Career switch

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Aug 27, 2009 1:03 am

I am thinking of returning to the financial services field. I am more
looking to an insurance company with financial planning. I know there
are pros and cons to wire vs insurance. I think it would be easier for
me to reach my natural market with an insurance open as oppose to an
investment open. My natural market being over 300 with the majority of
them being in the 75-120k income level. Since I am only 30 and the
major portion of my natural marker being under 32 yrs. of age,  I can't
seem to imagine gathering huge assets from them. Am I right at looking
at insurance companies, i.e. Prudential, NWM, AXA, MetLife? Which one
would be more open to having a nice balance practice of insurance and
investment?
I worked in the Financial Services industry for two years after college.  I worked for two companies, and I did not find success. I believe that fault ultimately lies with me.  I have attempted to correct the faults.  I know I am ready to return.

Aug 27, 2009 9:28 am

BioFreeze, back off.



He obviously knows all kinds of stuff. Like how to manipulate time with his keen intellect.

Aug 27, 2009 9:35 am
Moraen:

BioFreeze, back off.

He obviously knows all kinds of stuff. Like how to manipulate time with his keen intellect.

 

 
To steal from Mr. T...I pity the fool that posts here without having their s*** together.
Aug 27, 2009 9:47 am

 If you want specifics I was 22 3/4 when hired.  Was in the business for a year and a half and left  when I was 24, hence the six years.  Also had a short stint with Bank One. But I didn't want to mention that  A bank simply wasn't for me.

Listen I am not trying to bash any particular company, I just gave my experience through two companies. I had other short falls. A small qualified natural market, at the time most of were still in college or recent grads. I hadn't yet developed a natural market that I have now.
Any insight on Prudential? How is their training on products/sales technique/marketing? A comany that won't push VUL as the cure all?
Aug 27, 2009 11:00 am

So let me get this straight, you failed at AXA, and some other company I never heard of, then you failed at a bank(is that even possible, Ron?), But you think you want to get back into the industry after 6 years?



Stay where you are don't jeopardize your future

Aug 27, 2009 11:09 am

Isn't AEFA "American Express Financial Advisors"?



Btw chief - you are missing the point. This guy is already talking about "landing" people and being smarter than people who have been in the business longer. He could be our replacement Wind!



"No joke!"

Aug 27, 2009 11:26 am

Morean, hold on. I never insinuated that I was smarter than anyone in the business. I've re-read my original post and nowhere does it state that I am smarter. In fact it becuase I did value some of your opinions, that I came here for advise. Instead I some people are too arrogant to help a prospective advisor out.  I did state that a 22 yr old with 6 months experience is not fit to be a manager(what I had at AXA), but that is not telling you I am smarted than any of you.

As far as failing, yes I am a man can see my own faults and I can say that yes I failed at AEFA, but not AXA nor the bank.  At least AXA I hit the 403(b) goals,  but I did little else in actual financial planning. And at the bank I hit the checking acct, saving acct, and HEL's, HELOC and at times investment goals. And everybody knows how bad a of  hair-cut they get at banks, But at the branch I was at I spent more time trying to satisfy customers whose accts kept over drafing becaue they couldn't balance a check book. I just wasn't my cup of tea. Nothing more, nothing less.
I have had great success in my not-for profit career, helping the less fortunate. It was spiritually rewarding, but now it is time for me to be financially rewarded while helping others. 
And yes chief I do believe that if you fail once and realize the mistakes, learn from the mistakes, you can come back more prepared and successful. Just think if everybody that failed, would never get back up again.
Aug 27, 2009 11:38 am

Sorry Morean.. I hated windy, i had to scroll through all those posts just to find something useful..

Tenacious...first of all if you are looking for ADVICE, I would agree with you that people who don't succeed at first should try again, but you failed 3x.(ok the bank position looks like more of a personal banker, but still by your own admission "at times investment goals"). Also you talk about bank haircuts like it matters to someone like you who couldn't hit the goals anyway. I hate to be blunt, but everyone and their mother has decided the last time they tried to be an advisor and they didn't make it was for some reason beyond their control..

Aug 27, 2009 11:40 am
chief123:

Sorry Morean.. I hated windy, i had to scroll through all those posts just to find something useful..

Tenacious...first of all if you are looking for ADVICE, I would agree with you that people who don't succeed at first should try again, but you failed 3x.(ok the bank position looks like more of a personal banker, but still by your own admission "at times investment goals"). Also you talk about bank haircuts like it matters to someone like you who couldn't hit the goals anyway. I hate to be blunt, but everyone and their mother has decided the last time they tried to be an advisor and they didn't make it was for some reason beyond their control..





Fair enough. Most people hated Windy.

Aug 27, 2009 11:46 am
tenacious:

Morean, hold on. I never insinuated that I was smarter than anyone in the business. I've re-read my original post and nowhere does it state that I am smarter. In fact it becuase I did value some of your opinions, that I came here for advise. Instead I some people are too arrogant to help a prospective advisor out. I did state that a 22 yr old with 6 months experience is not fit to be a manager(what I had at AXA), but that is not telling you I am smarted than any of you.

