I don't mind paying for it

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Aug 21, 2009 8:33 pm

If you've read my posts this past month (year?), you know I have absolutely no idea what I am doing...that said, I'm still entertaining the idea of trying to build my book of business part-time while working a full-time job.

I was reading the Indy/RIA forum and saw some posts about B/D (Harbor) where there are no minimums, Just a monthly fee to use their services, etc. But, as I read further, it seems their fees actually approach $2,000/month - which is a little out of my range.

I was wondering if anyone knew of any reputable firms where I could work as a part-time rep until I get this off the ground. This seems to be possible with the insurance companies I am interviewing with, but they lack some of the financial research and marketing I would like to have.


Aug 21, 2009 9:06 pm
[email protected]:

If you've read my posts this past month (year?), you know I have absolutely no idea what I am doing...that said, I'm still entertaining the idea of trying to build my book of business part-time while working a full-time job.

I was reading the Indy/RIA forum and saw some posts about B/D (Harbor) where there are no minimums, Just a monthly fee to use their services, etc. But, as I read further, it seems their fees actually approach $2,000/month - which is a little out of my range.

I was wondering if anyone knew of any reputable firms where I could work as a part-time rep until I get this off the ground. This seems to be possible with the insurance companies I am interviewing with, but they lack some of the financial research and marketing I would like to have.


You failed out once, you want to work on building your practice part-time, and you're worried about "financial research and marketing"? 
 
Do yourself a favor and don't bother.  If this sort of thing is at or even close to the top of the list of attributes your new firm have, you're wasting your time.  You'll fail again.  I'm not being flippant - research and marketing mean nothing in the early stages of your career.  Seeing people or fighting to see people about your services is the only thing you should be worried about.  Period.
Aug 21, 2009 9:13 pm

Yeah...I know, I'm worried about high ticket charges when I don't even have tickets...
But, I figured I would ask anyway...I never know what will be uncovered...
oh, and I thought the subject line, "I don't mind paying for it..." was funny...

I have another interview with Guardian next week...I have a feeling that's where I'm going to end up.

Aug 21, 2009 10:44 pm

Try Primerica or Waddell / Reed - we know they blow, the public does not.  I have the feeling though if your not willing to market to your friends, family, or past associates you are toast.  Just suck up your pride, do the job like everyone else or go back to your past career. Dignity comes in the form of a pay check.

Aug 21, 2009 10:48 pm

Jones requirements for newbs would be considered part time and you could not hack that.

Aug 22, 2009 8:36 am

Thanks IC...
See that....that's why I keep posting!

10 insults
3 pieces of new information
1 that I might use

Aug 22, 2009 10:59 am

You'll probably still fail. Information or not. If you couldn't do the job before, full time, you won't do it part time.  This is a job of no back up plans. How in the world could you succeed if you are trying to do this job WHILE working your backup plan. I really think you are wasting your time with this. I hope you don't have a family that depends on you.

Aug 22, 2009 1:27 pm

Maybe what's confusing some people is they're thinking I'm talking about working the 7am-3pm shift at the Cumberland Coal Mine; then going door-knocking from 4-7pm in my work blues...like some of you might do...actually, that might work in West Virginia.

I'm interviewing for a job where I only need to make 6 sales calls a day and spend 60% of my day driving. I think I could also make calls to small businesses (in my natural market) at the same time.

Aug 22, 2009 7:38 pm

One problem is that your B/D is going to have to approve of your full-time job.  In order to pull it off, I think that you need to stay away from compliance.  The best/easiest way to do this is to be insurance only. 


Sell insurance until you're ready to be full time again.  It's the only way to make it part time unless you are a superstar and you have proven to yourself that you aren't yet a superstar.
Aug 22, 2009 7:51 pm

True...not even close to superstar...much closer to bat-boy...

All my topics all seem to end up with insurance being my best route; and I'm beginning to believe this is probably true. I have interviews with NML & Guardian next week...hopefully, something good will happen.

Aug 22, 2009 8:32 pm
iceco1d:

I'm just curious, but how many of you that say "this business can't be done part time" are speaking with ANY experience at all on the subject? A single one of you? I doubt it.Granted, "part time" doesn't mean you only work 10 - 2, M - F. You have to be available almost whenever, wherever. But to getting a side job and easing your way into the biz is doable. There are people at my firm, heck, at my office, that do this part time.Some are retired. Some do this on the side. Some are easing their way into the biz. It's doable - but you need to have a b/d that is "on board" with it - and none of the "big firms" are (the employee model firms, anyway). So, if you don't have experience, please don't extrapolate facts from your own experience in the biz. It is indeed possible, and to say otherwise is misleading.





This and any business can be done part-time. I already run several businesses profitably and know it can be done. The problem with working for a wirehouse, or what have you, is that there are minimums and pressures to produce. I am sure that once you are established that your cold calling falls off and you tend to coast - hence the part time does come into effect.



I love how some of you guys say "you will fail" - like you guys have been winners all of your life. Who cares whether he fails or not, just wish him good luck.

Aug 22, 2009 8:56 pm
iceco1d:

Thanks for the reaffirmation Otane. I think I'm in a similar boat as you - good to have some balance on these issues. Just because you can do things a certain way at some firms, doesn't mean you can't do them certain ways at other firms.





