Well, since I'm going to be fed leads that are already looking to buy annuities and are conservative in nature, I don't think I'll have any issues selling them what they want.  In fact I think there are some genuine benefits to CD type annuities (like using a 10 year fixed rate annuity with a 10% withdrawal provision and 'laddering' it out every year) vs bonds in addition to a few other beneifits offered by annuities in general.

Also I can say that I'd rather be selling annuities than cars, home electronics or furniture.  Getting more experience selling financial products will benefit me more than selling other products.  In addition it is my belief that I may be able to leverage the business to ease my entry back into financial advising.

There are many instances where I sold a client a CD when an equity portfolio would have been a much better option.  Some people know what they want and there's no changing them.  Why waste my time trying to sell them an orange when they are convinced they need an apple.  I certainly try every time to educate them about the benefits of the orange, but some people just don't care.

dude, you know that I'm a huge fan of insurance agencies.   I'd be willing to bet that you are going to fail.  I don't mean this as a put down of you.  Rather, you should never trust a place that is promising you leads.

You are becoming a product salesman which is no different than selling cars, vacuums, etc.

Find a quality insurance agency that will actually allow you to run the type of practice that you want.  The wirehouse guys are going to disagree, but a quality insurance agency is a much better place to do financial advising that a wirehouse.  You will be able to do financial advising and not have to just be an asset gatherer.   PM me if you want more info.

[quote=anonymous]

dude, you know that I'm a huge fan of insurance agencies.   I'd be willing to bet that you are going to fail.  I don't mean this as a put down of you.  Rather, you should never trust a place that is promising you leads.

You are becoming a product salesman which is no different than selling cars, vacuums, etc.

Find a quality insurance agency that will actually allow you to run the type of practice that you want.  The wirehouse guys are going to disagree, but a quality insurance agency is a much better place to do financial advising that a wirehouse.  You will be able to do financial advising and not have to just be an asset gatherer.   PM me if you want more info.

[/quote]

Q: Do you know the difference between a financial planner making $100,000 and a car salesman who makes $300,000?

A: $200,000

knucklehead



Q: How many car salesman are making 300K?



A: 0

[quote=bankrep1]knucklehead

Q: How many car salesman are making 300K?

A: 0

[/quote]

I know of at least one car salesman who makes $300K per year.  How do I know?  He's a client.  And I'm not making that up.

[quote=Soothsayer]

[quote=bankrep1]knucklehead

Q: How many car salesman are making 300K?

A: 0

[/quote]

I know of at least one car salesman who makes $300K per year.  How do I know?  He's a client.  And I'm not making that up.

[quote=bankrep1]knucklehead

Q: How many car salesman are making 300K?

A: 0

[/quote]

About as many as there are financial planners making $100,000.

[quote=joedabrkr] [quote=Soothsayer]

[quote=bankrep1]knucklehead

Q: How many car salesman are making 300K?

A: 0

[/quote]

I know of at least one car salesman who makes $300K per year.  How do I know?  He's a client.  And I'm not making that up.

[/quote]

that is SWEET!

What kind of cars does he sell? do tell!
[/quote]

I don't have the exact number but the car salesman makes a three or four hundred dollars for a new car sale.  In order to earn $300 grand he'd have to be selling about 800 cars per year or close to four per working day.  Not plausible--sort of like claiming you know a guy who got hit by lightening twice.  Could be, but not plausible.

Now, the guy who owns the dealership is another story--although most of them have HUGE debt service obligations.

Allow me to introduce another issue into this.

As we've discussed the CFP designation is going to require a college degree soon--and dude says he doesn't have the degree.

I expect that his NASD licenses will be transferred to his new employer, but if he plans to reenter the business again in a few years he had best complete a CFP before it's too late.

Otherwise the doors may all be closed when he tries to return.

Give that some thought dude, always be playing the game with two or three moves yet to be made in mind.

[quote=NASD Newbie]

Allow me to introduce another issue into this.

As we've discussed the CFP designation is going to require a college degree soon--and dude says he doesn't have the degree.

I expect that his NASD licenses will be transferred to his new employer, but if he plans to reenter the business again in a few years he had best complete a CFP before it's too late.

Otherwise the doors may all be closed when he tries to return.

Give that some thought dude, always be playing the game with two or three moves yet to be made in mind.

[/quote]

I wonder how I've become so successful without being a CFP?

I would also like to ask a very provocative question, of dude but of any of the rest of you who fit this profile.

What I'm wondering is if the lack of a degree may be causing doubt in your own skills at the subconcious level.

There is something called, "The Imposter Syndrome" which everybody suffers when they're brand new in a career.  A new doctor feels like he's nowhere capable of healing, a new lawyer figures there is no way he can win a case and so forth.

What happens in most careers is you get over it--you build confidence with each and every success, no matter how small.

I have the degrees and I felt it, what I don't know is if people without a degree feel it more than those with degrees.

If somebody is going to respond to this don't bluster and posture about how having a degree is meaningless, blah, blah, blah--that attitude in itself is a form of the lack of confidence that I am speaking of.

A moment ago I said that self confidence is built with each and every success, no matter how small.

In an asset gathering environment it's so much more difficult to get the relationship started because you cannot do what I did, get the guy to buy 100 shares of a 30 stock, open the account and start playing the asset gathering game from a completely different level.

Those of you who work for full service firms should talk to your managers along those lines--you are discouraged from doing tranaction based business, but you are not forbidden to do it.

From your boss's point of view what will happen--and it does--is you become focused on being a good stock broker, which means you keep him posted on what's going on in the markets and so forth.

When you do that you cannot also be gathering large assets--and we all know that that really is what  you should be doing.

