Who has the best training program?

[quote=BBaruch]

If you have an opinion as to which brokerage
firm(s) are the best ones to start a financial advisor/consultant
career with I would appreciate your input.  I live in San
Francisco and would like to know which firms to approach and or
avoid?  Ideally, I would like to be at a firm where pushing proprietary or insurance products is not the goal. 

(Merrill, Citi/Smith, Morgan, AGE, RJ, Waddell, etc.)  

Who would you like to work for?

Who would you not work for? 

Who has the best training program? 

I have taken the Series 7/63/66 before and passed, it is not a problem. My seven has merely lapsed so I just need a new sponsor.   

Thanks

[quote=BBaruch]

  Ideally, I would like to be at a firm where pushing proprietary or insurance products is not the goal. 

(Merrill, Citi/Smith, Morgan, AGE, RJ, Waddell, etc.)  

You will need to find an INDY all wirehouse push there crap,if not in form of funds or there  money managers then they push it in there bond  or stock inventory. Remember every day at a wirehouse you you are building a book for them not you they will fire and could care less about you or the clients you bring in! They are all the same, they have to unload there garbage.  

Stay away from the wirehouses!

[quote=Greenbacks]

You will need to find an INDY all wirehouse push there crap,if not in form of funds or there  money managers then they push it in there
bond  or stock inventory. Remember every day at a wirehouse you
you are building a book for them not you they will fire and could care
less about you or the clients you bring in! They are all the same,
they have to unload there garbage.  

Stay away from the wirehouses!

Once again babbling from fools.  Here is the training program I received as a new person starting out at RJ.

60 min. everyday in training with branch management on selling skills

60 min everyday with my mentor to go over my studies for exams

2 weeks in Florida mostly product knowledge

2 weeks back at branch for more selling trainig

2 weeks back in Florida for even more training.

This is a complex field and your clients expect you to be an expert.  Every branch at RJ is not the same.  ASK FOR A TRAINING OUTLINE WHEN YOU ARE INTERVIEWING BECAUSE IT IS THE MOST IMPORTANT FACTOR IN YOUR SUCCESS.

Hope that helps and good luck.

[quote=maybeeeeeeee]

Once again babbling from fools.  Here is the training program I received as a new person starting out at RJ.

60 min. everyday in training with branch management on selling skills

60 min everyday with my mentor to go over my studies for exams

2 weeks in Florida mostly product knowledge

2 weeks back at branch for more selling trainig

2 weeks back in Florida for even more training.

This is a complex field and your clients expect you to be an expert.  Every branch at RJ is not the same.  ASK FOR A TRAINING OUTLINE WHEN YOU ARE INTERVIEWING BECAUSE IT IS THE MOST IMPORTANT FACTOR IN YOUR SUCCESS.

Hope that helps and good luck.

"Two weeks is not an extraordinarily long time."

He said 4 weeks in Fl.

AGE spends a total of 3 weeks in St. Louis for training.

If this guy had written a letter to you would you rush right out and allow him to invest your retirment assets?

Put- if you're going to run your mouth about spelling and proper grammar, make sure you double check your reply before you click the "post reply" button.... You are a tip in the truest sense of the word... Contrary to what you may believe, you contribute very little to this forum, even with your "knowledge, experience, and accomplishments". Cmon now, its finally nice in NY, get out and enjoy your life- have a picnic with wifey in Central Park, take a ride out to the Hamptons, go for a nice sail around the Sound... Simply do something other than spout babble on this site... Get out there kid- be somebody... You wont be missed... Looking forward to your reply.

[quote=Put Trader] [quote=maybeeeeeeee]

Once again babbling from fools.  Here is the training program I received as a new person starting out at RJ.

60 min. everyday in training with branch management on selling skills

60 min everyday with my mentor to go over my studies for exams

2 weeks in Florida mostly product knowledge

2 weeks back at branch for more selling trainig

2 weeks back in Florida for even more training.

This is a complex field and your clients expect you to be an expert.  Every branch at RJ is not the same.  ASK FOR A TRAINING OUTLINE WHEN YOU ARE INTERVIEWING BECAUSE IT IS THE MOST IMPORTANT FACTOR IN YOUR SUCCESS.

Hope that helps and good luck.

[/quote]

There is not a branch manager alive who has an hour a day to devote to training a girl to sell.

Spending an hour with a mentor on exams is a waste of time--mentors know close to nothing about the exams and would barely pass if they had to take it themselves.

Going to St. Pete for two weeks is a good thing--check and see how long Merrill rookies spend in Princeton.  How about SSB--how long do they spend in Hartford.  What about Wachovia--I suspect they're taken to Richmond, but for how long?  How about UBS--time in Weehawken and the city.  How long?

