Time for career change

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Jan 25, 2006 11:23 am

I am 4-5 years in and i constantly feel like i am running an uphill race.  I am strongly considering a career change.  Any REAL suggestions about an alternative to this career using some of the same skill sets, but not nec. in finance?

Jan 25, 2006 11:25 am

Tell us what you like and what you don't like about your current job...

Jan 25, 2006 11:27 am

I like the market aspect.  I like the marketing aspect. I like the sales aspect. 


I dislike the constant out flow of money, despite in flow.  I dislike the lack of predict. of income.

Jan 25, 2006 11:36 am

The mailman knows exactly how much his check will be every month.

Jan 25, 2006 11:40 am
frumhere:

I like the market aspect.  I like the marketing aspect. I like the sales aspect. 


I dislike the constant out flow of money, despite in flow.  I dislike the lack of predict. of income.



We're you considering management? Wouldn't that help?

Jan 25, 2006 11:41 am

er, uh, I mean "weren't"

Jan 25, 2006 11:46 am

There is a  position called private client advisor in banking. They are the point person on the larger relationships for trust, lending, investment, etc. Pretty sure it's a salary gig.


Good thing about this website is there's a lot of different people that have done a lot of different things.  Varied perspectives...

Jan 25, 2006 11:47 am

I am considereing the management route, but you never know how long that takes to develop.

Jan 25, 2006 11:48 am

Those factors you dislike will always be present, although as you become more establish the pressure subsides a bit(or maybe I've just gotten better at dealing with it).


The unpredictable income is something you just have to adjust your lifestyle to accomodate.  So often I've seen that folks this business don't follow their own advice.  They live beyond their means, spending every check.  This puts them in a very bad position when business slows up, and I've seen it cause advisers to make some very stupid recommendations to gin up some extra business.  Only way to avoid this problem is to live below your means, save and invest, and plan for the tough times as well as the good times.  Fee-based business helps a little to.

Jan 25, 2006 11:54 am

A saver I am.  Maybe I am just getting whimp'ish and I should just grin and bear it and not take everything so personal.  Like anything, you like it when you are doing well, and don't when you aren't.  My only thing is to walk away from something after putting time into it seems like a waste.

Jan 25, 2006 12:12 pm

After tiring of the roller-coaster myself of the last few years I decided to add mortgages to my business. This is a process that allows you to provide what people want most- money- instant gratification. They come to you- you don't always have to chase people. Don't get me wrong, you still have to prospect. I buy sub-prime leads and average about 8 applications per month from 20 hours of calling per MONTH.Out of those apps I close about 50% and net an average of $2500 per loan, or $10,000 per month. Sometimes more,ALOT more (one month I closed 11 deals and netted $41,000) sometimes less.


Granted I'm independent, so I don't have to worry about outside business activities ( I informed my b/d).


While the refi boom may be over, there's a huge market for debt  consolidation (The new bankruptcy laws and doubling of monthly payments).


Anyway, I love it.


Lakers rule!

Jan 25, 2006 12:49 pm

I am at a major wire.  I need permission to use the bathroom on another floor.

Jan 25, 2006 12:59 pm
frumhere:

I am at a major wire.  I need permission to use the bathroom on another floor.



Make sure you let them know if you're doing #1 or#2. 

Jan 25, 2006 1:11 pm
frumhere:

I am at a major wire.  I need permission to use the bathroom on another floor.



That is your problem.  Sickening.  You need to investigate a real company that let's you sell what is best for your clients in the WAY you want to sell.


Deal with rejection this way; SW2


Some will


Some won't


So what


Next


Jan 25, 2006 2:49 pm

Shoot, at my wire I use the bathroom on another floor all the time; of course, I didn't ask for permission or check to see if it was against policy...

Jan 25, 2006 2:53 pm

Hey Lakers, that is a great idea. I am at an independent b/d and that sound like it will work. What is the commission structure on mortgages.


Jan 25, 2006 3:14 pm
frumhere:

I am at a major wire.  I need permission to use the bathroom on another floor.


To be honest, it sounds like you love the actual job functions, but are chafing at control/political issues.  Before you abandon a career that you enjoy, and that can be very financially rewarding, you might consider a smaller regional or working as a junior partner for an independent, assuming you don't have the numbers and desire to go indy yourself.

Jan 25, 2006 3:15 pm

What about moving over to a bank?  Another idea is to focus on something like the guy mentioned regarding mortgages.  I know a guy who is huge in long term care.  It's probably 40% of his business and he is a large producer.  Over the years he has built up an amazing amount of trails from it.  Regarding mortgages you can also get paid at at least one wire house I know of for simply setting up lines of credit on client mortagages.  They dont even have to use it for you to get paid.   I know a another guy who is a fairly large producer who did just about nothing but mortgages and lines of credit last year.  


This job is tough but you are just about over the hump given the amount of time you have been in the business. 

Jan 25, 2006 3:18 pm

It just suck to move one step forward, two steps back all the time.

Jan 25, 2006 3:38 pm

I didn't realize how great life could be until I added mortgages- I had suffered several LTC and life case underwriting declines and lapses, had several large investment cases I was working on fall through, in the depths of despair when I noticed an ad in the paper for loan officers. I just pay a $495 per file fee, and the rest is mine ! I process my own loans now, so that is another $500 per file I keep.


I average a 1% origination fee,and typically get 1.5 to 2% of the rate, fha's can be as much as 4%! so on a $200,000 mortgage-


2000 orig fee, 500 processing, 4000 yield spread premium, that's 6500 gross fees, I net $6000, or a 76% payout. Many mortgage companies only pay their LO's 40%!


You also have access to clients financial info like investments ,Cd's, etc. I've made alot off this information, and get a ton of unsolicited referrals! previously I had to (and still)struggle to get referrals for investments.


You know, if you're doing what you're supposed to be doing anyway (calling for new clients, etc.), why not go indy? I was scared as hell at first (for about 4 days) Then you see a whole new world out there as an independent-Payouts starting at 80%, insurance at 100%- Freedom! Money! Leisure!


Rah Rah Rah!


Lakers