The industry really does have a huge problem--competition from every corner, discount and internet brokers making transaction based business models nearly impossible, citizens being required to manage their own retirement plans with advice from (and I know you don't like to hear it, but it's true) a younger generation of men and women who don't have the proper educations and/or work ethics because of a laundry list of social issues.

[quote=knucklehead]

I wonder how I've become so successful without being a CFP? [/quote]

Well, in your case it's by being unethical and dishonest.

But for those who would rather go to the dentist than be anything like you having a CFP is going to become the minimum standard.

Back to the car thing most car salesmen make 50-70K, the average advisor according to forbes or money mag. makes 127K so what you said is a sign that A.) your failing and probably make about 24K a year and B.) that you know nothing about our business which suggests you have been in it less than 1 year.

[quote=NASD Newbie]

[quote=knucklehead]

I wonder how I've become so successful without being a CFP? [/quote]

Well, in your case it's by being unethical and dishonest.

But for those who would rather go to the dentist than be anything like you having a CFP is going to become the minimum standard.

[/quote]

Since you couldn't honestly and ethically make a living, the rest of us can't? I've found that people would rather make money than have a 32 page book that tells them how much money they should have in 30 years. I've NEVER lost a client to a CFP.

[quote=NASD Newbie]

I would also like to ask a very provocative question, of dude but of any of the rest of you who fit this profile.

What I'm wondering is if the lack of a degree may be causing doubt in your own skills at the subconcious level.

There is something called, "The Imposter Syndrome" which everybody suffers when they're brand new in a career.  A new doctor feels like he's nowhere capable of healing, a new lawyer figures there is no way he can win a case and so forth.

What happens in most careers is you get over it--you build confidence with each and every success, no matter how small.

I have the degrees and I felt it, what I don't know is if people without a degree feel it more than those with degrees.

If somebody is going to respond to this don't bluster and posture about how having a degree is meaningless, blah, blah, blah--that attitude in itself is a form of the lack of confidence that I am speaking of.

A moment ago I said that self confidence is built with each and every success, no matter how small.

In an asset gathering environment it's so much more difficult to get the relationship started because you cannot do what I did, get the guy to buy 100 shares of a 30 stock, open the account and start playing the asset gathering game from a completely different level.

Those of you who work for full service firms should talk to your managers along those lines--you are discouraged from doing tranaction based business, but you are not forbidden to do it.

From your boss's point of view what will happen--and it does--is you become focused on being a good stock broker, which means you keep him posted on what's going on in the markets and so forth.

When you do that you cannot also be gathering large assets--and we all know that that really is what  you should be doing.

The industry really does have a huge problem--competition from every corner, discount and internet brokers making transaction based business models nearly impossible, citizens being required to manage their own retirement plans with advice from (and I know you don't like to hear it, but it's true) a younger generation of men and women who don't have the proper educations and/or work ethics because of a laundry list of social issues.

[/quote]

oh please oldster no you are trying to psycho analyze the industry WHILE you instruct us in grammar and spelling...  (You mis-spelt subconcious and transaction  hahahahahahaha)

Just who the heck do you think you are?  You are nothing but a sanctimonious blowhard! go away and ejoy your retirement with your family ....... if they'll have you.

[quote=knucklehead][quote=NASD Newbie]

[quote=knucklehead]

I wonder how I've become so successful without being a CFP? [/quote]

Well, in your case it's by being unethical and dishonest.

But for those who would rather go to the dentist than be anything like you having a CFP is going to become the minimum standard.

[/quote]

Since you couldn't honestly and ethically make a living, the rest of us can't? I've found that people would rather make money than have a 32 page book that tells them how much money they should have in 30 years. I've NEVER lost a client to a CFP.

[/quote]

That is irrelevant, the CFP is going to become a minimum expectation, and if you don't have it you will be considered unqualified.

Which you are, always have been, and always will be.

[quote=NASD Newbie]I don’t have the exact number but the car salesman makes a three or four hundred dollars for a new car sale.  In order to earn $300 grand he’d have to be selling about 800 cars per year or close to four per working day.  Not plausible–sort of like claiming you know a guy who got hit by lightening twice.  Could be, but not plausible.

[/quote]

Not all car salesmen are at domestic car dealerships doing high volume, low profit deals around invoice prices.  I know several car salesman making that kind of scratch.  There's quite a bit more profit on a $100,000+ car sale (Porsche, Ferrari's, Bentley's, etc) than one on a $20,000 Caravan, and many of those guys selling $100k cars also have access to BMW's and Mercedes' to keep their volume each month inbetween the big ticket cars.

[quote=NASD Newbie][quote=knucklehead][quote=NASD Newbie]

[quote=knucklehead]

I wonder how I've become so successful without being a CFP? [/quote]

Well, in your case it's by being unethical and dishonest.

But for those who would rather go to the dentist than be anything like you having a CFP is going to become the minimum standard.

[/quote]

Since you couldn't honestly and ethically make a living, the rest of us can't? I've found that people would rather make money than have a 32 page book that tells them how much money they should have in 30 years. I've NEVER lost a client to a CFP.

[/quote]

That is irrelevant, the CFP is going to become a minimum expectation, and if you don't have it you will be considered unqualified.

Which you are, always have been, and always will be.

[/quote]

Expectation of what? Unqualified to do what?

Dude.

Good luck with your future endeavors. You have made productive contributions to this board by displaying a good understanding of the industry and responding in intelligent verse.

Feel free to drop by from time to time...

Knucklehead,



You will probably never lose a client to a CFP, it is that you wil never have the opportunity to sit with them in the first place becasue you don’t have it.



I have people comment on it all the time. That is one reason they chose to let me talk to them. I do not do 90 page plans for anybody.