Updated Tuesday, September 23, 2014 as of 12:20 AM ET

LearnVest Falling Short of Hype?

Early last year, high-flying online venture LearnVest Planning said it planned to have 100 financial planners on board by the end of 2013.

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Comments (3)
It's exciting to see companies like this try to solve the issue of providing financial advice to lower income families. Hopefully they succeed, I know these families need the help.

As someone who is breaking into this industry and hoping to help this target demographic, I've noticed that companies like LearnVest are setting very high standards for the advisers they bring on. It could be possible that this is an issue, although the article does say that they are being flooded with resumes. I've completed my CFA exams but wouldn't even be considered because I haven't completed the CFP program yet.
Posted by James Y | Thursday, January 09 2014 at 4:55PM ET
First of all, if you are any good at attaining clients and especially if you have a CFP, you are NOT going to work for peanuts at some glorified call center. These people are cluless
Posted by Stephen H | Monday, January 13 2014 at 12:50PM ET
Stephen,

I think some advisers may have different values and believe that this is the best way to help lower income families. This business model allows them to focus more on the financial planning process and less on the client acquisition and networking aspects of the business. By embracing this technology and working with a larger quantity of clients, each adviser can have a larger impact on society.

I think the earnings ceiling is much lower for these advisers and the work is probably more intense, but there are many people who would gladly choose that career if it means they get to help families who aren't exactly wealthy.

I agree with you that this is essentially a call center but I think that has more impact on the client than the adviser. Do clients really want to only deal with their adviser online? I'm not smart enough to know but there are still aspects of this business model that every adviser should embrace.
Posted by James Y | Tuesday, January 14 2014 at 11:09AM ET
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