How to Become a Financial Advisor: Veterans Guide to Series 7, 65 Licenses

Bottom Line Up Front

You can become a financial advisor in 6-12 months from start to getting clients. Cost: $2K-$5K for licenses and study materials. Licensing: Series 7 (stocks/bonds) and Series 63 (state regulation) or Series 65 (investment advisor). Salary: $50K-$100K first year (commissions), $100K-$200K within 5 years, $200K-$500K+ as senior advisor or manager. No experience required. Financial firms will hire, train, and get you licensed. You generate your own income through client assets and commissions.

Why this works for veterans: You're trustworthy (background check is easy), you understand discipline and follow procedures, you can teach people (explaining complex concepts), you're client-focused.

Why Financial Services Needs Veterans

Financial advisors build trust. That's your superpower as a veteran.

Specific advantages:

Trust: People trust military service. You're assumed reliable
Discipline: You follow compliance rules (critical in financial services)
Procedure-oriented: Financial services is process-heavy. You get it.
Client focus: Military teach communication. You listen well.
Trustworthy background: Your background check is likely clean (easier to hire)
Stability: People want stable advisors. Veterans are stable.

Financial Advisor Career Paths

Path 1: Investment Advisor (Fee-Based)

Best for: Those who want low-pressure environment, no hard sales

What you do: Advise clients on investments. Charge fees based on assets under management (AUM)

Timeline: 6-9 months to first clients

Licensing:

Series 65 exam ($375 exam fee + $200 study materials = $575 total)
Investment Advisor Representative (IAR)
Study time: 6-8 weeks

Why good for vets:

No hard sales (relationship-based)
Regular income based on AUM ($1M AUM × 1% fee = $10K/year recurring)
Compliance-friendly (rule-focused)

Salary:

Year 1: $50K-$80K (base + small commissions)
Year 3: $100K-$150K
Year 5: $150K-$250K
Year 10: $200K-$400K+

Example: Manage $10M in assets at 1% fee = $100K annual recurring income

Path 2: Broker (Commission-Based)

Best for: Those who want high earning potential, willing to hustle

What you do: Buy/sell stocks, bonds, mutual funds. Earn commissions

Timeline: 4-6 months to first clients

Licensing:

Series 7 exam ($305 exam + $400 study materials = $705)
Series 63 exam ($150 exam + $150 study = $300)
Both required
Study time: 8-12 weeks

Why challenging:

Requires sales ability (not everyone's strength)
High pressure (you need to generate commission)
Better upside if successful
Harder to fail into—you either sell or you leave

Salary:

Year 1: $40K-$100K (highly variable, commission-dependent)
Year 3: $80K-$200K
Year 5: $150K-$300K+
Top performers: $300K-$500K+

Example: $500K in assets turned over yearly × 2% commission = $10K/year

Path 3: Financial Planner (Fee-Based + Limited Sales)

Best for: Those wanting balanced approach

What you do: Create comprehensive financial plans (retirement, savings, insurance, estate). Advise on investments.

Timeline: 6-12 months to comfortable practice

Licensing:

Series 65 OR Series 7 + 63 + CFP in progress
CFP certification adds credibility (requires 3 years experience + exam)

Why good middle ground:

Builds plans (low-pressure)
Advises on investments (moderate income)
Helps people (meaningful work)
Reasonable income with less grind than pure broker

Salary:

Year 1-2: $60K-$100K (starting out)
Year 3-5: $120K-$180K
Year 5+: $150K-$300K

Step-by-Step Plan to Become a Financial Advisor

Phase 1: Decide Path (Month 1)

Choose your focus:

Investment Advisor: Low pressure, relationship-based, Series 65
Broker: High potential, sales-driven, Series 7+63
Financial Planner: Balanced, comprehensive approach, Series 65 + CFP

Consider:

Are you comfortable with sales/commission work?
Do you prefer client relationships or asset management?
Can you build a client book from scratch?
Do you want recurring fee income or transaction-based?

