52 years old ....straight comm for 30 yrs ...125k last year selling services directly to professionals . Tired of travel ...love sales and relationship selling...too much travel ... Is FA for me? What pitfalls are out there ..what are the pluses and minuses
There are also a few other posts that could help.. For sure if you have 30 years of sales and networking experience that is a great base! The tough part may be starting from scratch at 50... This obviously depends on your energy and drive. If you look at it like "I would rather live on peanuts in one place then his the road again." You can do it!
Also you must have a ton of connections who are about to retire... So money will be transfered, plans will be established, homes will be sold and bought.
Entering the market is the tough part. When I say this I am talking about the fact that things are changing. Now I am not an expert here so maybe others can talk, but there are posts about every firm on this website.
I say if you have reviewed your options and your up for the challenge! Make like Braveheart and go for "FRRRRRREEEEEDDDDDOOOOMMMMMMMM!!"
Being a 52 year old man I suspect a nudge from me or anyone else is not going to help... Then again if you have family make sure they are on the ship for this challenge! BTW my experience is limited to observation, since I soon will be a new RR myself!
I appreciate the honesty
like any sales job I am of the opinion if you do the work, the money will follow
Thats pretty much how I feel about hitting the road again every week .
Mortgage paid off ,kids gone, no debt ...I think this might be a career jumpstart. While I am 52 ,it seems like yesterday I was trying to decide who to take to the prom
Hey man, for sure go for it.. I have been (and continue to advise others) on the road and know what ya feel like....
I would rather work 80 hours a week "at home" then 40 on the road. The travel, hotels, dining out, commute, constant on the go and other BS sucks.
If you have a network base (potential clients), confidence and communication skills you are off to a great start. Hearing that you were/are in sales for 30 years with income of 125k you must have these skills.
As for the transition I would make sure you get the right firm or INDY... If you really think you can bring in the assets you may be able to go to local INDY and get sponsored. You are aware that you have to get sponsored and pass the 7 & 66 before you can do just about anything?
Depending on management... Associates I know who were new recruits for the big firms were cold calling with minimal support. Most have failed and let the industry. Also I hear something about teams now working to obtain assets (maybe new industry move). Last thing I would want to do at 52 or 30 is work with a bunch of college grads to pool the AUM (assets under management).
52 years old ....straight comm for 30 yrs ...125k last year selling services directly to professionals . Tired of travel ...love sales and relationship selling...too much travel ... Is FA for me? What pitfalls are out there ..what are the pluses and minuses [/quote]
Minuses: High failure rate, long hours, low pay to start, just like any other worth while pursuit. Added stress of taking responsibility for financial well being of others. If you screw up they pay with their lifestyle.
Pluses: Satisfaction of helping others acheive their goals. You play a roll in the lives and well being of your clients. The money ain't bad either, nor is the freedom you'll have once you've established your practice.
Your age, if anything, is an advantage. You bring life experience and wisdom to the table. You have a firm handle on how prospects facing retirement feel. From a client's point of view, seeing some gray hair sitting across the table is reassuring.
Apply the same work eithic to this career that you've used in the past and be prepared to see your income double or triple over the next ten years over what you're making now.
What should I look for in a firm ,What questions should I ask …Is there anything that should throw up a red flag , Is there a great difference between the training programs …will I be afforded any leeway in how I prospect etc. What would be a reasonable entry level compensation plan for my skillset?
[quote=horatio]What should I look for in a firm ,What questions should I ask ..Is there anything that should throw up a red flag , Is there a great difference between the training programs ...will I be afforded any leeway in how I prospect etc. What would be a reasonable entry level compensation plan for my skillset?[/quote]
Look at the firms that have offices near your home. Call the branch managers at the local branches let them know you are considering a career change and would like to meet with them. That should get you in the door.
The major's training programs are all about the same. The trainers for the most part are dedicated and professional. The training will give you enough rope to make something or hang yourself. In the end, making it in this biz is all about the person looking back at you in the mirror. How much energy do you have? How smart can you work? How much rejection can you handle? You know these things already.
Most important career factor is the branch manager. This person can make or break you. A manager who is willing to give you a shot but not support you is a huge waving red flag. Look for someone eager to grow his/her branch and who has a track record of working with trainees. Ask what level of support you could expect as an FA trainee in his branch.
Money: It always comes down to this doesn't it? What else motivates a good salesman? Some of the majors are stepping up to bring in trainees they really want. It's possible but not likely that a major could offer you six figures. More likely to offer 30 to 50K on a declining scale. Salary stays at beginning level for 12 to 18 months and then starts to decline through balance of the training period. Commissions and fees should start to add up to something by the end of year one in production. By the end of year three Comm/fees should equal your salary. Be prepared to sign a contract marrying you to the firm. Work hard and you'll be back to six figures in three to five years. From there the sky truely is the limit.
Nothing wrong with considering a regional firm. Again the most important factor is the branch manager and your relationship with him. This relationship is more important than the name on the door.