How Do I Get Started

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Feb 11, 2006 9:18 pm

I am trying to get in to a bank to start my second career as an advisor.


All the banks tell me I need a Series 7 before I can get in with them and that they only hire Series reps.


Do I have to start at a brokerage firm first?


Anyone have any advice??

Feb 13, 2006 2:46 pm

No Replies?


I have a meeting with the local UBS branch


Anyone care to advise on what they are all about??

Feb 13, 2006 5:23 pm

I'll have pity on you.  It has been a long time since I was in the bank channel so this may be all different now.


Most banks will either hire or promote from within their own ranks if they have an "in house" program.  Usually taking a loan officer and elevating to a series 6 with an insurance license to be able to sell variable annuities and mutual funds.  If the bank program is an outsourced program such as Raymond James, then the broker dealer will not usually want to hire some one brand new and go to the expense of training and helping you get your series 7.  They will prefer that you already have your series 7 and some experience and maybe even a book of business you can bring in. 


I know nothing about UBS.  I do know that Edward Jones (cough cough ptooey) will hire people with no experience at all and train you.  There are many downsides to EDJ which you can read on this forum. The anti EDJ threads are numerous. On the other hand, it does get you a start and an opportunity to get a taste of what the business is all aboutn 


Good luck.  Maybe some one actually in the bank currently can give you better information.


Feb 13, 2006 7:40 pm

They do not promote people from platforms nowadays.  They want you series 7 licensed with at least 1 years experience try ML UBS or EDJ

Feb 13, 2006 7:49 pm

I should clarify.


I have a Series 65 and was in the Trust/RIA business for 18 years. I took a few years off and tried a totally different business venture. I still manage a few accounts (4.5 million aum).


The hold up with every company I talk with is the Series 7. They want you to have it, but you can get it unless they hire you. Catch 22


ML & EDJ are not on my list. I would not get back in the business before  I went with eiher of them.


Any advice?


Feb 13, 2006 9:18 pm

Ok pick any wirehouse or insurance company chances are if you have a pulse and aren't a moron they'll give you the opportunity to get the licenses you need be careful about training cost BS iut cost the company like $75 for you to take the series 7

Feb 14, 2006 1:41 pm

Well, sorry you have not gotten responses as you seem sincere.


The bank is where you go when you cannot survive in a brokerage house or where you go when you have no business plan.


If you think you have enough leads to bring in 4M in assets your first year and $50,000 revenue, you should go to RayJay.  That is where I am.  Great company, great training, no product pushing.


But, you have to bring in the business.  At the bank, you would be given more warm type of leads.


oh, you know this is a sales job, right?

Feb 14, 2006 1:42 pm

oh, Ray Jay will sponser you for your test and pay for everything for you.  They only take the best people, so go to the website and learn more.

Feb 14, 2006 7:55 pm

To Bank Rep:


I was asking for some advice in a sincere and polite manner. It seems that you are only here to vent some anger you have towards something or someone.  


By reading your posts on other threads it is clear that you are unhappy about something and have a chip the size of New Hampshire on your shoulder.


Why are you hanging around the Rookie and Trainee section if you are as good as you say you are?


If you don't have something constructive and positive to say regarding my posts, please keep your inane and worthless comments to yourself.


Feb 14, 2006 8:40 pm
TryingToGetIn:

I should clarify.


I have a Series 65 and was in the Trust/RIA business for 18 years. I took a few years off and tried a totally different business venture. I still manage a few accounts (4.5 million aum).


The hold up with every company I talk with is the Series 7. They want you to have it, but you can get it unless they hire you. Catch 22


ML & EDJ are not on my list. I would not get back in the business before  I went with eiher of them.


Any advice?




UBS is not any better than ML if you have an issue with 'the bull'.


Consider finding a local established indy office that will help you get started.  The higher payout will help you eat while you build your assets.

Feb 14, 2006 9:32 pm
maybeeeeeeee:

Well, sorry you have not gotten responses as you seem sincere.


The bank is where you go when you cannot survive in a brokerage house or where you go when you have no business plan.



Maybee are you serious.  I'll bet I can show you a few people that will change your mind.  It's called leverage.  Anyway you look at it building relationships are good.

Feb 14, 2006 9:35 pm
TryingToGetIn:

To Bank Rep:


I was asking for some advice in a sincere and polite manner. It seems that you are only here to vent some anger you have towards something or someone.  


By reading your posts on other threads it is clear that you are unhappy about something and have a chip the size of New Hampshire on your shoulder.


Why are you hanging around the Rookie and Trainee section if you are as good as you say you are?


If you don't have something constructive and positive to say regarding my posts, please keep your inane and worthless comments to yourself.




The only chip on my shoulder is Dirk, he's the EIA for everyone guy.  This is my sick way of mentoring the young, if you look I don't post much during the day because I am to busy! 


If you don't like what I write then don't read it.