Reality check: If you hate cold-calling and sales pressure, don't choose broker path. Investment advisor or planner is better.

Phase 2: Get Licensed (Months 2-5)

Option A: Series 65 (Easiest, Investment Advisor)

Study plan:

Week 1-2: Set up study (get materials, schedule exam)
Week 2-6: Study (1-2 hours daily) using STC exam prep or Kaplan
Week 6: Take full-length practice test (aim for 80%+)
Week 7: Final review
Week 8: Take exam

Materials:

Kaplan Series 65 course: $300-$500
Exam: $375
Total: ~$700-$900
Study time: 40-60 hours total

Pass rate: ~80% (most people pass)

You're done: Pass Series 65, get registered with SEC or state, start advising investors

Option B: Series 7 + Series 63 (Broker)

Series 7 study plan (6-8 weeks):

Covers stocks, bonds, options, regulations, ethics
250 questions, 3.5 hours, 72% passing
Much harder than Series 65

Materials:

STC Series 7 course: $400-$600
Exam: $305
Total: ~$700-$900
Study time: 80-100 hours

Series 63 study plan (1-2 weeks):

Quick follow-up after Series 7
State regulations, compliance
65 questions, 1 hour
Easy compared to Series 7

Materials:

Series 63 course: $100-$200
Exam: $150
Total: ~$250-$350
Study time: 20-30 hours

Combined total: ~$950-$1,250, 100-130 hours study time

Pass rates: Series 7 (~75%), Series 63 (~90%)

Timeline: 6-8 weeks to get both exams done

Phase 3: Find Firm / Employment (Months 5-7)

Types of firms to target:

Brokerage firms (Fidelity, Schwab, Merrill Edge, etc.)
- Hire advisors, provide base salary + commission
- Training programs available
- Support staff
- Better for starting out
Independent practices (small 5-20 person firms)
- More autonomy
- Better margins
- Less support
- Require more independence
Insurance companies (offer financial planning + insurance products)
- Sales-heavy culture
- Commission-based
- Strong training programs
- Easier entry for non-licensed people
Fee-only firms (RIAs—Registered Investment Advisors)
- Salary or salary+bonus
- No commissions
- Less sales pressure
- Fixed income ceiling

Job search process:

Target firms:

Fidelity, Schwab, E*TRADE, Merrill Lynch (large)
Raymond James, Edward Jones, Waddell & Reed (mid-size)
Local independent firms (Google "[city] financial advisor firms")

Application:

Apply online or network (cold email/LinkedIn to recruiters)
Many firms hire continuously for advisors

Interview:

They ask about sales ability, client relations, ambition
Military background = huge plus (trust, discipline, stability)

Timeline: 2-4 weeks to get interviews, 2-4 weeks to hire decision

Phase 4: Training and Onboarding (Months 7-10)

What happens:

Firm provides compliance training (regulations, procedures)
You study for Series 7/63 or 65 during this time
Pass exam while employed
Start building client base
Mentoring from senior advisors

Timeline: 4-8 weeks until you take licensing exam, then 4 weeks to be cleared to accept clients

Phase 5: Build Client Base (Month 10+)

How you get clients:

Cold outreach (most reliable, hardest)
- Call/email people in your network
- Ask for introductions
- Cold prospecting (makes calls to strangers)
Warm network (easier)
- Friends, family, military buddies
- Ask them to introduce you to others
- Most successful advisors do this
Inside leads (if firm provides)
- Some firms give leads to new advisors
- Inbound inquiries from marketing
- Usually limited
Online/content (builds over time)
- Blog, newsletter, social media
- Builds authority, brings referrals
- Takes 12+ months to generate leads this way

Reality: Most advisors spend 50% time on client acquisition first 2 years. Grueling work.

Your advantage: Military network is huge. Friends from service, fellow vets, military communities. You have natural referral base.

