone
that you think you know has putin the time and the effort to
(14:43):
get to the level that you feellike they really are an expert
in what they do.
But of all the people in theUnited States that have an
actual graduate degree, it'sonly about 14% of the
population.
And that's people who areactually 26 and older.
And people with a...
(15:04):
just a bachelor's degree, isaround 41%.
So it's a lot higher.
More women actually have abachelor's degree and master's
degrees than men.
But that wasn't always the case,but that seems to be the
direction that the population isgoing in these days.
(15:25):
And when you're talking aboutmen, Only about 13% of men
actually have, again, that typeof education.
So that's just going to narrowyour base down pretty
substantially.
And then when you're talkingabout the type of role, then
especially when it comes to whatthey do you know they could be
(15:51):
on the entry level they could bemid-level they could be seniors
or they could be in managementor they could run their own
company a lot of differentdirections they could go in
especially let's say they'reworking in mergers acquisitions
or private placement or maybeagain they're working as an
investment banker analyst thenusually they're going to be
(16:12):
working for a lot larger companyand They're...
especially when those companies,they're a grinder.
They really are.
You go in there and you're goingto be working some 12, 13,
14-hour days, and that's justwhat you've got to do to get
your foot in the door and toreally learn the ropes.
(16:32):
And, hey, it is what it is.
If that's what you want to signup for and you want to make that
kind of money, you're going tobe easily earning six figures,
easily.
And then it depends on, again,the type of work that you
produce.
But it is something that isdefinitely out there, something
that you could look for.
Now, also, when it comes to atrust, hardly anybody really has
(16:57):
a trust in the grand scheme ofthings.
Trusts are common but uncommon,meaning you don't need a trust
if you really don't have a lotof money or reasons to put it in
a trust.
They can be expensive to set up.
Generally, you need, of course,there are certain roles in a
trust.
There's a beneficiary, theperson who receives the benefits
(17:20):
of the trust.
There is the actual trusteethemselves.
Then there's the trustor, peoplewho put the money or assets in
the trust.
There's just a lot of differentroles.
ins and outs of the trust.
And so because of all that,there's the cost of developing
it, then there's the cost ofmaintaining it, and then there's
(17:41):
the cost of distributing.
And all of those take time andeffort, and you have to stay on
top of it.
Can you do it yourself?
Of course, right?
Would you?
Most likely not.
Even if you're running yourfamily trust, that's going to be
pretty daunting because when youplace assets inside of the
(18:02):
trust, let's just say you'reputting stocks and bonds in
there, but you could havehouses, you could have any kind
of...
Private placements, you can havea whole bunch of things that
could go inside of it.
It just really, really depends.
And a lot of times, you know,law firms or trust companies,
(18:26):
they actually will take over theadministration and they can even
serve as a trustee.
Usually have one or more peopleas a trustee, could be one
though, because if that persondies, you need to have a backup
trustee.
And again, there are certaindistributions that are required
and that depends on the assetsin there but you don't want to
(18:46):
get in trouble and you have toreally look at the trust
document and go by what itactually says and especially
when the beneficiaries aredemanding money or it could be a
young person who isn't able tohandle the money yet there's so
many in and outs to that soagain someone who has a trust is
pretty uncommon and if they'realso working in finance they may
(19:09):
have had a trust gifted to themby let's say their grandparents
Even their parents.
Maybe there are just certainassets that went in there.
And when they reached 25 or whenthey graduate from college or
when they got married or so andso, then there may be those
milestones that are included inthe trust.
And that may be at the pointthat they do receive, you know,
(19:31):
the bulk of their inheritancethrough the trust.
And the trust just maintains themoney in this secure environment
until they actually get toreceive it and spend it or save
it or whatever else they want todo.
But, you know, the trustee alsohas to make sure that the assets
in the trust are handledappropriately so they have a
fiduciary responsibility to makesure that they're doing the
(19:53):
right thing.
You don't want to open up thetrust, let's say, and there's
nothing in there or all themoney has dwindled away because
of poor investment choices.
