How Many Frou Outside Finance?

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Apr 10, 2006 5:02 pm

First Post.


I have been encouraged to pursue a career as a FA after a gratifying, but physically and mentally demanding career as a paramedic and a police officer.  My supporters are in the numerous (one a senior vp for wealth management at a large bank) and all say that I have the personality to make sales in a FA environment. 


I've got previous inside sales experience in addition to my intepersonal, networking, multitasking and communication experience.  I almost died on the job a year ago and an inside, regular, high energy and stress job now sounds much more appealing to the former (not to mention a potential for much greater salary potential).   


I just picked up a copy of STC's series 7 materials, haven't opened it yet (my plan is to make myself more marketable to potential firms) and be familiar with the S7 exam by my date of hire. 


My question (FINALLY) is how many of you out there came to the FA trade from outside the financial/business world?  I'll post followup questions after hearing from you all.  I'm pretty much buletproof, flames dont bother me, but I'd love to hear from anyone who can point me in the right direction. 


For the record, Raymond James and Edward Jones are both recruiting for FA positions in my area (my EVP of WM friend strongly reccommends RJ).  I have a BA in History and Political Science. 


FIRE AWAY.


WINDKNOT OUT

Apr 10, 2006 5:05 pm

Geeze.....I should have mentioned that I work nights and my typing fingers aren't quite warmed up yet.  Sorry for the typos.  My account wont allow me to edit my errors. 


Mea Culpa, Mea Culpa

Apr 10, 2006 5:10 pm

I mean, the question is there Windknot, but I am failing to understand what you're asking.


If you're asking if someone from outside the field can come in with no experience and become successful than the answer is a resounding yes. I have recruited a large number of advisors who have been doing this as a second career and have never looked back. It is not unusual for anyone with a degree to pursue a career in something that is totally unrelated.


Now as far as where to start, do yourself a favor and interview with anybody you can get in front of. A lot of people here pee on the Edward Jones name but I would pay no attention to it. Just interview with these people, use your gut feeling to tell you what sounds like a better enviroment that fits YOU, maybe come back here and ask more detailed questions and come then to your own conclusion as to what's best for Whitknot.


This is a sales job in the end. If a kid out of college can go to circuit city or cingular and make a killing on sales, then so can you.


Goodluck sir!

Apr 10, 2006 5:12 pm

Also to add,


What you want to look for is a place where someone can show you the ropes. Edward Jones has a fantastic training platform. But if you can get into somewhere that'll partner you up with somebody then you might want to consider that as well. Just don't expect to go at it alone from the get-go. Maybe

Apr 10, 2006 5:24 pm

anabuhabkuss,


Ohhhh nooooo....I'm not looking to go-it-alone, I'm excited about working in a mentorship environment - i'm going to be in this for the long haul. 


Any suggestions about getting in the door?  Last time I wanted a job, I made a couple of calls, found out who to talk to and then knocked on a door. 


Now, everything has gone high-tech electronic:  CV's and cover letters, job postings and career portals.  Does anyone actually read those things or am I better just calling and knocking and letting my pretty mug do the rest? (I'm not really pretty....I get by on my rapier wit and not my stunning good looks).


Thanks for the reply!!! 


Wind

Apr 10, 2006 10:36 pm
anabuhabkuss:

I mean, the question is there Windknot, but I am failing to understand what you're asking.


If you're asking if someone from outside the field can come in with no experience and become successful than the answer is a resounding yes. I have recruited a large number of advisors who have been doing this as a second career and have never looked back. It is not unusual for anyone with a degree to pursue a career in something that is totally unrelated.


Now as far as where to start, do yourself a favor and interview with anybody you can get in front of. A lot of people here pee on the Edward Jones name but I would pay no attention to it. Just interview with these people, use your gut feeling to tell you what sounds like a better enviroment that fits YOU, maybe come back here and ask more detailed questions and come then to your own conclusion as to what's best for Whitknot.


This is a sales job in the end. If a kid out of college can go to circuit city or cingular and make a killing on sales, then so can you.


Goodluck sir!



Here you say you have recruited a large number of reps that are working at this as a second career, but on another thread you are talking about your frustration at failing the 7.

Does that mean you're in HR, or are you series  66 and work at Primerica or World Financial Group?

Apr 10, 2006 10:38 pm
anabuhabkuss:

I mean, the question is there Windknot, but I am failing to understand what you're asking.


If you're asking if someone from outside the field can come in with no experience and become successful than the answer is a resounding yes. I have recruited a large number of advisors who have been doing this as a second career and have never looked back. It is not unusual for anyone with a degree to pursue a career in something that is totally unrelated.


Now as far as where to start, do yourself a favor and interview with anybody you can get in front of. A lot of people here pee on the Edward Jones name but I would pay no attention to it. Just interview with these people, use your gut feeling to tell you what sounds like a better enviroment that fits YOU, maybe come back here and ask more detailed questions and come then to your own conclusion as to what's best for Whitknot.


