Financial Advising- Pros and cons

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Comments (42)

JBF in Huntington Beach, California

69 months ago

Career changes are never easy. I think you need to take a good hard look at what you really enjoy doing because if you go into this with money as a focus, you'll struggle. If you truly enjoy the 'work' you'll be doing, then it really isn't 'work,' and success will come easier. You have to believe in yourself.

Regards
Jeff
www.mysafg.com

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mbrink in Overland Park, Kansas

65 months ago

NCP in San Diego, California said: I have recently been offered a position with Merrill in their 3 year training program. This is a complete career change for me and I am still undecided whether to take the jump. I keep reading how hard the industry is and how you can end up with nothing. I would appreciate any honest feedback from people in the field. Some things I have been thinking about are realistic hours worked, getting new clients, what happens if you don't pass the series tests, what happens if you don't meet your sales, etc. Thank you for your help!
]

Hi there,

I hope you didn't take the dive with ML. We are seeing a huge influx of Merrill trainees here at Waddell & Reed. I would be more than happy to see if may be able to assist you.

Take care,

Mbrink mbrink@waddell.com

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Tommy in Saint Paul, Minnesota

64 months ago

just out of curiosity where would someone with no prior financial experience go for their first FA position Merril Lynch,Ed jones,Ameriprise,Wachovia,Morgan Stanley or any other that you could think of...I dont have the S7 so who would give the best training and support and lay the best foundation for me to build on? Thanks

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mbrink

64 months ago

Wealth Manager in Livermore, California said: I rather work for ML even with Ken Lewis doing everything possible to screw it up than Weddell & Reed. No offense "Mbrink" but W&R is not even in the same league. That being said I do like the Ivy Funds.

That is such an old school opinion. You have no idea what you're talking about because you're basing your opinion on old facts. You would be pleansantly suprised if you knew the new face of Waddell & Reed. How about an open architecture? How about payout up to 90%? How about everything hitting the grid? Officing in one of our division offices with no cost? Office on your own with some paid expenses? NO OSJ fees?

So you're saying you would rather work for a BANK? Oh, Merrill Lynch.....

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Wealth Manager in Livermore, California

64 months ago

Open architecture? I truly doubt that. Do you have both transactional and fee based account platforms? Access to all MFs, CEFs, stocks, bonds, ETFs, alternatives, managed futures? Do your FAs have the abillity to work accounts as the portfolio manager on a discretionary basis? What are your choices with SMAs? Can you service 401Ks, stock plans, do lending, etc.. I could go on but why bother.

I agree with your comment about working for a bank but unless you work for Goldman or Morgan that is simply the reality of what this economic downturn has done. I am not a ML fan by any means but I am someone who built a business from the ground up. I know the wirehouse firms well and I know the business having been in it for close to 7 years, having about 90 million AUM and a TT of 700K. And you?

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Xtragel in Vancouver, British Columbia

64 months ago

Wealth Manager in Livermore, California said: Open architecture? I truly doubt that. Do you have both transactional and fee based account platforms? Access to all MFs, CEFs, stocks, bonds, ETFs, alternatives, managed futures? Do your FAs have the abillity to work accounts as the portfolio manager on a discretionary basis? What are your choices with SMAs? Can you service 401Ks, stock plans, do lending, etc.. I could go on but why bother.

I agree with your comment about working for a bank but unless you work for Goldman or Morgan that is simply the reality of what this economic downturn has done. I am not a ML fan by any means but I am someone who built a business from the ground up. I know the wirehouse firms well and I know the business having been in it for close to 7 years, having about 90 million AUM and a TT of 700K. And you?

Hi,

I am located on the otherside of the border in Vancouver BC. Considering a career change as well but need expert knowledge and advice from some of the professional's here. I prefer emails since I check it easier but don't mind coming here as long as everyone comes here on a regular basis. My issue here is I just started as a teller in the bank and learning the ropes about 8 mths ago. Still making lots of unneccessary mistakes such as posting errors and believe I should move out from the bank and into another career. I feel sometimes my heart is in it but at the same time it isnt. I came from a position selling Cellular service packages and was great at that. It just seems like women have it easier up here and #2 you'd have to be really meticulous about everything which usually I'm not about 100% detailed

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Wealth Manager in Livermore, California

