Hi guys, reading this board for a while, posting for the first time. I need advise, I am new-new to the industry, I have my CSC+CPH (I assume it’s an equivalent of Series 7 in Canada) and was hired by one veteran broker as his coldcaller. I have read some topics here already and find them really helpful, especially “500 days war” by Judge, but if somebody can give me specifc advise for my situation, I would appreciate it. One difficulty is that the broker that hired me won’t look at accounts less than 200K. I like the industry and the firm, but I’m on my probation now and if I don’t start bringing assets by month 3, I’m out of here… Thanks for your input!
Jussi, I would suggest you write the LLQP (Insurance Exam) and talk to another independant firm. There are several firms who would be happy to take on an eager young broker/advisor/agent, but perhaps giving a slightly lower payout initially.The reason I say this is because I don't see why you would want to be drumming up business for another broker. If you want to be successful, Man up. Get the LLQP under your belt. Go to a solid independent shop. You can learn very quicky when you're thrown into the business. Back when I entered the business, I had just finished University and spent the following months obtaining the CSC, CPH, and LLQP.. Then I was fortunate enough to join an independant firm which had an older advisor who just sold his partnership in the firm. He stuck around for a while, assisting in the operations of the firm, and was able to dedicate some time to sit down and assist me with any prospects/clients I aquired in the first few months. The mutual fund dealer and insurance company will most likely put you under a 3 month "Training Period" where all transactions you make will be monitored by your branch manager. Start building a book now for YOURSELF, not another broker. The CSC and LLQP will give you enough education to begin working with the "small fish". When I started, mutual funds earned me a net of 3% and a Segregated Fund earned me 4%. Therefore, a $100k Seg Fund in an RRSP would net me $4000. Not a very difficult way to start a career. You have to start thinking like a professional. If you want to be stockbroker, financial planner, advisor, investment rep, whatever, BE ONE. If you want to be on the phone all day, earning business for someone else: Join a telemarketing company, they'll pay you 2x what a broker will anyway.
Thanks for your input Duke, I really appreciate it. And I agree with you that it probably is more wise to start working for myself now. But I also look at it as an opportunity to learn the hardest part of the business (prospecting for new clients imho is the only part that makes this business difficult) with a relative safety (I got salary though really basic plus comission). I can concentrate on that for now and see what it really means, and this guy is one of the best in the firm so I could learn something from him too. Plus I like the firm and would like to work for them in the future. My biggest concern for now is getting over my probation and start closing appointments, after I accomplish that I can plan further. But thanks again for your advise Duke!