Ok, so i've been reading over these forums for a few days now and have a few questions. Im a recent college grad with about 6 mos experience in banking and i've decided to be an FA. I have already interviewed with AMEX, EDJ, and Mass Mutual.. All have pretty much offered me positions. Ive seen all the posts about EDJ here, and there is a site dedicated to bashing AMEX also. Is there a lesser evil? Should I stay in banking and make 45k a year for 4 years then turn to a bigger company like UBS, etc.. or should I go with one of these firms and after 4 years take my book and move elsewhere??
If you enjoy building wealth for someone else become an employee of Jones. If you dont use email go to work for Jones. If you like a 1970 sattelite system go to Jones. If you want to be limited to 6 or 7 mutual fund families and subject yourself to the "bond aggregate rule" and the worst equity research on the planet then come to Jones.
Good luck MoMo
If MassMutual has a strong local branch, you should at least take a serious look at them.
In my hometown, I happen to know a lot of guys at both MassMutual and UBS. I don't know any at EDJ or Amex. The MassMutual guys are making a lot more coin than the UBS guys. I'm not sure what you mean by "bigger" company. I seem to recall that MassMutual was a Fortune 100 company.
P.S. Regardless of how you feel about the insurance side of the business, you must learn it. This is the only way that you can do an adequate job for the client.
I would say that out of the three, Jones is the lesser of the evils. After the three year training period is up, move to UBS, ML, etc.
Remote… Since you are too good for a simple question and you feel that a cocky response is appropriate, you should know the meaning of three. You see, when I asked my question, three companies came up, hence “both” would not work out to be a proper response. I recommend you go back to grammar school and you will find out that “both” cannot be applied to three items.
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Everyone else, thank you for your response!
I've heard good things about Mass Mutual. EDJ is a great place to start. Build your book, go on a couple of trips and then jump ship. I would highly discourage you from AMEX.
I work for MassMutual and I enjoy it here. I like that I am not captive and I
can focus my business on either insurance and/or investments if I would
like. You can also do fee based planning if you like.
They own Oppenheimer Funds and is a fortune 100 company.
Of course it all depends on the local agency...
If your goal is to make as much coin as humanly possible, then stay where your at, then go Indy. Why fight a regional or wirehouse over your book. Figure out how to start your career as a FA and go after it. (After all 90% minus expenses is always more profitable than 40% to 35% anywhere else.)
If your going "use" a wirehouse or a regional firm as a launching point what does that say about you as a person. If you choose a firm now it should be because you believe you can build a career there.
I'm at EDJ drinking the Kool-aid not because I think I can launch a successful indy career from there. But, because I believe in the principles that EDJ stands on. And yes I know the GP's make an ungodly amount of money from the production of the IR's. And yes I know that I have a .001% chance of making GP. (sorry for the diatribe, but it's necessary to counter the anti-Jones nation.)
I guess my advice is to figure out where you want to be at the end of your career, then to go after the most honest path to get there.