Two weeks is not an extraordinarily long time.

But the biggest joke of these programs is the promise that branch managers and mentors will share "quality time" with rookies--it just doesn't happen.
[/quote]

FYI...Merrill no longer sends new FA's to Princeton...

[quote=BBaruch]

If you have an opinion as to which brokerage
firm(s) are the best ones to start a financial advisor/consultant
career with I would appreciate your input.  I live in San
Francisco and would like to know which firms to approach and or
avoid?  Ideally, I would like to be at a firm where pushing proprietary or insurance products is not the goal. 

(Merrill, Citi/Smith, Morgan, AGE, RJ, Waddell, etc.)  

Who would you like to work for?
[/quote]
Of those you provided, maybe AGE and Morgan

[quote=BBaruch]Who would you not work for? [/quote]
Merrill Lynch

[quote=BBaruch]

Who has the best training program?

I have taken the Series 7/63/66 before and passed, it is not a problem. My seven has merely lapsed so I just need a new sponsor.   

Thanks

[quote=blarmston]

Put- if you're going to run your mouth about spelling and proper grammar, make sure you double check your reply before you click the "post reply" button....[/quote]

Actually, what this forum needs is the ability for a user to edit his posts.

[quote=blarmston]

If this guy had written a letter to you would you rush right out and allow him to invest your retirment assets?

[quote=inquisitive]

[quote=blarmston]

Put- if you're going to run your mouth about spelling and proper grammar, make sure you double check your reply before you click the "post reply" button....[/quote]

Actually, what this forum needs is the ability for a user to edit his posts.

B-Baruch-



IF I were you I would try to get into Merrill.  They have the best
training program, platform, technology, brand, etc.  Everyone says
"oh you’ll never make it at ML blah blah" but those people are losers
and that’s why Merrill wouldn’t hire them.  Even if you don’t make
it every firm other on the street will be begging to hire you. 
And about taking your book out of there - ML is not going to care much
about some small failed FA taking his 10 million dollar book to Morgan
Stanley.  They only come after the big hitters who try to switch
firms for a big check. 

[quote=Scorpio]B-Baruch-



IF I were you I would try to get into Merrill.  They have the best
training program, platform, technology, brand, etc.  Everyone says
"oh you’ll never make it at ML blah blah" but those people are losers
and that’s why Merrill wouldn’t hire them.  Even if you don’t make
it every firm other on the street will be begging to hire you. 
And about taking your book out of there - ML is not going to care much
about some small failed FA taking his 10 million dollar book to Morgan
Stanley.  They only come after the big hitters who try to switch
firms for a big check. 

[/quote]



That advice should always be heeded.  Regardless of what you’re
applying for you should always shoot for the moon.  There is a
lead dog in this business, and the lead dog is Merrill.  As such
if you can hire on with them you’d be a fool not to.



It’s not true that failed Merrill brokers cause managers at other firms
to have wet dreams–but we all know that a veteran of a Merrill office
will have been exposed to great training and all that is associated
with it.



It’s also not true that clients leave Merrill easily.  It is the
ONLY firm in the street where many retail types feel privleged to have
an account.  What you must remember is that when you said, “Hi,
I’m Bob Broker with Merrill Lynch” the prospect heard Merrill’s name
and not yours.  That is an undeniable fact.



Now, over the coming months and years it is possible to build a
relationship with the guy that he begins to think of you as
Merrill.  In a country club locker room you hear things like, “My
broker thinks that …” but when it’s appropriate you’ll
hear, "My Merrill broker thinks that…"



It could be that the guy has more than one broker and was simply
identifying which one he was referring to–but the most probable
explanation is that he wants to tell the listener that he’s a Merrill
client as if that were a badge of honor in some way.



Telephone surveys have been done in upscale neighborhoods.  A
really scary survey is the one in which the only question is, "If you
were to inherit a sizeable sum of money where would you turn for
investment advice if you did not already  have an advisor?"



A huge–as in HUGE–portion of the respondents said that they’d turn to
Merrill.  It is the only firm in the street whose name is a
household word–and that benefit can never be overestated.

"That you are incapable of noticing does not speak well about you"

Let's be clear here Put. My reply was not to marginalize or dismiss the fact the referenced post was full of grammatical errors but to simply point out that in YOUR critical response you also committed an error. At no point do I convey a superior, "my $hit doesnt stink attitude"- something you perverse this forum with to the tune of 680 posts. I omit the other 12 because they actually contained useful and thought provoking commentary. I will not elaborate due to the fact this causes you pleasure that so much time and effort is devoted by others to garner you attention. You are a joke.

