Getting into the Business

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Sep 14, 2008 11:15 pm

After about a year of thinking about getting into the industry I have to decided to make a career change from the mortgage industry to the financial service industry as an advisor. I am hoping for some advice from some experienced advisors.

I'm 23 years old, have been in mortgage/sales for over 5 years now. I have been very successful in the business especially for my age. Over the last year I have been very frustrated with the business as I am having to put in twice the work to make half the money I was before. I have always wanted to explore becoming a financial advisor and am convinced now is the time to make the change.

I have applied online with Edward Jones, Smith Barney, Merrill Lynch, and Morgan Stanley. I am in the phone interview stage with Jones but have not heard from anyone else. I am liking what I have heard from Jones, but would like to take a look at all opportunities before committing myself.

I have no college degree but do have 5 years of successful sales experience. I am very ambitious and know that being young in an industry where people have to trust you with their financial future, but am up for the challenge.

Does anyone have any tips on getting in the door with some of the larger companies such as Smith Barney, Merrill Lynch, and Morgan Stanley?

Thanks in advance

Sep 14, 2008 11:32 pm
draft2007:

After about a year of thinking about getting into the industry I have to decided to make a career change from the mortgage industry to the financial service industry as an advisor.  I am hoping for some advice from some experienced advisors.


I'm 23 years old, have been in mortgage/sales for over 5 years now.  I have been very successful in the business especially for my age.  Over the last year I have been very frustrated with the business as I am having to put in twice the work to make half the money I was before.  I have always wanted to explore becoming a financial advisor and am convinced now is the time to make the change.


I have applied online with Edward Jones, Smith Barney, Merrill Lynch, and Morgan Stanley.  I am in the phone interview stage with Jones but have not heard from anyone else.  I am liking what I have heard from Jones, but would like to take a look at all opportunities before committing myself.  


I have no college degree but do have 5 years of successful sales experience.  I am very ambitious and know that being young in an industry where people have to trust you with their financial future, but am up for the challenge.


Does anyone have any tips on getting in the door with some of the larger companies such as Smith Barney, Merrill Lynch, and Morgan Stanley?


Thanks in advance

 
Have you turned on the TV tonight? 
Sep 14, 2008 11:58 pm
iceco1d:

Yep, I have advice for you...

 
If you do make the switch to become an FA, and a prospect/client asks you what industry you used to work in....lie.  
 
 
Sep 15, 2008 11:12 am

Yep, I have advice for you...

 
If you do make the switch to become an FA, and a prospect/client asks you what industry you used to work in....lie.  
 
Yeah I have decided that if asked I will reply that I came from the "Real Estate" industry without getting into specifics.
 
I am a little uncomfortable just submitting an application online and waiting.  Although I do not have a college degree I am convinced that once I can actually sit in front of someone at these firms I can get hired.  Should I ask for a hiring manager when I call or what suggestions do you have for at least getting an interview?
Sep 15, 2008 11:37 am

If you're really wanting to get more interviews, dress up and bring a bunch of resume's with you, go to all the local offices, go in and just say you have something to drop off to the manager (get his/her name before you go), when you're face to face with the manager give him/her your resume and a 30 second pitch on why you're so interested in working at their firm, then ask for a more formal interview when he/she has more time.

Sep 15, 2008 4:48 pm

I don't get it. you didn't want to work twice as hard for half the money so opted to get into this market?

 
Seriously:
 
a)Did I miss something here?
b)Someone shoot me in the face
c)All of the above.
Sep 15, 2008 5:11 pm

One thing about the mortgage biz, you'll close the deal if you craft the best rate/ term package for the prospect. Instant gratification for them. In the investment biz, deals are built primarily around trust and relationships- the sales cycle can be painfully long, especially in markets like these.

 
On the other hand, more investors are willing to listen to new ideas in a down market, so it's a good time to enter in that regard. I agree with Ice- just walk in and go for the interview- your sales experience is a big plus.
 
As an advisor that also originates mortgages, I know your dilemma.
 
Stok
Sep 15, 2008 6:55 pm

With no college degree it will be very tough to get into Smith Barney, Merrill Lynch, and Morgan Stanley.

Nothing wrong with Edward Jones.Whenever I see those top 30 under 30 list, they are usually filled with Edward Jones reps
Sep 18, 2008 3:13 pm

Hey There, I may be of assistance to you.  I'm actually a newer Jones FA, and am a little yonger than you.  I too, skipped college.  Jones has been an incredible experience thus far.  I've been with the firm over six months now and acheived my can-sell date in July.  So far so good.  I'll tell you this much about any industry worries you may have.  Jones is a limited partnership,  not a publically owned firm.  No share holders.  Also, Jones is a very conservative firm.  None of our capital is invested in Mortgage backed securities.  Even in tough times like these, Jones is doing very well.  We're adding hundreds of new brokers all of the time, we're not participating in any layoffs, or pay cuts, and as usual, we're maintaining our conservative outlook toward investing.  It's never a bad time to start a great career.  It's a lot of work, but like anything else, if it were easy, everyone would do it.

 
Hope that helps.
Sep 18, 2008 3:18 pm

OH YEAH,

also wanted to mention:
I saw in one of your replys that you referred to the other firms as "bigger firms."  I may have misunderstood, but just an fyi
Jones is  #1 in number of Offices
               #3 in number of Employees
         and#1 place to work by forbes magazine 3 yrs in a row, 4th this year.                                       
Sep 18, 2008 4:30 pm

You've had too much kool-aid at the last regional meeting you were at BT.


You sound like a walking advertisement for Jones!!!
Sep 18, 2008 5:04 pm
btbarnes:

OH YEAH,

also wanted to mention:
I saw in one of your replys that you referred to the other firms as "bigger firms."  I may have misunderstood, but just an fyi
Jones is  #1 in number of Offices
               #3 in number of Employees
         and#1 place to work by forbes magazine 3 yrs in a row, 4th this year.
 
You forgot to mention the JD Power customer satisfaction survey from this year.
Sep 23, 2008 8:29 pm
iceco1d:

Walk right into the branch and ask for an interview.

 
....just like in the movie 'The Pursuit of Happyness.'
 
                                       --walking in to a place you are interested in working has always worked for me and I have always done my homework on the company so I know what to say in terms of how I can benefit them and then schedule an appointment on the spot...
Sep 24, 2008 10:19 am

Thats how i got a job at ML. I walked in and asked for a job. I would never been hired through the website.

 
 
They even paid for me to finish my education after working for 6 months.