I am about to join a wirehouse, and if doesn't work out, I will pay for the fees out of my own pocket and do it my way.If I end up there, I wouldn't mind collecting all the throwaways that these wirehouses kick out, and have them work for my company.



I would rather take people who have failed, and have the drive, then arrogant knuckleheads who have sucked their family tits to make the hurdle.



Aug 22, 2009 11:26 pm

There is a difference in going part time because you don't want to work full time and going part time because you suck at working full time.




 
Good reason to go part time-
not enough savings, retired, add another layer to your currnet business etc.
 
Bad reason to go part time-
because you could not open 17 accounts and net $2250 in four months
Aug 22, 2009 11:42 pm

Good reason to go part time-
Instead of pitching American funds to 1,700 strangers trying to open 17 accounts, you want to use the next 2-3 years to work towards building quality relationships with 100 prospects, each with $1MM-$10MM in investable assets.

Aug 22, 2009 11:51 pm

Ok Give me a script how this conversation will go when you finally ask that HNW client to transfer their account over to you the guy that manages money for a hobby. What will you have to offer that he doesnt get from any full time guys. If you said 50k first and work up I may have believed it. I won't be the one to tell you it can't be done because I have gone against the grain in the past but geeze man. What do you really have that makes you better part time then the full time guy? I will say that you seem persistant!

Aug 22, 2009 11:58 pm

All my potential prospects are small business owners. Start by pitching insurance; then go after employee 401k, then go after owner's investments.

I would be full-time before I made any serious push for owner's investments.  

The key is to focus on only one market and to know that market better than anyone else. Even part-time, I could out perform FT reps who are trying to be everything to everybody.

Aug 23, 2009 12:30 am

So you know of 100 small business owners with >1mm in investable assets? If you can't get five a year you absolutely suck at this game. You should have no problem working them full time and picking up some low hangin fruit along the way. I say quit pussy footing around and do what you come to do! If I were in your shoes and had that niche I would make it or die trying literally. No part time BS!! What is holding you back?

Aug 23, 2009 1:01 am
[email protected]:

Good reason to go part time-
Instead of pitching American funds to 1,700 strangers trying to open 17 accounts, you want to use the next 2-3 years to work towards building quality relationships with 100 prospects, each with $1MM-$10MM in investable assets.



 American funds my ass. Most of the EDJ offices I've been to pitch Franklin Templeton. And stop saying "instead of" you never pitched anything. I can't believe what your saying.  I'm embarrassed to be associated with a firm that hired such a joke. Please give me the information on the NWM office you have an interview with, I will spare them of your half ass attempt. Be a man and admit that you reason you were fired is because you couldn't cut it. EDJ has 8 preferred funds that you could of chose from, not to mention the many others. What about bonds? Individual stocks? Advisory solutions?  YOU CHOSE American funds. If you didn't believe in the product, then why were you selling it? Wow you blow. Have some integrity and stop your excuses.

As for the topic, its a great idea. Someday I wish I'll be able to do this "part time." Meaning 30 hrs a week after 25-30 years when I have a established book. In general the idea is definitely possible. On a specific note, meaning you......tbd

Aug 23, 2009 7:43 am
Otane:
iceco1d:

I'm just curious, but how many of you that say "this business can't be done part time" are speaking with ANY experience at all on the subject?  A single one of you?  I doubt it.Granted, "part time" doesn't mean you only work 10 - 2, M - F.  You have to be available almost whenever, wherever.  But to getting a side job and easing your way into the biz is doable.  There are people at my firm, heck, at my office, that do this part time.Some are retired.  Some do this on the side.  Some are easing their way into the biz.  It's doable - but you need to have a b/d that is "on board" with it - and none of the "big firms" are (the employee model firms, anyway).  So, if you don't have experience, please don't extrapolate facts from your own experience in the biz.  It is indeed possible, and to say otherwise is misleading.



This and any business can be done part-time. I already run several businesses profitably and know it can be done. The problem with working for a wirehouse, or what have you, is that there are minimums and pressures to produce. I am sure that once you are established that your cold calling falls off and you tend to coast - hence the part time does come into effect.

I love how some of you guys say "you will fail" - like you guys have been winners all of your life. Who cares whether he fails or not, just wish him good luck.



 
Can you give us an example of somebody who failed working full time in this business but was able to succeed working part time?
Aug 23, 2009 8:11 am

You're right, I couldn't cut it using the Jones recipe; and the truth is, I really didn't like the Jones recipe... But, I really like this industry and I believe it is a great fit for me. I just need to find my best way to get started.

I once met a psychiatrist who started out as a part-time FA. He just started seeing less patients and all his clients/prospects were other psychiatrists. He didn't focus on the next "money-due" but, instead, became an expert in strategies for running a psychiatrist office like a business. I'm not a psychiatrist, but I think a similar strategy could work for me.

I want to focus on a small market (about 100-300 small businesses). I think it will be a much, much longer sales cycle, but I believe I can be the best FA for businesses this market.

...and, I would like to withdraw my American Funds comment...you can sell any quality investments you want at Edward Jones.