[quote=blarmston]

“That you are incapable of noticing does not speak well about you”

Let's be clear here Put. My reply was not to marginalize or dismiss the fact the referenced post was full of grammatical errors but to simply point out that in YOUR critical response you also committed an error. At no point do I convey a superior, "my $hit doesnt stink attitude"- something you perverse this forum with to the tune of 680 posts. I omit the other 12 because they actually contained useful and thought provoking commentary. I will not elaborate due to the fact this causes you pleasure that so much time and effort is devoted by others to garner you attention. You are a joke.

[quote=inquisitive] [quote=blarmston]

Put- if you're going to run your mouth about spelling and proper grammar, make sure you double check your reply before you click the "post reply" button....[/quote]

Actually, what this forum needs is the ability for a user to edit his posts.

[/quote]

Stdies hve shwn tht spllng is not critcl to comuncatn of thghts and Ideas. Their you have it! Aah wait, there u have it. Damn, thear you hav it. OK, E-NUF

[quote=tjc45][quote=inquisitive]

Stdies hve shwn tht spllng is not
critcl to comuncatn of thghts and Ideas. Their you have it! Aah wait,
there u have it. Damn, thear you hav it. OK, E-NUF

"Perverse?  Blarmston, you cannot use adjectives as verbs--but you are not to blame.  I wouldn't want you to feel bad about your own ignorance--self esteem and all those things are so important."

I am truly disappointed Put. I expected you to respond with a much better response than that.

 I have been at MS for almost two years. I did not learn much from the training program at all. Most of it was alot of smoke. However I see that they have since changed the program for new trainees and it seems to be better. In my oppinion it is not the training you receive that will make you succesfull. You either have the desire and drive to make it, or you will simply fail.

Put can't read either.   And because he LIES all the time, he thinks everyone else does.

Unless my manager has an emergency, either he or his representative trains me.  It did help to work with my mentor, and my relationship with her will continue throughout my career.  RJ will financially reward my mentor if I succeed.

Get a training outline.  Work hard.  Don't listen to idiots like Put.  Best of luck.

[quote=maybeeeeeeee]

Put can’t read either.   And because he LIES all the time, he thinks everyone else does.

Unless my manager has an emergency, either he or his representative trains me.  It did help to work with my mentor, and my relationship with her will continue throughout my career.  RJ will financially reward my mentor if I succeed.

Get a training outline.  Work hard.  Don't listen to idiots like Put.  Best of luck.

Already passed the tests big mouth.

What kind of manager are you?  You spend hours here on this sight.  That is obvious from the number of posts you make.

If you cared about your firm you would be helping your firm by bringing in clients or training the people who do.

What a worthless loser you are.

[quote=maybeeeeeeee]

Already passed the tests big mouth.

What kind of manager are you?  You spend hours here on this sight.  That is obvious from the number of posts you make.

If you cared about your firm you would be helping your firm by bringing in clients or training the people who do.

What a worthless loser you are.

And the majority of your posts are 17 paragraphs long, which probably take you at least 20 minutes to not only conjure up but also to write. Then, not wanting to risk that your ‘superior intellect’ is questioned due to poor grammar and spelling, you probably spend 5 minutes proofreading and spellchecking your posts. Then you spend 10 minutes reviewing your worthless post by injecting it with bull$$$t. All told, you probably spend, on the conservative side, about 30-35 minutes PER POST. Times that by 8 per day, and you are getting alot of work done at your “major NY based wirehouse”… JOKE…

[quote=blarmston]And the majority of your posts are 17 paragraphs long,
which probably take you at least 20 minutes to not only conjure up but
also to write. Then, not wanting to risk that your ‘superior
intellect’ is questioned due to poor grammar and spelling, you probably
spend 5 minutes proofreading and spellchecking your posts. Then
you spend 10 minutes reviewing your worthless post by injecting it with
bull$$$t. All told, you probably spend, on the conservative side, about
30-35 minutes PER POST. Times that by 8 per day, and you are
getting alot of work done at your “major NY based wirehouse”…
JOKE…[/quote]



Ah Blarmston, it’s so pathetic to be so jealous.  Why do you feel
like this, because I point you out with mocking disdain?  Well,
demonstrate behavior not worthy of mocking and I would find it
difficult to continue.



As for the fact that I am smart enough to write several paragraphs on
different topics–don’t blame me if my VAST experience provides me lots
of insight into the industry.



Don’t you wish you had done half of what I have done–it would make you
well rounded too.  Good mental health dictates that you should
want to be like me instead of jealous of me.



Finally to the time it takes for me to share.  I am the smartest
man in th world so what flows through my fingertips is rarely
proofread–as evidenced by the occasional mistake.  I suppose I
spend a minute or two on a message.