Realistic timeline:

Month 1-3: 10-20 clients ($1-2M AUM)
Month 6: 30-40 clients ($3-5M AUM)
Year 1: 50-80 clients ($8-15M AUM)

Licensing Details

Series 65 (Investment Advisor) - Easiest Entry

Exam details:

130 questions, 2.5 hours
Computer-based
72% required to pass
Covers: Investment products, regulations, ethics, portfolio management
Relatively straightforward

Topics covered:

Economic factors / markets
Investment products
Client portfolios
Regulations / compliance
Ethics / professional responsibility
Planning process

Study tips:

Use practice exams (critical—do 3-5 full exams)
Focus on weak areas
Don't memorize details, understand concepts
Review regulations and compliance twice

After passing:

Register with SEC (if managing $110M+) or state securities division
Get approved by broker-dealer
Start advising clients

Series 7 (General Securities Registered Representative) - Harder

Exam details:

250 questions, 3.5 hours
Computer-based
72% required to pass
Much harder, more complex, longer
Many people fail first try

Topics covered:

Securities products (stocks, bonds, options, mutual funds)
Securities regulations
Customer accounts
Trading / order handling
Compliance / ethics
Economics / markets

Study tips:

Use aggressive study schedule (2-3 hours daily)
Multiple choice questions are nuanced (read carefully)
Options are tricky—practice extensively
Take 2-3 full-length exams before attempting

Failure rate: ~25% fail first time (higher than Series 65)

If you fail: Can retake after 30 days

Series 63 (Uniform Securities Agent State Law) - Easiest

Exam details:

65 questions, 1 hour
Computer-based
72% required to pass
Very straightforward, mostly state regulations

Topics covered:

State securities laws
Regulations and compliance
Prohibited practices
Ethics

Study tips:

Quick review after Series 7 (only takes 1-2 weeks)
Most people pass first try

Pass rate: ~90%

Salary Expectations

Investment Advisor Track

Year 1: $50K-$80K

Base salary: $35K-$45K
Client fees and interest: $15K-$35K (depends on client base)
Total: $50K-$80K

Year 3: $100K-$150K

Base: $45K-$55K
AUM and fees: $55K-$95K
Total: $100K-$150K

Year 5+: $150K-$300K

Some salary, mostly recurring fees
Typical: Manage $30-50M AUM at 1% fee = $300K-$500K recurring revenue

Top earners: $300K-$500K+ (managing $200M+ in AUM)

Broker/Commission Track

Year 1: $40K-$120K (highly variable)

Base: $25K-$35K
Commissions: $15K-$85K (depends entirely on sales)
Better salespeople: $80K-$120K year 1
Struggling salespeople: $30K-$50K year 1

Year 3: $80K-$250K

Base: $35K-$45K
Commissions: $45K-$205K
Typical successful broker: $100K-$150K

Year 5+: $150K-$400K+

Top producers: $200K-$500K
Average experienced: $120K-$200K

Volatility: Commission-based is feast-or-famine early. Better late-career when you have book of business.

Real Veteran Success Stories

Story 1: Infantry Officer to Fee-Based Advisor

Major Sarah Lee (Army Infantry Officer, 10 years)

Background: No finance background, managed budgets and people
Timeline: ETS age 32, started immediately
Path:
- Month 1: Decided on Series 65 path (better fit, less pressure)
- Month 2-3: Studied for Series 65 (Kaplan course, $400, 6 weeks study)
- Month 4: Passed Series 65 on first try
- Month 5-6: Hired by regional advisory firm as Investment Advisor, $50K base
- Month 7-12: Built client base (30-40 clients by year-end)
Progression:
- Year 1: $50K base + $15K fees = $65K total
- Year 2: $50K base + $35K fees = $85K total
- Year 3: $55K base + $65K fees = $120K total
- Year 5: Mostly fees, $180K total
- Year 8: Senior advisor, $240K + managing $35M AUM

Key advantage: Military discipline and relationship-building. Her military network became core client base.