64 months ago

Xtragel in Vancouver, British Columbia said: Hi,

I am located on the otherside of the border in Vancouver BC. Considering a career change as well but need expert knowledge and advice from some of the professional's here. I prefer emails since I check it easier but don't mind coming here as long as everyone comes here on a regular basis. My issue here is I just started as a teller in the bank and learning the ropes about 8 mths ago. Still making lots of unneccessary mistakes such as posting errors and believe I should move out from the bank and into another career. I feel sometimes my heart is in it but at the same time it isnt. I came from a position selling Cellular service packages and was great at that. It just seems like women have it easier up here and #2 you'd have to be really meticulous about everything which usually I'm not about 100% detailed

Hi Xtragel,

Working in banking and investments are two very different types of jobs so the experience you receive there might not help you transition into being an advisor. If you are really interested in going the investment sales route I would recommend that you try to either move over within the bank or try to get a job as a sales assistant to an FA at one of the major broker/dealers (ie..merrill, smith barney, wachovia, etc..). It's a great way to see what the job is all about without working on 100% commission or having to kill yourself during the first couple of years. If you like what you see then you will be in a great position to bloom into an FA and in many cases will have the opportunity to join an existing team since you will already know the advisors and the available opportunites within the office.

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mbrink in Overland Park, Kansas

63 months ago

Wow how time flies! I have been meaning to respond to all of your questions/comments, but it has been extremely busy here in the recruiting world at Waddell & Reed. Let's see... where shall I begin?

Yes, we have both transactional and fee-based account platforms. We have access to over 2,000 mutual funds (and growing), stocks, bonds, ETF's as well as managed futures.As for some of the other items you listed- stocks, servicing 401Ks, lending... YES we do all of that too. You can read for yourself at www.joinwaddell.com . When you get there, click on Experienced Financial Services Professional in the lower left-hand corner. From there you can browse product offering, support, technology, etc...

Enjoy!

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mbrink in Overland Park, Kansas

63 months ago

Actually, a few things that came to mind won't be listed there because we just rolled them out. One that comes to mind is a 1% margin account. Anyway... happy reading.

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xtragel in Vancouver, British Columbia

63 months ago

mbrink in Overland Park, Kansas said: Wow how time flies! I have been meaning to respond to all of your questions/comments, but it has been extremely busy here in the recruiting world at Waddell & Reed. Let's see... where shall I begin?

Yes, we have both transactional and fee-based account platforms. We have access to over 2,000 mutual funds (and growing), stocks, bonds, ETF's as well as managed futures.As for some of the other items you listed- stocks, servicing 401Ks, lending... YES we do all of that too. You can read for yourself at www.joinwaddell.com . When you get there, click on Experienced Financial Services Professional in the lower left-hand corner. From there you can browse product offering, support, technology, etc...

Enjoy!

Question for you,

Hope you can reply sooner. After getting the reply from the other individual here I have searched for some Financial Positions. It seems that they want me to join with 100% commission and dedication with the promise of a career and self business. I had an interview with Investors Group one of the more well known ones from up town here. I had some negative experience with World Financial Group and somehow came around to meeting another gal from there again. Aside from the fact that's she's pretty and came from construction not completeing post secondary she says she's doing quite well. She even mentioned that World Financial Group isn't that bad as it may have been due to the previous workers that gave me a negative image. It seems to be structured to be a MLM though.

I don't know if I should just give up in this field since I realize this field is more left brain minded where as I'm right brain minded. (Sequetial linear thought, math and language vs image, intuition, and logical thought)

Look forward to your reply.

PS> Seems like I don't know what I'm looking for in life anymore.

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Xtragel in Vancouver, British Columbia

63 months ago

mbrink in Overland Park, Kansas said: Actually, a few things that came to mind won't be listed there because we just rolled them out. One that comes to mind is a 1% margin account. Anyway... happy reading.

Question for you,

Hope you can reply sooner. After getting the reply from the other individual here I have searched for some Financial Positions. It seems that they want me to join with 100% commission and dedication with the promise of a career and self business. I had an interview with Investors Group one of the more well known ones from up town here. I had some negative experience with World Financial Group and somehow came around to meeting another gal from there again. Aside from the fact that's she's pretty and came from construction not completeing post secondary she says she's doing quite well. She even mentioned that World Financial Group isn't that bad as it may have been due to the previous workers that gave me a negative image. It seems to be structured to be a MLM though.