Tell me something.  In another context you sneer at those of us
who populate the executive suites–we are unnecessary, dead wood, and
so forth.



How does that jibe with declaring that I should be too busy to have the time to share my points of view?



Thanks for caring so much–I understand, there are a great many people who spend way too much time wishing they could be me.

"I am the smartest man in th world so what flows through my fingertips is rarely proofread--as evidenced by the occasional mistake."

Funny thing is you believe that... Joke

"In another context you sneer at those of us who populate the executive suites--we are unnecessary, dead wood, and so forth."

Please provide an example of that and I will never post again.. It will give you something to do this weekend..

PUT,

If you are so wise and experienced, why do you only post on the rookie & trainee section. I guess you aren't smart enough to be able to add anything in the sections where the more experienced brokers post. Plus, they would be more likely to see through your scam.

I'd be willing to bet a $100,000 that you are not what you say you are. No respectable company would promote an arrogant, narrow-minded fool like you. And if by accident they did, they would quickly rectify the situation.

Anybody can register on these forums and pretend to be anything they want to be. Hell, I could claim to be a billoinaire oil tycoon and you couldn't dispute it. The fact that you try so hard to impress us with all that you claim you are is proof that you lack true self-esteem and self-worth. I think you are a poor, lonely old man that has no friends.

[quote=Coag]

PUT,

If you are so wise and experienced, why do you only post on the rookie & trainee section. I guess you aren't smart enough to be able to add anything in the sections where the more experienced brokers post. Plus, they would be more likely to see through your scam.

[/quote]

Why don't they post here?  Could it be that there is not enough time in the day to post everywhere so I"ve chosen to post here?

What is the "scam" that you envision?

[quote=Coag]

I'd be willing to bet a $100,000 that you are not what you say you are. No respectable company would promote an arrogant, narrow-minded fool like you. And if by accident they did, they would quickly rectify the situation.

[/quote]

It would be fun to read what I say that you find to be narrow minded.  As for arrogant--that, of course, is in the eyes of the beholder.  Those who envy me find me arrogant, those who also live enjoyable lives do not.

Tell me, what do you find offensive--that I am living a full life or that I talk about it?

Regarding things I say.  Are you in the camp that believes that freedom of speech only goes "so far" and that when somebody, such as you, gets your feelings hurt that speech went too far.  Do you believe that we should be immune from reading things that we don't agree with?

[quote=Coag]

Anybody can register on these forums and pretend to be anything they want to be. Hell, I could claim to be a billoinaire oil tycoon and you couldn't dispute it. The fact that you try so hard to impress us with all that you claim you are is proof that you lack true self-esteem and self-worth. I think you are a poor, lonely old man that has no friends.

[quote=Coag]

PUT,

If you are so wise and experienced, why do you only post on the rookie & trainee section. I guess you aren't smart enough to be able to add anything in the sections where the more experienced brokers post. Plus, they would be more likely to see through your scam.

I'd be willing to bet a $100,000 that you are not what you say you are. No respectable company would promote an arrogant, narrow-minded fool like you. And if by accident they did, they would quickly rectify the situation.

Anybody can register on these forums and pretend to be anything they want to be. Hell, I could claim to be a billoinaire oil tycoon and you couldn't dispute it. The fact that you try so hard to impress us with all that you claim you are is proof that you lack true self-esteem and self-worth. I think you are a poor, lonely old man that has no friends.

[/quote]

haha another post hating put trader....

[quote=Yuppie]

haha another post hating put trader....

[quote=FinclPlngPro][quote=Put Trader] [quote=maybeeeeeeee]

Once again babbling from fools.  Here is the training program I received as a new person starting out at RJ.

60 min. everyday in training with branch management on selling skills

60 min everyday with my mentor to go over my studies for exams

2 weeks in Florida mostly product knowledge

2 weeks back at branch for more selling trainig

2 weeks back in Florida for even more training.

This is a complex field and your clients expect you to be an expert.  Every branch at RJ is not the same.  ASK FOR A TRAINING OUTLINE WHEN YOU ARE INTERVIEWING BECAUSE IT IS THE MOST IMPORTANT FACTOR IN YOUR SUCCESS.

Hope that helps and good luck.

[/quote]

There is not a branch manager alive who has an hour a day to devote to training a girl to sell.

Spending an hour with a mentor on exams is a waste of time--mentors know close to nothing about the exams and would barely pass if they had to take it themselves.

Going to St. Pete for two weeks is a good thing--check and see how long Merrill rookies spend in Princeton.  How about SSB--how long do they spend in Hartford.  What about Wachovia--I suspect they're taken to Richmond, but for how long?  How about UBS--time in Weehawken and the city.  How long?