Key lesson: "My network was worth $3-5M in AUM. Friends and family from the military trusted me. That was enough to grow."

Story 2: NCO to Commission-Based Broker

SFC Michael Johnson (Army, 12 years)

Background: Supply management, natural salesman, aggressive personality
Timeline: ETS age 36, wanted commission-based income potential
Path:
- Month 1-2: Series 7 + 63 study (Kaplan, 12-week program)
- Month 3: Passed Series 7 (second try), Series 63 first try
- Month 4: Hired by brokerage as broker, $30K base + commission
- Year 1: $30K base + $45K commission = $75K (good start)
- Year 2: $35K base + $85K commission = $120K (built book)
- Year 3: $40K base + $150K commission = $190K
- Year 5: Transitioned to management, $70K salary + $100K bonus = $170K
- Year 8: Senior manager, $200K+

Key advantage: Aggressive sales personality. Wanted high-income ceiling. Took commission risk.

Key lesson: "Series 7 was brutal to study for. But the earning potential made it worth it. By year 5, I was making 3x what my buddies in other fields made."

Story 3: Finance Background to CFP

Captain Jennifer Wong (Air Force Finance Officer, 8 years)

Background: Already had finance background (didn't need to learn)
Timeline: ETS age 30, fast-tracked to CFP
Path:
- Month 1: Series 65 (3 weeks study due to finance background)
- Month 2: Passed, hired at fee-only firm, $55K base
- Year 1-2: Built practice, $120K (advisor + salary)
- Year 3: Completed CFP coursework + exam, became CFP®
- Year 4: Senior advisor / lead planner, $160K
- Year 6: Director of planning, $200K+

Key advantage: Finance background accelerated everything. CFP added credibility.

Key lesson: "If you have finance background, you're ahead of the game. Advisors with 5-10 year finance careers get hired faster and build books quicker."

Common Challenges

Challenge #1: "I Have No Finance Background"

Reality: Doesn't matter. Firms will train you.

Solution:

Study for Series 7/65 (learns fundamentals)
Firm provides compliance/product training
After 6-12 months, you know enough to advise clients

Challenge #2: "Cold Calling Sounds Terrifying"

Reality: It is. But it works. Most successful advisors cold-call early.

Better approach:

Build from network (friends, family, military buddies)
Ask for introductions rather than cold-call
As book grows, referrals increase (less cold-calling)
After 3 years, 80%+ of new clients from referrals

Challenge #3: "I Don't Have Sales Skills"

Reality: You can learn. Most people think they're not salespeople until they have to be.

Military advantage: You've already done this. Leading people, explaining complex things, persuading—that's sales.

Why it works: You're not selling used cars. You're advising people on their financial future. People trust you. It's easier than it sounds.

Action Plan

Month 1: Decide and Research

Decide: Investment Advisor, Broker, or Planner
Research firms in your area
Talk to 3 financial advisors

Months 2-5: Get Licensed

Study for Series 65 or 7+63
Pass exams
Get registered

Months 5-7: Find Employer

Apply to firms (5-10 applications)
Interview
Accept offer

Months 7-10: Training

Complete compliance training
Shadow senior advisor
Prepare client pitch

Month 10+: Build Clients

Start reaching out to network
Build client base
Grow assets under management

FAQ

Q: Do I need a finance degree? A: No. Series 65 or Series 7 is all you need.

Q: What if I fail the licensing exam? A: You can retake. Most people who fail retake within 30 days and pass.

Q: How long until I can actually advise clients? A: 3-4 months from starting study to first clients (licensed + onboarded).

Q: Is CFP worth getting? A: Yes, eventually. Adds credibility. But not required to start—get it after 2-3 years of experience.

