Getting a financial advisor job.

First off the reason why most people hit retirement age without sufficent assets is due to their lifesyle. Most people do not systematically save for retirement and most have no clue how much they will actually need to substain their existing lifestyle. By the time most people figure out what they actually need they no longer have sufficient time to do it.

Next insurance is insurance. Most often term is best but sometimes a cash value policy is actually appropiate. If you are a professional and ethical then the choice is based on the needs of the client.

Now we get to the wrap account fees. Fee based accounts are not designed to replace commissions; they are designed to provide the advisor with "his fee" to manage the client relationship. In my accounts it makes no difference if I use mutual funds, ETFs, CEFs, stocks, bonds, alternatives...I use the financial instruments which best fulfills the needs of my client. The "fee" pays for my time to understand the client's needs, design the appropiate portfolio, monitor, rebalance, do reviews, etc.. When a flat fee is charged then the emphasis isn't on changing things arounds, using specific products that pay the advisor more or coming up with the new and latest idea. It's about be a professional and managing the assets with the exact same goal as the client...to make their money grow.

hows mass mutual compare to met life and ed jones ?

Mass mutual and met life are insurance companies. They both can do some investments but the emphasis is on selling insurance products. Edward Jones is a broker/dealer. They can do insurance but investments is going to be the main focus here.

If you are looking to do finanical planning, investment management, etc.. go with Edward Jones or another broker/dealer. If you want insurance to be the cornerstone of your business with some investment sprinkled in here and there; either of the two companies listed above will work.

Wealth Manager in Livermore, California said: Mass mutual and met life are insurance companies. They both can do some investments but the emphasis is on selling insurance products. Edward Jones is a broker/dealer. They can do insurance but investments is going to be the main focus here.

If you are looking to do finanical planning, investment management, etc.. go with Edward Jones or another broker/dealer. If you want insurance to be the cornerstone of your business with some investment sprinkled in here and there; either of the two companies listed above will work.

in todays enviorment - where do you think its easlier to tsrat a carrer ? in the insurance field or Investments ?

I'd say insurance is probably the easier way to start. It all boils down to your list of potential clients. With investments you need households that have some level of networth in order to manage their portfolios. Around 100K is the starting point for this and most larger firms have household minimums on this. If I take a 50K dollar household where I work; I don't get paid on it.

With insurance "everybody" is a potential client and any family that has children, a business, larger liabilities, etc.. is an excellent prospect.

In investments you have tons of advisors fighting for the business of about 2 or 3% of the US population and in insurance you have more potential clients than you could possibly ever talk to.

Does anybody know about the training and salary for Mass Mutual? Is is commission only or do they help you start out?
Reading the previous threads, what is a wirehouse?

Temple1 in Sacramento, California said: Does anybody know about the training and salary for Mass Mutual? Is is commission only or do they help you start out?
Reading the previous threads, what is a wirehouse?

I had a meeting with MassMutual/Northwestern Life a couple of weeks ago. I'm an experienced FA who comes from the brokerage side of the business with a moderately sized book, so I was curious about the life insurance companies.

I didn't listen to the recruiter very long, because she (and even someone else she brought in) was unable to answer ANY questions about the asset management side of the business. Her emphasis was on selling whole life and other cash value life insurance policies. It sounded to me that the emphasis was solely on selling life insurance, although the commission rates for the first year for the whole life policies were around 81%, and declined from there on the trailers.

A wirehouse is typically the large, national brokerage firms. There's not a lot of them left these days!

Wade in Houston, Texas said: Scott,
Did you go independent with LPL? If so how did that work out? I've been with Edward Jones and Thrivent and am now on the hunt for a new job. New England financial (part of Metlife) has and offer on the table but I'm thinking I will not take it. I've also had thoughts of going independent but don't know of another route except for LPL. I echo Koshie, how are you going independent?

Tell me about your experience at Thrivent, I'm considering them for employment.