Two weeks is not an extraordinarily long time.

But the biggest joke of these programs is the promise that branch managers and mentors will share "quality time" with rookies--it just doesn't happen.
[/quote]

FYI...Merrill no longer sends new FA's to Princeton...

[/quote]

Since when? You sure about that?

[quote=inquisitive]

[quote=BBaruch]

If you have an opinion as to which brokerage
firm(s) are the best ones to start a financial advisor/consultant
career with I would appreciate your input.  I live in San
Francisco and would like to know which firms to approach and or
avoid?  Ideally, I would like to be at a firm where pushing proprietary or insurance products is not the goal. 

(Merrill, Citi/Smith, Morgan, AGE, RJ, Waddell, etc.)  

Who would you like to work for?
[/quote]
Of those you provided, maybe AGE and Morgan

[quote=BBaruch]Who would you not work for? [/quote]
Merrill Lynch

[quote=BBaruch]

Who has the best training program?

I have taken the Series 7/63/66 before and passed, it is not a problem. My seven has merely lapsed so I just need a new sponsor.   

Thanks

[quote=SaySo]


3) If you were 25 years old, with little experience in sales, and not
many contacts with money to invest, which company would you choose, MS,
UBS, or AGE?



Thank you in advance.

[/quote]



Hear ye, hear ye–this is a learning opportunity.



The answer to that question is "None of the Above."



Sayso, you’re too young to be in this business–you have no credibilty and the entire deal can be boiled down to credibility.



Go sell insurance like Roger or Mojo–the criteria to get a job with
their firms is to apply–and get some experience.  When you’re
about 35 you’ll still have little credibility, but at least you’ll have
some.

[quote=Put Trader]
Hear ye, hear ye--this is a learning opportunity.

The answer to that question is "None of the Above."

Sayso, you're too young to be in this business--you have no credibilty and the entire deal can be boiled down to credibility.

Go sell insurance like Roger or Mojo--the criteria to get a job with their firms is to apply--and get some experience.  When you're about 35 you'll still have little credibility, but at least you'll have some.
[/quote]

The lesson learned here is that puttyndacrack could not make it at 25. He's never made it at any age. He is a failed planner, so you can't learn anything from him.

[quote=Put Trader]

[quote=SaySo]


3) If you were 25 years old, with little experience in sales, and not
many contacts with money to invest, which company would you choose, MS,
UBS, or AGE?



Thank you in advance.

[/quote]



Hear ye, hear ye–this is a learning opportunity.



The answer to that question is "None of the Above."



Sayso, you’re too young to be in this business–you have no credibilty and the entire deal can be boiled down to credibility.



Go sell insurance like Roger or Mojo–the criteria to get a job with
their firms is to apply–and get some experience.  When you’re
about 35 you’ll still have little credibility, but at least you’ll have
some.

[/quote]



Put, thank you for your opinion. I know I can make it at 25, 35, or 45.



The question really was, at 25, which company provides the best learning opportutinty.



Thanks anyway.

[quote=Roger Thornhill]

[quote=Put Trader]
Hear ye, hear ye–this is a learning opportunity.

The answer to that question is "None of the Above."

Sayso, you’re too young to be in this business–you have no credibilty and the entire deal can be boiled down to credibility.

Go
sell insurance like Roger or Mojo–the criteria to get a job with their
firms is to apply–and get some experience.  When you’re about 35
you’ll still have little credibility, but at least you’ll have some.
[/quote]

The lesson learned here is that puttyndacrack could not make it at 25. He's never made it at any age. He is a failed planner, so you can't learn anything from him.

[quote=SaySo]



Roger, valuable insight. How would you answer my question? At 25, which

company provides a better learning environment: MS, AGE or UBS?



Thanks in advance.

[/quote]



He works for an insurance company. All he knows about those three

firms is the street where the local branches are in his town.



Without a formal education he would never be invited in for an interview so there is no reason for him to know any more.



Can you tell any of us why you would approach complete strangers–keystrokes on an Internet website–and expect to get advice.



For all you know Roger is a ten year old wasting his summer vacation,

yet you actually ask him where you should go to work. You’re

going to base a lifetime decison on that?

"For all you know Roger is a ten year old wasting his summer vacation, yet you actually ask him where you should go to work."

And Put, for you, you are on this internet forum wasting the last few remaining years of your life typing garbage that 96% of this forum mocks you for... I probably suggest this to you every 2 weeks- back away from your computer and get out there and embrace your golden years, you will be dead soon so enjoy it...

[quote=blarmston]

“For all you know Roger is a ten year old wasting his summer vacation, yet you actually ask him where you should go to work.”