I don't know if I should just give up in this field since I realize this field is more left brain minded where as I'm right brain minded. (Sequetial linear thought, math and language vs image, intuition, and logical thought)

Look forward to your reply.

PS> Seems like I don't know what I'm looking for in life anymore

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Wealth Manager in Livermore, California

62 months ago

Mbrink,

You are a recruiter for waddell and reed so your opinions are obviously biased and I feel that it is completely inappropiate for you not to disclose that fact. This forum is about "financial advisors"; people who are considering the job and people who "actually do" the job. I honestly wouldn't have cared or even commented on waddell and reed if I hadn't read your previous comment which slammed merrill lynch. Different firms are better for different people and lets just leave it at that.

Xtragel,
I am going to be brutually honest with you. Unlike a "recruiter" I have been a FA for about 7 years and have seen most people enter the business, work like a dog and then quit or be fired within a couple of years. This is not an easy job and even with a salary, a great firm and even some luck; your chances of faliure far exceed the chances of you making it. You have to really, really want to do this and if not please save yourself the heartbreak of dedicating years of your time, making close to nothing just to find out that you didn't really want it that bad. I have met many sucessful advisors and they all had one thing in common. They really wanted to do this for a living and all of them were willing to make huge sacrifices on the front end. If you are not sure than don't do it. Ask any established FA the same question and I guarantee you'll get the same answer. Either way best of luck to you.

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Xtragel in Vancouver, British Columbia

62 months ago

Xtragel,
I am going to be brutually honest with you. Unlike a "recruiter" I have been a FA for about 7 years and have seen most people enter the business, work like a dog and then quit or be fired within a couple of years. This is not an easy job and even with a salary, a great firm and even some luck; your chances of faliure far exceed the chances of you making it. You have to really, really want to do this and if not please save yourself the heartbreak of dedicating years of your time, making close to nothing just to find out that you didn't really want it that bad. I have met many sucessful advisors and they all had one thing in common. They really wanted to do this for a living and all of them were willing to make huge sacrifices on the front end. If you are not sure than don't do it. Ask any established FA the same question and I guarantee you'll get the same answer. Either way best of luck to you.

Wealth Manager,
I agree with everything you say. The problem withme is I always pick losing battles and try to turn them around. I don't quit which is a positive trait and a negative one. With that being said, I see both sides of the coin and bcuz of this "gift" as some call it to self reflect and be aware, it has become my greatest enemy. I don't know when to quit sometimes. I wonder if at times I am only interested in investments and all bcuz of the profession, prestige and money it brings in or if I truly would enjoy the role. I enjoyed being a Cell phone consultant being knowledeable and selling solutions that customers ahve raved my name across town madly. But I am limited to a cell phone. With that being said i was able to fix some problems with my hand, my min is not that strong and to take years of development and concentration, I fear losing to much relationship and life in it and question is it worth it in the end? I lost my prvs relationship in the cell industry like that. Its ok if I know I have the resources but I don't feel it.

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Xtragel in Vancouver, British Columbia

62 months ago

Wealth Manager in Livermore, California said: Mbrink,

You are a recruiter for waddell and reed so your opinions are obviously biased and I feel that it is completely inappropiate for you not to disclose that fact. This forum is about "financial advisors"; people who are considering the job and people who "actually do" the job. I honestly wouldn't have cared or even commented on waddell and reed if I hadn't read your previous comment which slammed merrill lynch. Different firms are better for different people and lets just leave it at that.

Xtragel,
I am going to be brutually honest with you. Unlike a "recruiter" I have been a FA for about 7 years and have seen most people enter the business, work like a dog and then quit or be fired within a couple of years. This is not an easy job and even with a salary, a great firm and even some luck; your chances of faliure far exceed the chances of you making it. You have to really, really want to do this and if not please save yourself the heartbreak of dedicating years of your time, making close to nothing just to find out that you didn't really want it that bad. I have met many sucessful advisors and they all had one thing in common. They really wanted to do this for a living and all of them were willing to make huge sacrifices on the front end. If you are not sure than don't do it. Ask any established FA the same question and I guarantee you'll get the same answer. Either way best of luck to you.

