Companies Scamming Newbies?

or Register to post new content in the forum

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Dec 8, 2009 10:41 am

XXX

Dec 8, 2009 10:43 am

xxx

Dec 8, 2009 10:52 am

Firms are not creditable, that's the advisor's job.


Think of where you would like to be five years down the road or so and pick one that will get you there.

Dec 8, 2009 10:55 am

Thanks Mr. DeBolt

Dec 8, 2009 11:17 am

W&R has a bad reputation.  I know nothing about First Investors Corp.  MassMutual is credible.  There is no reason why you can't earn more than you are currently earning in your first year.

Dec 9, 2009 11:47 am

There are some definite negatives with W&R, but I don't think they have a bad reputation. I think the same goes for First Investors. Their payouts are crap, they have mostly proprietary products and if you want to move your book, your clients will have to pay some ridiculous termination fees. They also won't pay you much (or anything) when you start out.

But, if you do your homework, it's all spelled out from the very beginning. They aren't dishonest...just lower-low-tier. Lots of college students opening up $2,000 roll-overs.

note: I've interviewed with both and actually liked the local W&R guy. Just didn't like the proprietary, mutual fund-only focus. FI was a few years back...I think they just churn recent college grads (just like my local NWM office).

Dec 10, 2009 1:30 am

what about that gunnell place?

Dec 10, 2009 8:53 am

gunnell?

Dec 13, 2009 5:58 pm

"lead" peddlers by default. There is no doubt you will begin to get calls that offer "leads" after being registered. These lists are allegedly of people 55 and older that want to talk to an adviser about moving their 401k into IRA's etc etc etc. I don't know why but a lot of people call a name and number a lead. It's not a lead it's a record. There are very reputable firms that sell lists BUT they are not claiming anything beyond it being a record.

 
Think about it...a guy has a list of hundreds of people that want to do business and he's going to sell it????? I think not.