And Put, for you, you are on this internet forum wasting the last few remaining years of your life typing garbage that 96% of this forum mocks you for... I probably suggest this to you every 2 weeks- back away from your computer and get out there and embrace your golden years, you will be dead soon so enjoy it...

[quote=SaySo] Roger, valuable insight. How would you answer my question? At 25, which company provides a better learning environment: MS, AGE or UBS?

Thanks in advance.[/quote]

In my opinion, it's not the firm, but the local branch, that will make the most difference in a young man or woman's career.

Does the branch foster a mentoring environment? Do they pair newbys up with senior brokers?

Do they encourage junior brokers to do joint field work with veterans?

Every company you can think of has branches that do these things. Every company you can think of also has branches where they don't do these things.

The only way to find out is to ask the local managers, and THEN ask the RRs that have been there 1, 2, 3 years.

You should ask the manager to allow you to interview a handful of these people, one on one, with nobody else present.

If I were you, I would want to work in a branch that REQUIRES the junior brokers to do joint work with veterans. Not all of them force this issue, but if you're coming in fresh, it should be mandatory. The failure rate in shops where this is mandatory is very low, compared to the industry as a whole.

[quote=Roger Thornhill]

[quote=SaySo] Roger, valuable insight. How
would you answer my question? At 25, which company provides a better
learning environment: MS, AGE or UBS?

Thanks in advance.[/quote]

In my opinion, it's not the firm, but the local branch, that will make the most difference in a young man or woman's career.

Does the branch foster a mentoring environment? Do they pair newbys up with senior brokers?

Do they encourage junior brokers to do joint field work with veterans?

Every company you can think of has branches that do these things. Every company you can think of also has branches where they don't do these things.

The only way to find out is to ask the local managers, and THEN ask the RRs that have been there 1, 2, 3 years.

You should ask the manager to allow you to interview a handful of these people, one on one, with nobody else present.

If I were you, I would want to work in a branch that REQUIRES the junior brokers to do joint work with veterans. Not all of them force this issue, but if you're coming in fresh, it should be mandatory. The failure rate in shops where this is mandatory is very low, compared to the industry as a whole.

[quote=SaySo]

Great advice Roger.

One company that does that and offered me a position is AXA Advisors, in NYC. They bought Equitable a couple of years ago are starting to brand themselves in the US.

The thing I didnt like about them is that you are only hired after you pass the licensing exams, which you complete on your own, without being an employee in their peyroll. It's a great opportunity for someone switching careers but I can't really stay 2-3 months without compensation.

AXA MANDATES joint work for the first 2 years, where you share commissions with the more senior broker working with you. But their payout rate seems generous; you get to keep 100% of commissions (which I don't understand how this works for them) or pay a senior broker 10-25% of that commission in joint work.

Also, they say you are a STATUTORY EMPLOYEE, so you can claim some business expenses in your taxes. (what are the downsides to this status???).

They also charge a desk and computer fee (approx. 110-150 a month for both).

They were very different from the other companies I interviewed (MS, UBS, AGE) and a little different from another (AEFA).

Any insights?

Thanks.
[/quote]

A statutory employee is different from a common law employee, which is what most people are.

Statutory allows them to match and withhold FICA/Medicare taxes, AND makes you eligible for their benefit plans, but otherwise, you're on your own. Generally speaking, this is an UPside to being in the career distribution channel.

The downside of that firm is you're generally going to be stuck with FYC limits of NY laws. They aren't as generous as the comp plans of companies not selling in NY state.

For newbys, charging fees for a desk, etc., is ridiculous, IMO. But, that's common with some companies (NML does it, which I find terrible).

When I started, I paid zero, and all the basics were provided (desk, office, phone, minimal admin support). With production, that increased for me to a full time assistant, and some other perqs.

In the old days, new agents in the career channel were given a validated draw/salary. Retention was much higher then, than it is now. Along came a wave of dime-a-dozen MBA types who had never sold anything, and the systems that had worked for generations were destroyed. This is why there's virtually no new blood coming in, and what does, isn't staying.

It's not because one can't make a fantastic living, it's because the knowledge and skills required aren't being taught, because those in the position to teach don't possess them. I blame Mecca.

[quote=SaySo]



Great advice Roger.



[/quote]



If you were 26 instead of 25 you would have laughed in the idiot’s face.  Ah the innocence of youth.

[quote=SaySo]


It’s a great opportunity for someone
switching careers but I can’t really stay 2-3 months without
compensation.



[/quote]



One wonders why the resident brain trust, Roger, doesn’t offer the
advice that embarking on a sales career without a nest egg capable of
holding the wolf at bay for at least six months is not a good idea.