Next Steps

This week: Talk to 2-3 financial advisors
This month: Decide on Series 65 vs 7+63
Next month: Enroll in study program
4-5 months from now: Pass exams
6 months from now: Get hired at firm
9-10 months from now: Start advising clients

Resources:

Series 65 study: Kaplan, STC exam prep
Series 7 study: Kaplan, STC, Frank Fabozzi
Job boards: LinkedIn, Indeed, InvestmentJobs.com
Firms to target: Fidelity, Schwab, Merrill Lynch, Raymond James, locally-owned practices

How to Become a Financial Advisor: Veterans Guide to Series 7, 65 Licenses

Bottom Line Up Front

Why Financial Services Needs Veterans

Financial advisors build trust. That's your superpower as a veteran.

Specific advantages:

Trust: People trust military service. You're assumed reliable
Discipline: You follow compliance rules (critical in financial services)
Procedure-oriented: Financial services is process-heavy. You get it.
Client focus: Military teach communication. You listen well.
Trustworthy background: Your background check is likely clean (easier to hire)
Stability: People want stable advisors. Veterans are stable.

Financial Advisor Career Paths

Path 1: Investment Advisor (Fee-Based)

Best for: Those who want low-pressure environment, no hard sales

What you do: Advise clients on investments. Charge fees based on assets under management (AUM)

Timeline: 6-9 months to first clients

Licensing:

Series 65 exam ($375 exam fee + $200 study materials = $575 total)
Investment Advisor Representative (IAR)
Study time: 6-8 weeks

Why good for vets:

No hard sales (relationship-based)
Regular income based on AUM ($1M AUM × 1% fee = $10K/year recurring)
Compliance-friendly (rule-focused)

Salary:

Year 1: $50K-$80K (base + small commissions)
Year 3: $100K-$150K
Year 5: $150K-$250K
Year 10: $200K-$400K+

Example: Manage $10M in assets at 1% fee = $100K annual recurring income

Path 2: Broker (Commission-Based)

Best for: Those who want high earning potential, willing to hustle

What you do: Buy/sell stocks, bonds, mutual funds. Earn commissions

Timeline: 4-6 months to first clients

Licensing:

Series 7 exam ($305 exam + $400 study materials = $705)
Series 63 exam ($150 exam + $150 study = $300)
Both required
Study time: 8-12 weeks

Why challenging:

Requires sales ability (not everyone's strength)
High pressure (you need to generate commission)
Better upside if successful
Harder to fail into—you either sell or you leave

Salary:

Year 1: $40K-$100K (highly variable, commission-dependent)
Year 3: $80K-$200K
Year 5: $150K-$300K+
Top performers: $300K-$500K+

Example: $500K in assets turned over yearly × 2% commission = $10K/year

Path 3: Financial Planner (Fee-Based + Limited Sales)

Best for: Those wanting balanced approach

What you do: Create comprehensive financial plans (retirement, savings, insurance, estate). Advise on investments.

Timeline: 6-12 months to comfortable practice

Licensing:

Series 65 OR Series 7 + 63 + CFP in progress
CFP certification adds credibility (requires 3 years experience + exam)

Why good middle ground:

Builds plans (low-pressure)
Advises on investments (moderate income)
Helps people (meaningful work)
Reasonable income with less grind than pure broker

Salary:

Year 1-2: $60K-$100K (starting out)
Year 3-5: $120K-$180K
Year 5+: $150K-$300K

Step-by-Step Plan to Become a Financial Advisor

Phase 1: Decide Path (Month 1)

Choose your focus:

Investment Advisor: Low pressure, relationship-based, Series 65
Broker: High potential, sales-driven, Series 7+63
Financial Planner: Balanced, comprehensive approach, Series 65 + CFP

Consider:

Are you comfortable with sales/commission work?
Do you prefer client relationships or asset management?
Can you build a client book from scratch?
Do you want recurring fee income or transaction-based?

Reality check: If you hate cold-calling and sales pressure, don't choose broker path. Investment advisor or planner is better.

