Are any firms salary + commission?

WM: What would you say is the best way to accumulate clientele? Thanks.

Wealth Manager in Livermore, California said: Double check on the 100K minimum requirement because I believe trainees are exempt from that for their first 3 or 5 years. Also keep in mind that all the firms change their comp plans every year. So don't just assume that whatever they tell you now in terms of numbers, production payout and HH minimums will stay the same from year to year because I can tell you it doesn't.

If you truly want to help all type and size of clients, don't go to a wirehouse firm. ED Jones is fine, smaller regional firms and even banks might be a great place to start. Keep in mind that one of the best aspects of this career is that you have excellent mobility once you are established. With a decent book of business and decent production numbers almost any firm will be happy to bring you on.

WM ... EJ does not allow to take your book of business since you are an employee. Do you know of any wirehouse/regional firm that allows that?

Wealth Manager in Pleasanton, California said: My biggest clients almost always come from referrals. Before that I did cold calling (limited success), cold walking (limited success) and a bunch of seminars (better success)....I wish I could tell you of a quicker way to build a successful practice but I know of no magic activity or prospecting method to do this.

Please do not let me discourage you with the numbers I posted above but for me this was the reality of my beginning years. I do know of new FAs that inherited large books, joined large, successful teams or had certain circumstances which greatly accelerated the process but this is not the norm...WM

WM....please explain how an FA can inherite large books or how someone can join a successful team? Unless you are part of the family is it purely luck or can someone develop some sort of strategy to speed up the first 2 years working as FA?

In a nut shell

John Hancock-finance program for new adviser to get through ramp up but give zero lead support.
AXA(Equitable)-No salary no leads no nothing
NYL-No salary, no leads, circle of influence pushers
Merill Lynch- good finance program for newbie, no leads just cold calls.
Ameriprise-horrible not even going into it.

It depends on what you want to do. My opinion is if I have to turn over rocks for all my leads why would I need to work for someone. If they're not bringing anything to the table I'd rather make 100% of my commission by brokering for myself.

The flip side of that is new agents dont know the business well enough to survive so the best option would be to go to a firm that offer both ramp up money & lead support. Aegon companies are a great place to start as they give you an existing book of business so you make money right away & also supply leads to run. The drawback is you don't own your book so you only want to be there long enough to figure out what you're doing. The same goes for bank based advisers.

Believe me when I say being a successful adviser is 1 of the hardest things you'll ever do but if you can make it 3 years you'll be ok but until then be prepared to eat ramen noodles for a while. Utilize term life, long term care products to get easy commissions to help pay your bills until $ under management builds up.

Thank you. Can you please explain this further "Utilize term life, long term care products"?

Life insurance is easy to sell & has a huge market so it helps pay the bills, for example you sell a Life policy with a $100 a month premium depending on the company but $100 x 12mo=$1200 & I started at 108% comm so do 3 or 4 a mo & make 5K. Long term care pays well & it's pretty popular but the ultimate goal is to manage money because once you get 7 figures under you the money comes quickly. It's a rough go no matter what but Insurance & money management is the key to long term wealth so order off the .99 cent menu for a few years.

Hi I have offers from ING Financial Partners and Axa Advisors. Was wondering which one I should choose? I am leaning towards ING because I feel a little more comfortable with them and they have a bigger brand name. ING said they don’t do cold calling and rely more on seminars and events whereas AXA does do cold calling. I will still cold call as my personal network isn’t that big and my family doesn’t have much money to invest with me. Also does this make me less likely to succeed? I have the drive and determination to make it, I will do whatever it takes! However realistically I know how hard it is to survive in this business no matter the drive and work ethic you have. Being a blue collar guy from a rural area in NY, and moving to Philly 2 years ago I have contacts spread all over... I have been up front with both companies on my families financial situation and both still offered me a position, however I know its a win win for them. If i fail they have my clients, if I succeed they win with me and my business.. Please offer some advice ASAP, as I only have a week to get back to both places. Thanks!

FAWealthManager in Boca Raton, Florida said: Thank you. Can you please explain this further "Utilize term life, long term care products"?

I posted a few questiosn in the forum and about my situation could you please offer me some advice? Thanks

I'd go with the firm that you are more comfi with. Review their company values and compare it to yours and see if they match. Whatever you go with ..its a risk nowadays..If you really really want to pursue this career you will success! Ask yourself every day do you really want it!!!

independent88 in Modesto, California said: This guy is right. As an indpendent non-captive agent you can negotiate contracting with top insurance carriers, earn higher commissions and retain your clients. The key is to learn the industry and develop a system which can be tough, however, with enough self study you'll be fine. Hold down a job which will give you stable income while you learn and get good at being a financial advisor. Find a IMO (independent marketing organization) that can help you get contracted w/ various companies.

If you have any questions about IMO's feel free to contact me at kevin@afgbrokerage.com and I'll give you a rundown of how contracts with carriers are accessed and how some of our agents have built their businesses.

I have read many negative comments about Ameriprise. I was considering a career change, and looking to start as a financial advisor associate with Ameriprise. Can anyone elaborate more on the specific knocks against Ameriprise? Thanks

It's been 6 years since I was there. Not a bad shop if you think you can get qualified clients by taking them out for free lunches. Maybe you have a good natural market? Maybe your really good on the phones and have 2 years expenses in the bank? Otherwise I don't know how you will make it. My wife says watch boiler room (the movie) to get a feel for the big promises with lack of delivery.

But if your good enough and resilient enough it doesn't matter which company you start with. It's survival of the fittest everywhere. Good luck!

I strongly recommend a bank program. Definitely has it's pros and cons. On the upside, can take over some aum from day one with the opportunity to work the existing book while growing and prospecting. I really like traveling between offices through the week. Keeps things fresh and exciting for me. Enjoy having my licensed branch reps prospect for me while I can prospect as well on larger clients/ coi's. Some firms do offer actual base salaries...not draws. Key Bank pays a flat 30 true salary anywhere in the country. Some credit unions offer a higher true salary.

Cons are capped/ tiered payouts. Giving up a lot of commission to not have to prospect as much. Paying in commission payout percentages for that 30k base. Relying on training branch reps to get you qualified referrals...etc

7 yrs in. 2 yrs Indy at one firm/ 2 yrs Indy at another. Last 3 at a bank. 90k first yr at the bank. 125 second. Looking at 150-160 this year. Starting to really build some solid assets. Frustrating giving up soo much of the revenue to the bank but content with the work life flexibility and ease of working the millions of bank deposit clients. I'd consider building a solid book and possibly rolling back out to the indy shop for the pay at some point. Hope this helps.

Steve in Brooklyn, New York said: Life insurance is easy to sell & has a huge market so it helps pay the bills, for example you sell a Life policy with a $100 a month premium depending on the company but $100 x 12mo=$1200 & I started at 108% comm so do 3 or 4 a mo & make 5K. Long term care pays well & it's pretty popular but the ultimate goal is to manage money because once you get 7 figures under you the money comes quickly. It's a rough go no matter what but Insurance & money management is the key to long term wealth so order off the .99 cent menu for a few years.

how did you get 108% comm. Never heard of it before.

YES! Please contact me asap
melinda.acosta@gmail.com

YES! Contact me asap!
melinda.acosta@melindaa.com