Wealth Manager,
One more thing, do you mind sending me your email? I would love to chat with you more on a quicker interval bcuz I'm in need of advice / direction quicker. I have started venturing back to being employed and living life with different meaning...avoiding this entire profession $ prestige thing but fear I may feel empty later in life as well.

Mines is <removed contact info> if u prefer to email me instead to avoid everyone sending you spam.

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mbrink in Overland Park, Kansas

62 months ago

Hi Wealth Manager -

I am a professional, so I do not have time to have an online debate with you, nor will I pass judgement on your demeanor so.... I will just jump to the chase.

1.) The forum is about financial advising pro's and cons. I believe it did not specify financial advisor input only. I also know that as recruiters, we hear the good, bad and ugly from every competitor as well as in our own back yard when that happens. I personally feel like that gives us current insight because we are talking to everyone and not just what we know to be true 'at home'.

2.) I never hid or denied the fact that I am a recruiter. No one asked.

3.) I am probaby the most unbiased recruiter you will ever meet. Sure, I feel strongly in what Waddell & Reed has to offer or else I would not stand by our culture and story to live it and sell it. BUT - if I do not think someone is right for this opportunity, I am not selling regardless of who I am selling it for.

4.) Xtragel is in British Columbia -- therefore my advice has been completely unbiased because I have nothing to offer to someone overseas.

5.) You really should relax and not get so wound up by someone's difference in opinion.

Enjoy your day!

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Xtragel in Vancouver, British Columbia

62 months ago

mbrink in Overland Park, Kansas said: Hi Wealth Manager -

I am a professional, so I do not have time to have an online debate with you, nor will I pass judgement on your demeanor so.... I will just jump to the chase.

1.) The forum is about financial advising pro's and cons. I believe it did not specify financial advisor input only. I also know that as recruiters, we hear the good, bad and ugly from every competitor as well as in our own back yard when that happens. I personally feel like that gives us current insight because we are talking to everyone and not just what we know to be true 'at home'.

2.) I never hid or denied the fact that I am a recruiter. No one asked.

3.) I am probaby the most unbiased recruiter you will ever meet. Sure, I feel strongly in what Waddell & Reed has to offer or else I would not stand by our culture and story to live it and sell it. BUT - if I do not think someone is right for this opportunity, I am not selling regardless of who I am selling it for.

4.) Xtragel is in British Columbia -- therefore my advice has been completely unbiased because I have nothing to offer to someone overseas.

5.) You really should relax and not get so wound up by someone's difference in opinion.

Enjoy your day!

Mbrink,

You know what is interesting is I dont see any reply or anything from you for me...I thought u may have given me a reply that may not have been posted on the forum which i received thru email. Anyhow, I have seen some recruiters here in B.C. for financial groups (world financial group - member of aegon). They have this thing where I know they sell life insurance but if you also recruit members u get a portion of what they sell n can build yourself a business that way as well...a form of MLM...They used many tactics which I felt uncomfortable with bcuz I believe my friends and I mean true friends should not be tricked into a meeting of somesort to sell them something. That was my impression of them

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mbrink in Overland Park, Kansas

62 months ago

Tommy in Saint Paul, Minnesota said: just out of curiosity where would someone with no prior financial experience go for their first FA position Merril Lynch,Ed jones,Ameriprise,Wachovia,Morgan Stanley or any other that you could think of...I dont have the S7 so who would give the best training and support and lay the best foundation for me to build on? Thanks

Hi Tommy,

The fact that you have no previous experience will now limit your options on where to begin your career in financial planning. There are only a few of us left who still offer training. Aside from Waddell & Reed, there is Ed Jones and potentially a few other regionals. It really depends on you. What exactly are you looking for? What are you comfortable with? What type of compensation are you seeking? Those are all things that could affect your decision.

Back to your list:
- Ameriprise no longer has a training program or what they refer to as "novice recruiting" since joining with H&R Block.

- Merrill recently did a mass separation of their POA's and some PMD's (trainees) as well upon the buyout by B of A.

- Wachovia as you may or may not know is now owned by Wells Fargo.

I would be happy to discuss further with you if you would like. Check us out on joinwaddell.com .

Good luck!