Phase 2: Get Licensed (Months 2-5)

Option A: Series 65 (Easiest, Investment Advisor)

Study plan:

Week 1-2: Set up study (get materials, schedule exam)
Week 2-6: Study (1-2 hours daily) using STC exam prep or Kaplan
Week 6: Take full-length practice test (aim for 80%+)
Week 7: Final review
Week 8: Take exam

Materials:

Kaplan Series 65 course: $300-$500
Exam: $375
Total: ~$700-$900
Study time: 40-60 hours total

Pass rate: ~80% (most people pass)

You're done: Pass Series 65, get registered with SEC or state, start advising investors

Option B: Series 7 + Series 63 (Broker)

Series 7 study plan (6-8 weeks):

Covers stocks, bonds, options, regulations, ethics
250 questions, 3.5 hours, 72% passing
Much harder than Series 65

Materials:

STC Series 7 course: $400-$600
Exam: $305
Total: ~$700-$900
Study time: 80-100 hours

Series 63 study plan (1-2 weeks):

Quick follow-up after Series 7
State regulations, compliance
65 questions, 1 hour
Easy compared to Series 7

Materials:

Series 63 course: $100-$200
Exam: $150
Total: ~$250-$350
Study time: 20-30 hours

Combined total: ~$950-$1,250, 100-130 hours study time

Pass rates: Series 7 (~75%), Series 63 (~90%)

Timeline: 6-8 weeks to get both exams done

Phase 3: Find Firm / Employment (Months 5-7)

Types of firms to target:

Brokerage firms (Fidelity, Schwab, Merrill Edge, etc.)
- Hire advisors, provide base salary + commission
- Training programs available
- Support staff
- Better for starting out
Independent practices (small 5-20 person firms)
- More autonomy
- Better margins
- Less support
- Require more independence
Insurance companies (offer financial planning + insurance products)
- Sales-heavy culture
- Commission-based
- Strong training programs
- Easier entry for non-licensed people
Fee-only firms (RIAs—Registered Investment Advisors)
- Salary or salary+bonus
- No commissions
- Less sales pressure
- Fixed income ceiling

Job search process:

Target firms:

Fidelity, Schwab, E*TRADE, Merrill Lynch (large)
Raymond James, Edward Jones, Waddell & Reed (mid-size)
Local independent firms (Google "[city] financial advisor firms")

Application:

Apply online or network (cold email/LinkedIn to recruiters)
Many firms hire continuously for advisors

Interview:

They ask about sales ability, client relations, ambition
Military background = huge plus (trust, discipline, stability)

Timeline: 2-4 weeks to get interviews, 2-4 weeks to hire decision

Phase 4: Training and Onboarding (Months 7-10)

What happens:

Firm provides compliance training (regulations, procedures)
You study for Series 7/63 or 65 during this time
Pass exam while employed
Start building client base
Mentoring from senior advisors

Timeline: 4-8 weeks until you take licensing exam, then 4 weeks to be cleared to accept clients

Phase 5: Build Client Base (Month 10+)

How you get clients:

Cold outreach (most reliable, hardest)
- Call/email people in your network
- Ask for introductions
- Cold prospecting (makes calls to strangers)
Warm network (easier)
- Friends, family, military buddies
- Ask them to introduce you to others
- Most successful advisors do this
Inside leads (if firm provides)
- Some firms give leads to new advisors
- Inbound inquiries from marketing
- Usually limited
Online/content (builds over time)
- Blog, newsletter, social media
- Builds authority, brings referrals
- Takes 12+ months to generate leads this way

Reality: Most advisors spend 50% time on client acquisition first 2 years. Grueling work.

Your advantage: Military network is huge. Friends from service, fellow vets, military communities. You have natural referral base.