As far as failing, yes I am a man can see my own faults and I can say that yes I failed at AEFA, but not AXA nor the bank. At least AXA I hit the 403(b) goals, but I did little else in actual financial planning. And at the bank I hit the checking acct, saving acct, and HEL's, HELOC and at times investment goals. And everybody knows how bad a of hair-cut they get at banks, But at the branch I was at I spent more time trying to satisfy customers whose accts kept over drafing becaue they couldn't balance a check book. I just wasn't my cup of tea. Nothing more, nothing less.

I have had great success in my not-for profit career, helping the less fortunate. It was spiritually rewarding, but now it is time for me to be financially rewarded while helping others.

And yes chief I do believe that if you fail once and realize the mistakes, learn from the mistakes, you can come back more prepared and successful. Just think if everybody that failed, would never get back up again.





Ok.



I think we learn more from our failures than our successes.   But I think what you should have learned is that this is not the business you should be in. There are many other financially rewarding careers.



I have to echo what chief said. I realized 10 months into my career at Jones I didn't like it there and would need to leave. And toughed it out for two more years to get where I wanted to be. That is tenacity.



Aug 27, 2009 12:01 pm

I think you should have learned that posting on this forum for advice is a big mistake because it is filled with a bunch of self righteous A-Holes that are more worried about a silly typo than helping out an Advisor who is humbly asking for assistance!  I don't really have any good advice for you in your particular situation but wish you the best of luck with whatever you choose. 

Aug 27, 2009 12:28 pm

Moraen, maybe I should have sold more VUL's and toughed it out. Just kidding.  I have learned from my mistakes. You can say that I failed three times, blah, blah, but I believe that it just wasn't the right time for me, because I wasn't tenacious enough, small natural market, I didn't do enough to see more people , etc. All of things that I know can and have been corrected with more experince in the real world. In the end I will apply to companies and have them decide if they want me. 

Aug 27, 2009 3:19 pm

The mutual  insurance companies Mass Mutual New York Life Guardian NWM have great products, and great training and you will be able to do the right thing you dont have to sell VUL etc. However they will want you to focus on selling insurance products not investments after all they are an insurance company not investment company so the training on investments are minimal to say the least, So if your main focus is to sell insurance and some investments on the side these companies would be a right fit for you, I hope this helps, all the best

Aug 27, 2009 4:03 pm
tenacious:

Moraen, maybe I should have sold more VUL's and toughed it out. Just kidding.  I have learned from my mistakes. You can say that I failed three times, blah, blah, but I believe that it just wasn't the right time for me, because I wasn't tenacious enough, small natural market, I didn't do enough to see more people , etc. All of things that I know can and have been corrected with more experince in the real world. In the end I will apply to companies and have them decide if they want me. 


Jesus, every ex-Ameriprise/AEFA advisor that trolls these forums talks about how they were "forced" or "pressured into" selling VUL's.  Yes, Ameriprise makes money if you sell VUL's but you're not gonna get fired if you don't.  You may have managers that always bring it up as an option if you ask them for case analysis, but you don't have to ask them for help w/case analysis.  Why were your managers getting into your clients business anyways?  I never had my FVP come and ask to look through a clients folder to see if I made my obligatory VUL recommendation, they just assumed if I was closing GDC and not being an issue compliance-wise then they left me alone. 
Aug 27, 2009 9:09 pm

This is a marvelous business to be in.  Where else can you invest nothing but your time and get so much in return (personally, professionally, and financially).  As a 15 year veteran, my best advise would be to make sure you always place your clients interest first and you will be hansomely rewarded.

 
I do think it is a mistake to look at you previous programs as the reason for not succeeding though.  The #1 reason I have seen people fail is that treat the business as a part time job.  If you are not working 60-70 hours a week for the first 3 years, you will not make it.
 
Age is not a reason to accept failure either.  I was 22 when I started in the business, although I looked 18).  Eventually your youth will couple with experience and be a huge asset to you.  Today at 37, I have the knowledge high net worth clients are looking for, and I can honestly tell a 70 year old small business owner that I will  be available to guide him/her for the remainder of their lives.  I will also be there to help the next generation transition when they are gone.
 
High net worth clients can smell crap quickly.  Good for you in recognizing flaws in your previous positions. 
 
