I am about to finish up school and am looking to get into the industry. I have an interview scheduled with First Investors Corporation but I can't find too much information on them. I have read a few posts on them here on these boards but I can't find anything more than a few comments to avoid them or calling them a joke. I'm curious to see what some of these reasons are and if anybody has a little more in depth knowledge and detail as to why or if anybody has any positives about the firm. thanks!
Check with www.NASD.com . They allow you to order reports on any B/D and/or broker that has had regulatory problems.
They don't have their advisors get the series 7, just the series
6. They claim to only do long-term investing and that is why they
don't trade individual stocks. However, if you go on their
website it has a spiel on how well large cap stocks have done in since
their company was founded 70 years ago. This almost seems to
contradict their approach to investing. They came to my school's
career fair and I asked the guy whether or not they sponser new
advisors for the license tests. He said no, I'm thinking he meant
they just don't pay for you to take the tests and become licensed.
That is correct. They require you to put close to $2000 to pay for your licenses and books. You'll have two weeks to pass your 7 (not 6), 2 weeks for the 66 and one week for the insurance. If you mess up, they keep the money and tell you to **** off....just something any great company that works hard to keep you around would do.
and yes, they are more involved with the pyramid scheme of making money off of rookies than they are on worrying about what is best for client's needs. I know someone there right now who is in their top 3 best producing "advisers" and she is only bringing home $50,000.
on top of that, they have the worst back office that I am aware of. I cannot tell you how many ACATS get lost because they "sent the money to you, it should have been there weeks ago". ARGH!
I understand you are desperate fr a job but if you look hard enough, avoid the pressure coming from the wife/gf (if you have one) and just fight it out and keep looking, something infinitely better will come your way.
First Investors is a hack shop.
If you're going to be handling other peoples money you need to work for a reputable firm (whether independent or wirehouse) where the training will help you actually do the right thing....instead of just selling them something.
I don't have the time to give you all the reasons, but enough has been said already.
You'll thank us......