They can get sued.
And that does happen because alot of times the trustees don't
know what they're doing, makepoor investment choices, or they
just let something...
know remain in there and justturn a blind eye to it and then
(20:17):
you know everything just wentbust that definitely happens so
not something that um in aprofessional world is really
going to happen but if you don'thave a professional trustee it
can definitely happen so againthe um a trust is uncommon The
(20:37):
licensing is difficult.
Six, five, not too common.
And then working in finance,also small population.
And out of all the men, youknow, you're, again, talking
about a very, very smallpopulation.
But, you know, on top of that,so we already then have said
it's a small population thatyou're actually going to be
(21:00):
dealing with.
But let's just take a look at,you know, some of the other
parts that would be relevant if,let's say, you're even in You
know, girl on the couch and youdecided that, hey, let's see
what I can make out of thisbecause they've already started
to, like I said, make somethingfrom it, whether you are
(21:20):
participating in it or not.
So let's see what happens, youknow, to you.
someone who decides, like her,girl on the couch, that she's
actually gonna go on tour.
Let's see what
SPEAKER_03 (21:35):
happens.
Two and a half months ago, Imade the Man in Finance song.
Here's a little reminder.
You remember that, right?
That earworm of a song.
I was also signed to a recordlabel.
Casually.
Extremely casually.
And they're sending me on aworld tour.
(21:57):
starting today and by world touri mean a european tour but still
sick today i must kiss theground of the united states of
america soil and must bid heradieu because i'm going to
germany spain france belgium youbetter believe i'll be shaking
my little tushy on all thosestages in all those countries So
(22:20):
I hope to see you all there.
Yeah, but I'm not gonna lie.
Traveling stresses me the fuckout.
So I'm like literally peeing mypants because like I hate flying
so much.
And yeah, I cried a couple oftimes, but I am so dumb because
I am so lucky.
So some internal battles rightnow.
(22:42):
Just wanted to give you guys theheads up.
Oh, and to all you mofos who arelike, oh, your 15 minutes is up.
It's been two and a half months.
SPEAKER_00 (22:51):
Okay.
I don't know.
Not too humble, right?
But, yeah, that's my opinion.
But you know what?
Let's just take a look at,again, just for the fun of it.
If you put yourself in hershoes, then what could happen?
SPEAKER_01 (23:14):
Yeah, but has he paid his taxes?
I've seen the IRS take a 6-5 guydown to, God forbid, 5-11.
I've seen trust funds go pooffrom not disclosing foreign
accounts on an F-bar.
I have seen liens and leviesdecimate the money that you can
earn from a carry.
So, finance isn't enough.
(23:36):
Those eyes can get darkened bythe IRS.
Make sure he's paid his taxes.
SPEAKER_00 (23:40):
Well, there's some good advice right there, right?
And, you know, that just provesmy point that you really need to
know what you're doing.
There's a lot of in and outs.
And just because you say, youknow.
I need to find a guy who has atrust fund.
You know, finding him is onething, but you know, again, is
he in trouble and is he smartwith his money and is someone
(24:01):
professionally managing it?
So, you know, not all thequestions that you need to ask,
but it is something just to beaware of.
And as always, you know, seekcompetent tax advice, seek
competent legal advice and seekcompetent financial advice.
The, all the things that areimportant, but again, I think
that we'll leave it right therebecause I think we all got the
(24:21):
general idea.
And, you know, whether thisturns out beneficial for her or
not, I frankly don't care.
She's not someone I think, Idon't know.
She's just, again, not so humblethat I would really be rooting
for her.
That's just my opinion.
Anywho, let's close it out, andI'm going to leave you with a
(24:45):
remix that I found from one ofthe guys, and I think it's
pretty fun.
It definitely took the wholelooking for a guy in finance in
a different direction, and itactually makes it kind of fun.
So, let's see.
SPEAKER_03 (25:03):
It's only
SPEAKER_04 (25:16):
right to make this as rapey as possible.
SPEAKER_03 (25:32):
just like
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