 
Aug 27, 2009 10:29 pm

Thanks, Happy, Ambitious and other positive posters.  And to chief and moraen, believe it or not, I believe that is exactly how I suspect some people are going to react. Your comments will prepare to better respond to the past. 
As for 3rdyr, you are right I brought a big client and no VUL, GDC quota was covered. Hell, GDC quota was covered for a while. You know what I mean. But it doesn't last long and it drops before you know it. Which explains why we offered a single guy a VUL. In a way, my manager was trying to save me. I honestly decided to not be a part of that. But if I  had developed a bigger natural market/Center of Influence/community associations, worked the phones on Friday/Saturday evenings, pounded the pavement, etc. Perhaps it would have never gotten to that point. But that is the past, I have no regrets because it has led to this point in life. But I have worked hard to build a network, not because I knew I would return to business, but rather to quote Harvey Mackey, "who would you call at 2 a.m and ask for 20K?" I have a RE agent who I have been sending business for the past 3 yrs. Every person I have referred, he has closed. Same can be said about P&C insurance agent, mortgage broker, etc. I have worked to help my community, alumni-both HS and college. I now have real world experience, I now know what it means to have a mortgage, private school, car notes, and be able to relate to the person across the table.
I'll admit that age and a small natural market did not stop others be successful, but it was a major setback for me. Just like a person with a huge natural market and experience is not guaranteed success. I am not the same person as when I was 22-24, so it is not fair to say that is not for me.

Aug 28, 2009 7:54 am
tenacious:

Thanks, Happy, Ambitious and other positive posters. And to chief and moraen, believe it or not, I believe that is exactly how I suspect some people are going to react. Your comments will prepare to better respond to the past. As for 3rdyr, you are right I brought a big client and no VUL, GDC quota was covered. Hell, GDC quota was covered for a while. You know what I mean. But it doesn't last long and it drops before you know it. Which explains why we offered a single guy a VUL. In a way, my manager was trying to save me. I honestly decided to not be a part of that. But if I had developed a bigger natural market/Center of Influence/community associations, worked the phones on Friday/Saturday evenings, pounded the pavement, etc. Perhaps it would have never gotten to that point. But that is the past, I have no regrets because it has led to this point in life. But I have worked hard to build a network, not because I knew I would return to business, but rather to quote Harvey Mackey, "who would you call at 2 a.m and ask for 20K?" I have a RE agent who I have been sending business for the past 3 yrs. Every person I have referred, he has closed. Same can be said about P&C insurance agent, mortgage broker, etc. I have worked to help my community, alumni-both HS and college. I now have real world experience, I now know what it means to have a mortgage, private school, car notes, and be able to relate to the person across the table. I'll admit that age and a small natural market did not stop others be successful, but it was a major setback for me. Just like a person with a huge natural market and experience is not guaranteed success. I am not the same person as when I was 22-24, so it is not fair to say that is not for me.





Ok. I wish you the best of luck. Good, hard-working people have failed at this business. Personally, I don't think working for a non-profit is a whole lot of "real" world experience (I sit on a couple of boards).



But like I said, good luck.

Aug 28, 2009 8:11 am
tenacious:

As for 3rdyr, you are right I brought a big client and no VUL, GDC quota was covered. Hell, GDC quota was covered for a while. You know what I mean. But it doesn't last long and it drops before you know it. Which explains why we offered a single guy a VUL. In a way, my manager was trying to save me. I honestly decided to not be a part of that.

 
Ok, I know what you're talking about there.  You made the right decision though.  Once the manager feels like they're in a position where they need to save you then its a slippery slope.  Better to cut your losses than put yourself in a position to be a compliance liability in a few years.
Aug 28, 2009 9:28 am
Moron:


Ok. I wish you the best of luck. Good, hard-working people have failed at this business. Personally, I don't think working for a non-profit is a whole lot of "real" world experience (I sit on a couple of boards).

But like I said, good luck.

 
Human ingorance never ceases to amaze me. Is it your ignorance that makes you arrogant or your arrogance that makes you ignorant? To sit on boards does not mean you know what it is like to work in the trenches of a non-profit. You sit all high andmighty and have no respect for the ones that actually do thwe work. Do those organizations a favor and quit being on the board. They need someone who actually cares about what they are doing and not some up-tight-ignorant-clueless-a-hole.  I bet that you do it just to kiss some higher ups ass, "look at me I volunteer, I'm a good person, blah, blah" Trust me, when I say you are worhtless to them.
And real world encompasses much more than work, such now kowing what it is to have real responsibility such as mortgage, day care, private school, save for retirement, etc, etc. Like I said before, age and lack of experience played a factor before in my success. I understand that others were able to overcome that, good for them. But I am one of those that needed the experience. I am no different that another 30 yr old that has decided to change careers.
Aug 28, 2009 9:35 am

Boy, don't presume to lecture me about work. Or real-life experiences. Don't talk about "trenches", when you know nothing about sleeping in a hole, pissing into the wind, or dealing with the stresses of life.



You know nothing. You call me ignorant? Your ignorance of this industry and pitfalls that accompany it are pathetic and weak. Yet, that lack of knowledge is a pittance upon what experience you DON'T have.



Higher ups? I have no higher ups. I serve and volunteer for my pleasure alone.



Don't think for a second you know the first thing about me. Your "tenacity" is a fiction and conceit that you will continue to live with.



I wished you the best of luck after your explanations and you think to insult me?



Go f**k yourself.