[quote=Roger Thornhill]

Along came a wave of dime-a-dozen MBA types

[quote=Put Trader]

[quote=SaySo]


One wonders why the resident brain trust, Roger, doesn’t offer the
advice that embarking on a sales career without a nest egg capable of
holding the wolf at bay for at least six months is not a good idea.

[/quote]



Actually the CFP board suggest:



3 months (of normal needed capital)for a working married couple

6 months for a single person,

6 months for couple with only 1 part working.

3 months for a working couple with 1 partying working and other substantial income (Trust).

[quote=rightway]

[quote=Put Trader]

[quote=SaySo]


One wonders why the resident brain trust, Roger, doesn’t offer the
advice that embarking on a sales career without a nest egg capable of
holding the wolf at bay for at least six months is not a good idea.

[/quote]



Actually the CFP board suggest:



3 months (of normal needed capital)for a working married couple

6 months for a single person,

6 months for couple with only 1 part working.

3 months for a working couple with 1 partying working and other substantial income (Trust).



[/quote]



What if you add Alpha?

[quote=Put Trader]

[quote=rightway]

[quote=Put Trader]

[quote=SaySo]


One wonders why the resident brain trust, Roger, doesn’t offer the
advice that embarking on a sales career without a nest egg capable of
holding the wolf at bay for at least six months is not a good idea.

[/quote]



Actually the CFP board suggest:



3 months (of normal needed capital)for a working married couple

6 months for a single person,

6 months for couple with only 1 part working.

3 months for a working couple with 1 partying working and other substantial income (Trust).



[/quote]



What if you add Alpha?

[/quote]



I know better, but…



My alpha comment way back was not
regarding adding alpha to a clients portfolio as a rep.  You were
in the process of telling us how it is easy for you, and everyone else,
to go out and select mutual funds on a no fee/load basis (thus, no need
for the typical rep).  I gave you some very stats some use to
evaluate systematic and unsystematic risk, return, and manager
performance of mutual funds and investment managers.  Thus- I was
asking you to evaluate the relationship of Alpha, R Sq, etc…  A
task you failed. Thus I assume you select your investments like moest
others- the front of magazines, morningstar ratings, and 3,5,10 year
historical performance figures.



OK- have at it…

[quote=rightway]



OK- have at it…

[/quote]



That you did not pick up the tongue in cheek nature of my comment reveals you as somebody that is way too serious.



That you responded at all is proof positive that Put Rules.

[quote=Put Trader] One wonders why the resident brain trust, Roger, doesn't offer the advice that embarking on a sales career without a nest egg capable of holding the wolf at bay for at least six months is not a good idea. [/quote]

puttyndacrack is still exhibiting anal retention following having his ass spanked on a public forum, so he'll continue to make vain attempts to incite anger in his intellectual and financial superiors.

Unfortunately for him, this juvenile strategy fails.

[quote=Roger Thornhill]

[quote=Put Trader] One wonders why the
resident brain trust, Roger, doesn’t offer the advice that embarking on
a sales career without a nest egg capable of holding the wolf at bay
for at least six months is not a good idea. [/quote]

puttyndacrack is still exhibiting anal retention following having his ass spanked on a public forum, so he'll continue to make vain attempts to incite anger in his intellectual and financial superiors.

Unfortunately for him, this juvenile strategy fails.

[quote=Put Trader] Again your lack of cognitive abilities is revealed.  I am not attempting to "incite anger" I am simply pointing at you and laughing. [/quote]

The first symptom of a problem is denial. You should seek help. You have a mental disorder.

This is why everyone laughs at you. You're a wack job.

Put works at AMEX and they have the worst training program in the industry.  They basically stick you in a cube with a telephone.  He thinks that is OK.  We have three former AMEX reps here and they are thrilled with RJ.  Just go to AMEX.SUX you can see the TONS of AMEX reps who HATE their company.

There it is again–mind numbing immaturity coupled with world class

stupidity strutting around like being a stupid child was something to

be proud of.



How many people who read this forum do you think consider themselves to be your intellectual superior?



How many of them do you think believe that you’re little more than a goofball with too much time on your hands?

[quote=Put Trader]
How many people who read this forum do you think consider themselves to be your intellectual superior?[/quote]

I don't care. All I know for sure is that I'm much smarter than you are.

[quote=Put Trader] How many of them do you think believe that you're little more than a goofball with too much time on your hands?
[/quote]

That's funny, coming from you, Mr. I_Post_All_Day_Because_I'm_Unemployed.

It's Friday. Angi and I are dotting I's and crossing T's today, so I can head to the lake and stretch the legs of my Cobalt. It's been a good week. $2,951,000 in new business.

Enjoy your movie, puttyndacrack.