Realistic timeline:

Month 1-3: 10-20 clients ($1-2M AUM)
Month 6: 30-40 clients ($3-5M AUM)
Year 1: 50-80 clients ($8-15M AUM)

Licensing Details

Series 65 (Investment Advisor) - Easiest Entry

Exam details:

130 questions, 2.5 hours
Computer-based
72% required to pass
Covers: Investment products, regulations, ethics, portfolio management
Relatively straightforward

Topics covered:

Economic factors / markets
Investment products
Client portfolios
Regulations / compliance
Ethics / professional responsibility
Planning process

Study tips:

Use practice exams (critical—do 3-5 full exams)
Focus on weak areas
Don't memorize details, understand concepts
Review regulations and compliance twice

After passing:

Register with SEC (if managing $110M+) or state securities division
Get approved by broker-dealer
Start advising clients

Series 7 (General Securities Registered Representative) - Harder

Exam details:

250 questions, 3.5 hours
Computer-based
72% required to pass
Much harder, more complex, longer
Many people fail first try

Topics covered:

Securities products (stocks, bonds, options, mutual funds)
Securities regulations
Customer accounts
Trading / order handling
Compliance / ethics
Economics / markets

Study tips:

Use aggressive study schedule (2-3 hours daily)
Multiple choice questions are nuanced (read carefully)
Options are tricky—practice extensively
Take 2-3 full-length exams before attempting

Failure rate: ~25% fail first time (higher than Series 65)

If you fail: Can retake after 30 days

Series 63 (Uniform Securities Agent State Law) - Easiest

Exam details:

65 questions, 1 hour
Computer-based
72% required to pass
Very straightforward, mostly state regulations

Topics covered:

State securities laws
Regulations and compliance
Prohibited practices
Ethics

Study tips:

Quick review after Series 7 (only takes 1-2 weeks)
Most people pass first try

Pass rate: ~90%

Salary Expectations

Investment Advisor Track

Year 1: $50K-$80K

Base salary: $35K-$45K
Client fees and interest: $15K-$35K (depends on client base)
Total: $50K-$80K

Year 3: $100K-$150K

Base: $45K-$55K
AUM and fees: $55K-$95K
Total: $100K-$150K

Year 5+: $150K-$300K

Some salary, mostly recurring fees
Typical: Manage $30-50M AUM at 1% fee = $300K-$500K recurring revenue

Top earners: $300K-$500K+ (managing $200M+ in AUM)

Broker/Commission Track

Year 1: $40K-$120K (highly variable)

Base: $25K-$35K
Commissions: $15K-$85K (depends entirely on sales)
Better salespeople: $80K-$120K year 1
Struggling salespeople: $30K-$50K year 1

Year 3: $80K-$250K

Base: $35K-$45K
Commissions: $45K-$205K
Typical successful broker: $100K-$150K

Year 5+: $150K-$400K+

Top producers: $200K-$500K
Average experienced: $120K-$200K

Volatility: Commission-based is feast-or-famine early. Better late-career when you have book of business.

Real Veteran Success Stories

Story 1: Infantry Officer to Fee-Based Advisor

Major Sarah Lee (Army Infantry Officer, 10 years)

Background: No finance background, managed budgets and people
Timeline: ETS age 32, started immediately
Path:
- Month 1: Decided on Series 65 path (better fit, less pressure)
- Month 2-3: Studied for Series 65 (Kaplan course, $400, 6 weeks study)
- Month 4: Passed Series 65 on first try
- Month 5-6: Hired by regional advisory firm as Investment Advisor, $50K base
- Month 7-12: Built client base (30-40 clients by year-end)
Progression:
- Year 1: $50K base + $15K fees = $65K total
- Year 2: $50K base + $35K fees = $85K total
- Year 3: $55K base + $65K fees = $120K total
- Year 5: Mostly fees, $180K total
- Year 8: Senior advisor, $240K + managing $35M AUM

Key advantage: Military discipline and relationship-building. Her military network became core client base.

Key lesson: "My network was worth $3-5M in AUM. Friends and family from the military trusted me. That was enough to grow."

