Job applicants beware!
Work/life balance: You will have no life in the first several years because you will be making outbound sales calls in person and on the phone. You will have to make hundreds of calls per day to make 25 people talk to you in earnest about their savings. You will face a lot of hostile people you call. Why? You are cold calling them.
Comp/Benefits: Jones says their average rep makes such and such their first year. Lies! They exclude people who were fired, laid off for not making sales quotes in year one and beyond. They will never tell you their turnover rate because they guard their image very carefully. Think multi-level marketing. After expenses, their payout is close to 30% or less.
Job security/advance: None. You are only as good as your last month of sales/revenue within a 3 month average. One bad month and you are on probation. 2 bad months they're ready to replace you. Your clients and assets? HQ and senior reps are circling to divide it up among themselves. Your failure is their benefit. They hire thousands of recruits each year. Why? Cheap to train on massive scale. You gather assets, generate revenue. You fail. They retain assets and revenue. Thank you for your service soldier.
Management: Mantra: we care about you. Anyone will help you. (Code: we care only if you gather assets and generate revenue. No, not anyone can help you, they are busy counting how much they are going to make in bonuses, get your clients, your assets. How many new hires, competitors they will get this year).
Culture: You are ranked based on sales. Bad sales, and you – more... are now at the bottom of the list. Your numbers are constantly looked at and publicized. Think multi-level marketing. Rah-rah! Think and grow rich. Sky is limit. If you fail, you weren't positive enough, not hard working enough. Doesn't matter if the system is designed to have a high failure rate. They will never publish their failure rate or turnover rate. Why would any pyramid scheme business model do that? Makes them look bad.
Summary: You can succeed here. The chances are very,very low. If you want to gamble and waste 1-2 years of your life, by all means, go ahead. I wouldn't recommend it. Even if you are successful, their payout is very low compared to truly independent firms. Smart reps don't go the proprietary route. There are other independent investment adviser firms that are truly independent. Search for them. If you are lazy, you will pay the price by going here. – less