Roger, I hope you don't think I am flirting with you, but I find you irrestible!!!!! 

Thank you for the biggest laugh I have had on Put in the day.  The only thing is, he has noone to sleep with so he would never have to stick in on the wall. 

You go Roger!!!!!  Hope I end up like you.  Contratulations on a great week.

NAH NAH NAH Roger has something Putty wants. Just like on the playground huh put. Oh those suppressed childhood memories just keep pushing themselves forward.

[quote=maybeeeeeeee]

NAH

NAH NAH Roger has something Putty wants. Just like on the

playground huh put. Oh those suppressed childhood memories just

keep pushing themselves forward.

oooohhh that must have hit Put the Nit where it hurts.

Dream about it Put.

Maybeeee, why do you think I would want the passwords to the website? What use would I have for them?



Are you bright enough to grasp this.



Roger is posting things directly on that site, while claiming that he is actually a huge success as an insurance salesman.



Does it occur to you that perhaps he’s nothing more than the webmaster

for that site? Whose only knowledge of what goes on in a sales office

of any type of firm is what he reads on that and this message board?



If you wanted to put a video clip on the Raymond James website would you be able to do it without passwords?



Do you ever find yourself muttering, “Damn I have to stop embarassing myself?”

LOOK at this dork.  He posts a response four minutes after I posted.  He must have the screen up all day.  LOSER. 

It must be impossible for you to scurry around to all of the forums and make a feeble comback attempt.

Get a job.  You would be better at almost anything beside a job as a financial advisor.

AMEX.sux read all about Put and his miserable company.

[quote=Roger Thornhill]

[quote=SaySo]

Great advice Roger.

One
company that does that and offered me a position is AXA Advisors, in
NYC. They bought Equitable a couple of years ago are starting to brand
themselves in the US.

The thing I didnt like about them is that
you are only hired after you pass the licensing exams, which you
complete on your own, without being an employee in their peyroll. It’s
a great opportunity for someone switching careers but I can’t really
stay 2-3 months without compensation.

AXA MANDATES joint work
for the first 2 years, where you share commissions with the more senior
broker working with you. But their payout rate seems generous; you get
to keep 100% of commissions (which I don’t understand how this works
for them) or pay a senior broker 10-25% of that commission in joint
work.

Also, they say you are a STATUTORY EMPLOYEE, so you can
claim some business expenses in your taxes. (what are the downsides to
this status???).

They also charge a desk and computer fee (approx. 110-150 a month for both).

They were very different from the other companies I interviewed (MS, UBS, AGE) and a little different from another (AEFA).

Any insights?

Thanks.
[/quote]

A statutory employee is different from a common law employee, which is what most people are.

Statutory allows them to match and withhold FICA/Medicare taxes, AND makes you eligible for their benefit plans, but otherwise, you're on your own. Generally speaking, this is an UPside to being in the career distribution channel.

The downside of that firm is you're generally going to be stuck with FYC limits of NY laws. They aren't as generous as the comp plans of companies not selling in NY state.

For newbys, charging fees for a desk, etc., is ridiculous, IMO. But, that's common with some companies (NML does it, which I find terrible).

When I started, I paid zero, and all the basics were provided (desk, office, phone, minimal admin support). With production, that increased for me to a full time assistant, and some other perqs.

In the old days, new agents in the career channel were given a validated draw/salary. Retention was much higher then, than it is now. Along came a wave of dime-a-dozen MBA types who had never sold anything, and the systems that had worked for generations were destroyed. This is why there's virtually no new blood coming in, and what does, isn't staying.

It's not because one can't make a fantastic living, it's because the knowledge and skills required aren't being taught, because those in the position to teach don't possess them. I blame Mecca.

[quote=Put Trader]

[quote=SaySo]



Great advice Roger.



[/quote]



If you were 26 instead of 25 you would have laughed in the idiot’s face.  Ah the innocence of youth.

[quote=SaySo]


It’s a great opportunity for someone
switching careers but I can’t really stay 2-3 months without
compensation.



[/quote]



One wonders why the resident brain trust, Roger, doesn’t offer the
advice that embarking on a sales career without a nest egg capable of
holding the wolf at bay for at least six months is not a good idea.

[/quote]



Thanks for the words Put. I do have a nest egg that can last 6 months.
I also do work on weekends and bring enough to pay my rent. I just
can’t (more like don’t want to)  stay 3 months without earning
money.



Thanks for the words.

[quote=Put Trader]I want the passwords to the website like I want a dose of clap.[/quote]

It sounds like you speak from experience. You should stay away from those street walkers.

Put, guess what?  It is all not about you.

This is supposed to be about training.  Why don't you enlighten us about the training at your company??