Story 2: NCO to Commission-Based Broker

SFC Michael Johnson (Army, 12 years)

Background: Supply management, natural salesman, aggressive personality
Timeline: ETS age 36, wanted commission-based income potential
Path:
- Month 1-2: Series 7 + 63 study (Kaplan, 12-week program)
- Month 3: Passed Series 7 (second try), Series 63 first try
- Month 4: Hired by brokerage as broker, $30K base + commission
- Year 1: $30K base + $45K commission = $75K (good start)
- Year 2: $35K base + $85K commission = $120K (built book)
- Year 3: $40K base + $150K commission = $190K
- Year 5: Transitioned to management, $70K salary + $100K bonus = $170K
- Year 8: Senior manager, $200K+

Key advantage: Aggressive sales personality. Wanted high-income ceiling. Took commission risk.

Key lesson: "Series 7 was brutal to study for. But the earning potential made it worth it. By year 5, I was making 3x what my buddies in other fields made."

Story 3: Finance Background to CFP

Captain Jennifer Wong (Air Force Finance Officer, 8 years)

Background: Already had finance background (didn't need to learn)
Timeline: ETS age 30, fast-tracked to CFP
Path:
- Month 1: Series 65 (3 weeks study due to finance background)
- Month 2: Passed, hired at fee-only firm, $55K base
- Year 1-2: Built practice, $120K (advisor + salary)
- Year 3: Completed CFP coursework + exam, became CFP®
- Year 4: Senior advisor / lead planner, $160K
- Year 6: Director of planning, $200K+

Key advantage: Finance background accelerated everything. CFP added credibility.

Key lesson: "If you have finance background, you're ahead of the game. Advisors with 5-10 year finance careers get hired faster and build books quicker."

Common Challenges

Challenge #1: "I Have No Finance Background"

Reality: Doesn't matter. Firms will train you.

Solution:

Study for Series 7/65 (learns fundamentals)
Firm provides compliance/product training
After 6-12 months, you know enough to advise clients

Challenge #2: "Cold Calling Sounds Terrifying"

Reality: It is. But it works. Most successful advisors cold-call early.

Better approach:

Build from network (friends, family, military buddies)
Ask for introductions rather than cold-call
As book grows, referrals increase (less cold-calling)
After 3 years, 80%+ of new clients from referrals

Challenge #3: "I Don't Have Sales Skills"

Reality: You can learn. Most people think they're not salespeople until they have to be.

Military advantage: You've already done this. Leading people, explaining complex things, persuading—that's sales.

Why it works: You're not selling used cars. You're advising people on their financial future. People trust you. It's easier than it sounds.

Action Plan

Month 1: Decide and Research

Decide: Investment Advisor, Broker, or Planner
Research firms in your area
Talk to 3 financial advisors

Months 2-5: Get Licensed

Study for Series 65 or 7+63
Pass exams
Get registered

Months 5-7: Find Employer

Apply to firms (5-10 applications)
Interview
Accept offer

Months 7-10: Training

Complete compliance training
Shadow senior advisor
Prepare client pitch

Month 10+: Build Clients

Start reaching out to network
Build client base
Grow assets under management

FAQ

Q: Do I need a finance degree? A: No. Series 65 or Series 7 is all you need.

Q: What if I fail the licensing exam? A: You can retake. Most people who fail retake within 30 days and pass.

Q: How long until I can actually advise clients? A: 3-4 months from starting study to first clients (licensed + onboarded).

Q: Is CFP worth getting? A: Yes, eventually. Adds credibility. But not required to start—get it after 2-3 years of experience.

Next Steps

This week: Talk to 2-3 financial advisors
This month: Decide on Series 65 vs 7+63
Next month: Enroll in study program
4-5 months from now: Pass exams
6 months from now: Get hired at firm
9-10 months from now: Start advising clients

Resources:

Series 65 study: Kaplan, STC exam prep
Series 7 study: Kaplan, STC, Frank Fabozzi
Job boards: LinkedIn, Indeed, InvestmentJobs.com
Firms to target: Fidelity, Schwab, Merrill Lynch, Raymond James, locally-owned practices