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molood in Toronto, Ontario

59 months ago

Hi mbrinks,
very good answers. Can you tell me how much waddeell will pay to experienced advisor for $100,000 mutual funds,Annuity. Also if some one is selling universal life policy say with $400/month target premium.

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mbrink in Mission, Kansas

59 months ago

molood in Toronto, Ontario said: Hi mbrinks,
very good answers. Can you tell me how much waddeell will pay to experienced advisor for $100,000 mutual funds,Annuity. Also if some one is selling universal life policy say with $400/month target premium.

Hello~ unfortunately Waddell & Reed does not conduct retail business in Ontario. Sorry. I wish you the best of luck!

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Goga in new york, New York

59 months ago

Hi mbrink,

I think molood asked a good question but he was in canada. Can you give me answer for the same question. I am experinced advisor with 10 years experience. And I am considering to change firm. So same above question. Thanks.

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Goga in new york, New York

59 months ago

Goga in new york, New York said: Hi mbrink,

I think molood asked a good question but he was in canada. Can you give me answer for the same question. I am experinced advisor with 10 years experience. And I am considering to change firm. So same above question. Thanks.

Hi mbrink,
I am still waiting for your answer.

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Goga in new york, New York

59 months ago

Any oneelse can answer this. Looks like mbrink is busy.

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Wealth Manager in Pleasanton, California

59 months ago

Hi Goga,

I have a friend who spoke with weddell a few years back. He told me that the payout ranged between 45% to 55% for investment products and annuities. I have no idea on the whole life policies or if it even goes through the grid. You might be able to confirm the above numbers by looking on registered rep magazine online. They publish a compensation comparison between the firms annually.

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Goga in new york, New York

59 months ago

Wealth Manager in Pleasanton, California said: Hi Goga,

I have a friend who spoke with weddell a few years back. He told me that the payout ranged between 45% to 55% for investment products and annuities. I have no idea on the whole life policies or if it even goes through the grid. You might be able to confirm the above numbers by looking on registered rep magazine online. They publish a compensation comparison between the firms annually.

You are very helpfull, thanks! were that registered rep magazine can be bought?

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mbrink in Mission, Kansas

59 months ago

Hello - sorry for the delay. Where to start? Let's see... Well first off I would have to say never go off of information dated a few years back- or even 1 year back for that matter. (whether you are looking at WR or any other firm)

We offer 2 different platforms so it depends on which you are conducting your business from. Our most current information can be found at www.joinwaddell.com and there is even a compensation analysis available for our Choice platform.

Also, Registered Rep magazine- you can access that online, but the information they have quoted for us is rarely accurate.

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Ray in Queens Village, New York

59 months ago

Goga in new york, New York said: You are very helpfull, thanks! were that registered rep magazine can be bought?

Hi Goga,

As a recent graduate, I'm looking for some advice as far as which particular firm's I should look into if I want to lean towards investments. I'm looking for a great training program as well.

I also have been well acquainted with the financial services industry already with two internships under my belt at two rival insurance firms, Prudential and MetLife. I had friends in Northwestern and MassMutual.

I guess at this point, I'm trying to get my foot in the door with Smith Barney, Merrill Lynch, or if you know any others that would be great to hear of it.

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Goga in new york, New York

59 months ago

sorry, I don't have American experience about firms.

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Carmen in Barcelona, Spain

58 months ago

Hi everyone,

I am interviewing with ML for their Practice Management Development Financial Advisor in NY and I wondered if anyone has experience with the interviews and more importantly what the basic salary is - I have $100k in loans to pay to for my MBA so not really looking to be destitute for the first year.

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Career Changer in Denver, Colorado

57 months ago

I applied with AXA Advisors and Morgan Stanely Smith Barney (MSSB) for Financial Advisor "trainee" positions. The AXA interview was a breeze - zero problems - second interview today. The MSSB job required a very extensive application (had to cull through many years of files to gather info) and today they sent me a link to take a math test. Is anyone familiar with the MSSB math test? What should I prepare for? It's been about 17 years since my last college math class and have not had to use any financial formulas in work.