So what companies allow for a sales management opportunity to go from a FA to managing 10 or 30 or 50 FAs and having a business that pays not just from AUM and cross marketing but also being paid a percentage of their FA's production for multiple sources of income? For example,running multiple real estate offices..you can always sell homes, but if you're the broker, you get paid overrides from the amount of gross commissions minus the agents commission level as well...If there aren't any companies that allow for such opportunity, how would one go about creating a company from scratch?

selfmade in Hartland, Wisconsin said: So what companies allow for a sales management opportunity to go from a FA to managing 10 or 30 or 50 FAs and having a business that pays not just from AUM and cross marketing but also being paid a percentage of their FA's production for multiple sources of income? For example,running multiple real estate offices..you can always sell homes, but if you're the broker, you get paid overrides from the amount of gross commissions minus the agents commission level as well...If there aren't any companies that allow for such opportunity, how would one go about creating a company from scratch?

Primerica is based on that exact model.

But Primerica is limited to mutal funds, two mortgage programs, one LTC company, one Term life company, and one Variable Annuity company...I would like more selection...so i suppose starting my own Broker/Dealer is the way to go...the only limiting factors might be fidelity bonds and paperwork registration, and establishing relationships with the companies that have the products i would offer..sounds like a lot of work but well worth it

A4Fd in Saddle Brook, New Jersey said: Well im about certified and see them regularly and they havent asked for any names or even spoke of any name requests as of yet.

Id never give anyone any numbers if I wasnt going to call them. Sounds pretty unprofessional down in tx and I honestly dont think its done the same way here in NY.

It is done the Same in Atlanta, My Manager wants me to set up 6-8 appointments with friends and family before I have taken any of my liscensing and is pushing insurance based products instead of what they want. No other firm has even mentioned talking to clients until I am fully liscensed.

Can someone help me find Affordable E&O insurance? I was turned on to www.EOforLess.com and was completely sold but I'd like to have a little user input before I press that last ok button. (I'm looking at the RIA package C)

I have an interview for an internship as a financial advisor at AXA Advisors next week. It is unpaid. Can anyone tell me about this particular internship. I've read not so great reviews about the company but it was on the job, not the internship. Do we need to spend any money purchasing stuff like software etc as an intern?

I am looking to network with Financial Professionals Nevada to get the word out regarding an FA role I have available in the Vegas market. If you know of anyone that may have interest or any info on local networks would be greatly appreciated.

I am looking to network with Financial Professionals in Nevada to get the word out regarding an FA role I have available in the Vegas market. If you know of anyone that may have interest or any info on local networks would be greatly appreciated.

Iam unable understand
pls give me brief description:)

Ive been interviewing with Prudential and now they're asking for contacts. They haven't even offered the job yet. They say they have a 2 year training program with paid licensing. Is this wrong? Are they using me for contacts especially if I have no experience? I am an undergraduate.

Kate,

Are they asking for contacts specifically? or are they asking for examples of contacts you have? I know I've been in the process of looking for a advisor career after graduation(44 days!) and the interview's I've had so far have asked me about potential contacts I could have in my friends and family, but they aren't actually asking for contact information so they can get in touch with them.

A 2 year training program with paid licensing I am assuming would be they pay for your licensing and then pay a salary for a year until they let you go on your own commission, but I can't speak from experience because I'm in the same boat you are here

I've read both positive and negative comments regarding AXA. Until reading comments in this forum, I never really had any idea about what a FA is. I had my first interview with AXA and its seems intriguing so far. I recently moved into the area within the month so I don't have a contact list so to speak, I am however, involved in the community. They are going to call me maybe on Monday to set up the next interview about salary.

Here's what I've learned so far:
About 8 weeks unpaid while you study and take your exam/s.
It's 800 to get the materials and be certified, in which after 90 days they will reimburse you for most of that cost.
Then, about 3 months paid training, after that you decide whether you want to do salary with commission for 2 years, or go directly to commission.

My question is, essentially. What else can you tell me about AXA?

I am a possible career changer, so it would be helpful if you "dumb it down". I only am aware so far of what I've read on here about FA's.

You can be successful or not depending on your drive.

Thanks in advance!