This is a sales job in the end. If a kid out of college can go to circuit city or cingular and make a killing on sales, then so can you.


Goodluck sir!



EdJones will teach you a bit about how to sell, but from what I understand their technology is pretty weak and their atmosphere a bit cult-ish.

Not a terrible place to at least start out your first 3-5 years though.

Apr 10, 2006 10:40 pm

Although people knock Jones (me included) it isn't a bad place for someone who has never been in the business to start.  They will get you to pass the series 7 and give you some basic information.    BUT>>>be sure to educate yourself above and beyond what Jones offers.  They give you just enough information to be their employee.   It isn't called "drinking the Jones Kool-aid" for nothing. "Eyes wide open" is the best advice I can give you regarding not only Jones but every other BD out there.


Don't worry so much in the beginning about having technology.  It is a distraction from what you really need to be doing.....meeting with people, developing relationships and doing business.  Door knocking and calling is the meat and potatoes of our business.  Once you get that down, the technology is the icing on the cake. 


Good luck

Apr 10, 2006 11:07 pm

I wouldn't bother with job postings. you'll get the priamericas, first investors and some other pop and shop calling you. Or worse, you might have a "marketing" company call you and ask you if you want to sell credit card vendors to local business'

Apr 10, 2006 11:25 pm
Windknot:

Any suggestions about getting in the door?  Wind



Windknot,


the best thing you can do for yuorself is call a local branch, ask for the branch manager and ask them (as straight forward as you can) if you can send them your resume and meet with them over a cup of copy for a few minutes.


What happens here is simple. You speak to 10 guys, let's say 3 will meet with you, one will like you, and probably find a place for you with someone else who is moderately established at the branch. I have known this to happen on several occassions. If you see Brokerrecruit on the boards, I would also suggest PM'ing him and asking him as he and I have been recruiting for the past 2 yrs.


Managers in our market today ARe wanting to talk to people whether inexpeirenced or not. Talk to these guys, introduce yourself, and just tell them you're trying to get yuo're foot in the door. To a lot of these managers, that's $$$ to their ears.


I would NOT recommend sending your resume in first and waiting for a call though. Never going to work imo at least. Why? We get resumes all the time upplaying production numbers and once we get in front of them, it becomes a waste since we know this guy a) lied to get in front of us and b)didn;t have the numbers not because he was inexperienced, but more than likely someone who just wasn't fit for the industry.

Apr 11, 2006 2:29 pm

Honestly, you just have to have a burning desire to be a financial advisor.  You have to like sales, like people, and be willing to put in the time to become an expert.


You will succeed if you can say that you are willing to put your all into this.


Apr 11, 2006 2:48 pm
babbling looney:

Although people knock Jones (me included) it isn't a bad place for someone who has never been in the business to start.  


You say that, but in other threads you say Jones people aren't taught about, say, the tax implications of sales, etc. If they don't teach simple things like that, their platform is limited in terms of strategies (three mutual funds, buy and hold) and they have lousy technology, what's the upside? That they teach you how to sell by way of door knocking?<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


Seriously, there are places where you can start and have all that training, from strategy, product array and how to network/sell. I’m having a hard time understanding how Jones can be as bad as we hear and still be a good place to start.


Apr 11, 2006 3:35 pm
mikebutler222:
babbling looney:

Although people knock Jones (me included) it isn't a bad place for someone who has never been in the business to start.  


You say that, but in other threads you say Jones people aren't taught about, say, the tax implications of sales, etc. If they don't teach simple things like that, their platform is limited in terms of strategies (three mutual funds, buy and hold) and they have lousy technology, what's the upside? That they teach you how to sell by way of door knocking?


You forgot to include the rest of my paragraph.  Here you go:


BUT>>>be sure to educate yourself above and beyond what Jones offers.  They give you just enough information to be their employee.   It isn't called "drinking the Jones Kool-aid" for nothing. "Eyes wide open" is the best advice I can give you regarding not only Jones but every other BD out there.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />



Seriously, there are places where you can start and have all that training, from strategy, product array and how to network/sell. I’m having a hard time understanding how Jones can be as bad as we hear and still be a good place to start.


I guess because they let you sort of baby step into the industry for a year or so until they lower the hammer and you realize that there really are better places to continue with your career.  Also they will take someone who has never never ever been in the business and who has no track record, no trailing 12 etc.  Many firms will not do that.  For the original poster who wanted to know how to start from scratch EDJ is one option.   However, I also said keep your eyes wide open and educate yourself. Don't take the company line as gospel. Learn the industry above and beyond what your company (whatever company it is) lets you know.


I personally think that the independent model is the best, but to expect someone without any experience to leap into the deep end of the pool is asking a bit much.  So you start at a place like Jones, learn the ropes (get rope burns) make clients, build a book and then move on.