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Bry in Indianapolis, Indiana

54 months ago

Wealth Manager in Livermore, California said: Open architecture? I truly doubt that. Do you have both transactional and fee based account platforms? Access to all MFs, CEFs, stocks, bonds, ETFs, alternatives, managed futures? Do your FAs have the abillity to work accounts as the portfolio manager on a discretionary basis? What are your choices with SMAs? Can you service 401Ks, stock plans, do lending, etc.. I could go on but why bother.

I agree with your comment about working for a bank but unless you work for Goldman or Morgan that is simply the reality of what this economic downturn has done. I am not a ML fan by any means but I am someone who built a business from the ground up. I know the wirehouse firms well and I know the business having been in it for close to 7 years, having about 90 million AUM and a TT of 700K. And you?

I like you outlook and perspective. Maybe you can help me. I am trying to decide whom to go to for investing. For I have sold a floundering business and have a little to invest. But know nothing about it, Only a small ira and I am 57. I went to see Wells Fargo, and Edward Jones. And a some suggested a fee only adviser. What is your input please.

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w$Reed in Westmont, Illinois

41 months ago

Honestly Waddell is not a good place. I work there right now. They tell you that you will be free to build your business, but really they run your life. You have to pay for all your lisencing costs(they get reimbursed only after you produce at a certain level for a year!!!!!!!!). Also you are not free to have any flexibility within the planning. Its either mutual funds or you have to get "special permission for any discretion" Yea nobody gets that permission. The training program is absolutely pointless. You talk and you talk but never actually do or learn anything. As soon as I have the chance to jump at another job I am there

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wesman3385 in Columbus, Ohio

41 months ago

If you are thinking about changing careers to be a financial advisor, I would say don't. That's what I did about a year ago and now I am already out of the industry and working a temp job because I can't find anything fulltime. All you do is badger your friends and family to buy mutual funds and insurance. This is the only way you will get started and make it in this business. Anyone who says any differently works for their daddy and was given a crapload of assets to manage. I left a good paying job for this. It definitely wasn't worth it.

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Wealth Manager in Pleasanton, California

40 months ago

Wesman--I say differently and do not work for my daddy nor was I given a crapload of assets. That being said it is a very difficult job to get started in and anyone considering the profession needs to be prepared for three to five years of hard work before they will start to make any real money. That's the price you pay to later make more then a medical doctor while working 30 hour work weeks.

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SalesLover in Beaumont, California

40 months ago

Wealth Manager in Pleasanton, California said: Wesman--I say differently and do not work for my daddy nor was I given a crapload of assets. That being said it is a very difficult job to get started in and anyone considering the profession needs to be prepared for three to five years of hard work before they will start to make any real money. That's the price you pay to later make more then a medical doctor while working 30 hour work weeks.

My question is, in what order should I apply at the various firms? What company should be my first choice? How about my second choice? Third…? Here are some details about me.

I am early 40s, Southern California and have been very successful in Sales. I am comfortable cold calling, prospecting and, years ago, even did D2D. I have an excellent work ethic and, having been involved in managerial duties too, know that Sales is what I truly love.

I have worked for private companies that took great care of me and billion dollar tightwad companies and thrived in both environments. I have also been successful in Sales Management. I have traveled extensively with Sales Reps within the U.S. and internationally. I have no restrictions on hours or travel now that my kids are older.

My earnings peaked with a 6 year period of $250-300k per year. However, the building materials industry has been severely down for a solid 3+ years. Thousands of Customers are gone, the ones that are left are small survivors and credit is almost impossible everywhere.

I have decided to make a change. I see potential as a Financial Advisor. I have read the many posts on this site and understand the years required to build a book of business. What I have not found clear is the best path.

Con't

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SalesLover in Beaumont, California

40 months ago

I do not have experience, so I will need training and to earn the various licenses. I would also like a full basket of products to work with. I would like to be hired by a company where I can build a book that, if I ever needed to, I could take with me and go elsewhere or independent. However, that is only a contingency concern as I am most content to stay with a good company.
I think the only weak spot on my resume is that I did not finish college.
On this site I have read about firms that are now part of a bank (Like ML), firms that have very limited offerings (Like Jones), firms increasing their embrace of fee based advice (Like MSSB) and firms that are better for independents (Like LPL). Each company surely has pros and cons and the writer is usually weighing in with their bias as they should but, given my situation, is there a solid pecking order I should pursue?
Any help would be appreciated.
Thanks in advance!

