I was recently visiting my sister and her family, and found out that she is seriously considering jumping into The Industry.
She is in her mid-40's. She has worked in the new industry her whole adult life: started at entry level out of college and went up pretty high in that industry. Her husband is currently a high school teacher (used to own a number of restaurants that he sold so that he could "retire" and follow his passion of teaching). She was recently laid off from her job. Her husband has been offered a COO position at a RIA firm that would pay him a SUBSTANTIAL amount more.
So she has been talking with a number of firms about becoming a FA, and asked for my input. I'm thinking that since she will really have no need for a salary (because of the husbands new gig - if he accepts it), that she should focus on firms that have a wide product offering, and a lot of flexibility in how she grows her business.
Any firms she should definently check out?
Given the scenario you described, she should look for a firm with very low minumum production requirements so she can take her time building her client base. If this isn’t a must have job or income need, then she probably won’t have the urgency needed to really hit it hard initially.
I think she will have a high urgency (or a high chance of it) just off of her personal drive, but I think she is in a good position to build a business the way she would want it to start with, rather than jumping through production hurdles.Any specific names?
I would say she needs to be in 110% or not at all. Find the firm that will spend the most money on her.
She was laid off from a life long employer?I agree with Gad. All or nothing. That said, what's her background? If she doesn't have a sales background that's a big negative. As you know, this isn't the business to learn how to sell. Lacking that i would advise her to look elsewhere. And, by the way, just to pick that scab, we are salesmen/women.
[quote=BondGuy]She was laid off from a life long employer?I agree with Gad. All or nothing. That said, what's her background? If she doesn't have a sales background that's a big negative. As you know, this isn't the business to learn how to sell. Lacking that i would advise her to look elsewhere. And, by the way, just to pick that scab, we are salesmen/women.[/quote] No, not a life long employer - but I'm sure there is a rollover opportunity ripe for the picking there. She worked in the news television industry, so I'm sure there are "sales like" experiences in there - but not straight sales...I don't ever think she had to sell advertising at one point in her career. She's done sales on side 'projects' throughout her life, but never the bread and butter of her financial situation. But yeah, early on I blasted away any delusions of it not being a sales position. I try to repeat every 'walk in the snow' story from these boards.
So does no one have any firm names to suggest? Who is currently is paying the most? - and don’t say ROOGLE.
The firm that is paying the most is the one with the least support. Find the firm that’s willing to spend the most money on her. The more vested the firm is in her success the higher the chances of it working out.
[quote=mlgone] sorry for the stereotype
is she HOTT?
I ask this because working at ML, I could never understand why mutual fund wholesalers werent all HOTT women. I mean I locked my office for guys but would love a hottie out there and would invite them in anytime…don’t deny it boyz[/quote]
I agree…Not sure why they haven’t caught on, the pharmaceutical sales industry caught on quick.
We have one female wholesaler at my firm…and she is hot. Pulls in incredible numbers.
Keep in mind Wet_Blanket, the vast majority of people who get into this business and who do everything they can to succeed, fail. Highly intelligent hard working people fail after putting in months or years of long work weeks.It isn't anything you do lightly. It's like saying I want to dabble in becoming a lion tamer. Sorry, I don't know who would hire her. Best of luck to her.
I know she already has had a couple of offers - but I don’t know how hard she is truely pursuing this.
That’s great. She and her husband sound like people who will always end up successful.