I couldn't score a seat with Merrill or Smith Barney on account of my age and relative inexperience (or so they say), however MetLife did offer me a position.
My understanding of their approach is that they offer a broad financial planning model (with insurance incorporated heavily to compliment basic financial services), however, I am inclined to wonder whether or not the firm would allow me to be an Investment Advisor with a slight interest in insurance products.
Furthermore, I would like to build a book here (as my options are limited) and transfer my assets over to one of the larger wirehouses over the next 18 to 24 months, how likely is that possibility for those that have experience with MetLife?
Any additional comments on MetLife would be greatly appreciated!
Not sure about Met specifically, but I did the same thing with AXA Advisors. I had a year in when I was offerred a position with ML back east. I decided to go to AXA knowing that I wasnt ready for the asset goals, etc. Spent 4 years at AXA, gained expereince and conffidence, built my book up, then left to join ML. Looking back, those years have proved invaluable in learning more about the business. My advice is to always keeop in mind that Met is a short term stop on your way to a company ( ML, SB, UBS, whatever) where you can plant yourself and build a CAREER. Good luck.
Thanks a million blarstorm!
I'm unclear about the specifics regarding insurance policies, however understanding that most wirehouses now offer insurance as well, is it reasonable to assume I would be able to carry insurance business into an ML or SB a few years down the road?
Again, any help from someone familiar with MetLife would be greatly appreciated.
Just start at somewhere you can finish. Much less hassle for you and your customers. At RayJay YOU OWN your book. You get great training, and if you want to go indep. you can. Pursue an opportunity with them.
I am in the New York area, and my efforts to find a RJ office here proved fruitless. I spoke to a number of recruiters and someone from RJ who said their presence in NYC was limited to a few indy reps...
I would prefer to start at a firm that I can finish in, but the competition in the New York Area for a seat in the Merrill office is pretty fierce (I was turned down on account of my age, apparently). I was competing with MBA's and CFP's, and I trust that a significant amount of assets and a successful track record with MetLife would give me enough leverage to get into one of the large wirehouess.
nope. feels like a wednesday. went out last night for taco tuesday, had a successful "prospecting" evening, got 3 hours of sleep, got in here this morning, have dialed 87 times, contacted 13, qualified 6, and set 2 meetings. All this before lunch.... LOVE IT...
As for the ML offices in Manhattan, there are some BALLERS there putting up huge numbers, so dont feel dejected- there is a tremendous amount of competition to get a desk and phone there....
Over the next 12-24 months, how much in assets would you assume I have to raise to be recruited or considered by a Merrill Lynch NYC Office? I hate to be repetitive, but my career at MetLife revolves around doing well enough to be recruited by Merrill, and I'm am a feverish goal-setter... Any idea what number would raise an eyebrow over 1-2 years?
Any experience is better then no experience. Solid production could be determined by your overall AUM or how you grew over time (months 18-24). You could be like the news and munipulate the numbers. Overall just kick somebutt and do the best you can and you should be just fine for Merrill.
Good luck to you
As exec said- it all depends. It dpeends on how you raise the assets. Generally, if you were to raise about 5-8 million within 2 years, you will get considered. Hpwever, if half of that came from moving in grannies account out on long Island, it may raise concerns about your true asset gathering abilities ( which is the MOST important quality to be able to initially show a potential hiring manager). Also, when the time comes, emphasize how many 250K plus accounts you have brought in ( Merrill directors and managers get hot and bothered by that amount, because their bonuses are tied to that asset level)...