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REGISTERED BANKER in Torrance, California

38 months ago

Wealth Manager in Pleasanton, California said: Wesman--I say differently and do not work for my daddy nor was I given a crapload of assets. That being said it is a very difficult job to get started in and anyone considering the profession needs to be prepared for three to five years of hard work before they will start to make any real money. That's the price you pay to later make more then a medical doctor while working 30 hour work weeks.

Hi Wealth Manager,

Firstly thank you for being so candid in sharing your options and fact about the position.

I am a license banker(7 and 66) with JP Morgan Chase, I have been working closely with my F.A, I do sell every now and then fix annuities and some mutual funds on my own but mostly I pass it on to my F.A, I average about $200000 a month in investment referrals,my base salary is $42000,last year with incentives I made 54000.

I have been recently approach by investment manager to take up a role of F.A, I sole bread earner,new home owner with 8 month baby, I know that there is lot of potential to make good even crazy money.

I guess I am trying to see if you and others will for a second put them self in my shoes and tell me what would they do.

I am 28 yr old, my risk torrence will not change till next 3 yr, that is when my wife will go back to work.

Am I taking to much risk?

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Wealth Consultant in Redmond, Washington

31 months ago

Wealth Manager in Pleasanton, California said: Wesman--I say differently and do not work for my daddy nor was I given a crapload of assets. That being said it is a very difficult job to get started in and anyone considering the profession needs to be prepared for three to five years of hard work before they will start to make any real money. That's the price you pay to later make more then a medical doctor while working 30 hour work weeks.

Listen to this Wealth Manager. What he has been saying is true. What I know is ML pays you the most and the longest while you are studying for your Series 7 and as a trainee. Xtragal: World Financial Group is an MLM but they won't say that. They sell mostly Index Annuity (in US) because securities license is not required. You will be successful at WFG if you recruit a lot of agents who would sell Index Annuity to their friends and relatives, and you don't need to know anything about financial advising, as most 'agents' don't. You also need to 'invest' your own money to build your business at WFG, like going to convention. The top 1% makes good money at the expense of other wannabes.

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Nagendra

9 months ago

Wealth manager,

Visit the link:
www.updown.com/member/nagendra

What would you like to advice me?

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Scott in Boston, Massachusetts

9 months ago

JBF in Huntington Beach, California said: Career changes are never easy. I think you need to take a good hard look at what you really enjoy doing because if you go into this with money as a focus, you'll struggle. If you truly enjoy the 'work' you'll be doing, then it really isn't 'work,' and success will come easier. You have to believe in yourself.

Regards
Jeff
www.mysafg.com

Hi Jeff, I completely agree with your point of view here. I wanted to add that there's a useful site that provides greater transparency into the personalities, motivations, etc. of top producing financial advisors called CareerNumbers -- www.CareerNumbers.com.

Their data shows that while many of the top performing financial advisors care a whole lot about money, they also have a much better fit with the job than their less effective counterparts. It's pretty cool to finally see some data on the topic. A amount of it is intuitive, but some of it is surprising. Definitely worth checking out if you haven't already.

Best,
Scott

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Series 7 Exam Tutor in Pennington, New Jersey

5 months ago

The main pro include very high compensation for the best in the industry. The con is that is can be challenging to bring the level of business that would get you that high compensation.

Good luck,

Michael Weiss, CFA
www.series7examtutor.com
www.series65examtutor.com

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okey64@gmail.com in Calgary, Alberta

1 month ago

Wealth Manager in Livermore, California said: Open architecture ? I truly doubt that. Do you have both transactional and fee based account platforms? Access to all MFs, CEFs, stocks, bonds, ETFs, alternatives, managed futures? Do your FAs have the abillity to work accounts as the portfolio manager on a discretionary basis? What are your choices with SMAs? Can you service 401Ks, stock plans, do lending, etc.. I could go on but why bother.

I agree with your comment about working for a bank but unless you work for Goldman or Morgan that is simply the reality of what this economic downturn has done. I am not a ML fan by any means but I am someone who built a business from the ground up. I know the wirehouse firms well and I know the business having been in it for close to 7 years, having about 90 million AUM and a TT of 700K. And you?

What it TT, please?

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okey64@gmail.com in Calgary, Alberta

1 month ago

What is TT

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