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Oct 17, 2006 7:52 pm

About to enter this financial abyss and curious if you recommend researching and knowing as much as you can about topics including: insurance, estate planning, asset allocation and retirement/college planning.



When I ask this I am interested if anyone has books or websites that could provide in depth information on these products and services.



Is there any other areas that I should research? I have been in sales for 5 years and customer service for 12. Active in community and public speaking, but about to make the big jump.



Any advice is greatly appreciated.

Oct 17, 2006 7:55 pm

Have you been offered a position, or are you planning to interview in hopes of getting an offer?


Can you offer any reason to NOT try to know as much about the business as possible?

Oct 17, 2006 10:12 pm

I have a few offers.

Oct 17, 2006 10:16 pm

I know I am just a new RR who has to prove them selves, but I am unsure to go to the big city or stay where I have a lot of connections.



It seems as if many cities are saturated with RR's.

Oct 17, 2006 10:22 pm

There are as many different slants on this business as there are firms in it.  Certainly, be aware of the various areas that you mentioned, but don't go in trying to be an expert in any or all of them.  Should you get on with one of the major wires, their training programs will introduce you to each in time.  (Admittedly, the introduction will be brief.)  Initially, try to approach the training as a clean slate and absorb what they have to offer.  Should you find an area of particular interest, and you should, educate yourself more thoroughly in that/those fields at that time.

Oct 17, 2006 11:27 pm

Thanks, does anyone think a foundation based on solid knowledge of the tax system is good. I suspect it is, but few people talk about tax knowledge on this forum. Maybe that is due to the fact if is a something everyone should know if they are advising. Would it be worth spending the next few months with HR Block.

Oct 18, 2006 12:25 am
AirForce:

Thanks, does anyone think a foundation based on solid knowledge of the tax system is good. I suspect it is, but few people talk about tax knowledge on this forum. Maybe that is due to the fact if is a something everyone should know if they are advising. Would it be worth spending the next few months with HR Block.



If you can spare the time it might be a pretty good experience. A paid education.....

Oct 18, 2006 12:42 am

They don't pay while one is in the class, but I am 6 weeks in and so far it all comes together with the 7.



Would anyone recommend joining Prudential? With the tax and insurance base this may be a good start?



When I ask the manager, "so do you think everyone at any age should have insurance." Then he says, "Yes...." This worries me! Take the 6 and 63 then go from there...

Oct 18, 2006 8:11 am
AirForce:

They don't pay while one is in the class, but I am 6 weeks in and so far it all comes together with the 7.

Would anyone recommend joining Prudential? With the tax and insurance base this may be a good start?

When I ask the manager, "so do you think everyone at any age should have insurance." Then he says, "Yes...." This worries me! Take the 6 and 63 then go from there...


Under what conditions do you think life insurance is not appropriate?


The reason they push the six and sixty-three is because their shop only sells insurance, variables and mutual funds--all you need is the 6/63 to do that so why bother with the significantly more challenging Series 7 when it will license you to do nothing that is done there?


Additionally, put yourself in their shoes.  If they get you Series 7 licensed they are making it far easier for you to move on to a real brokerage firm.

Oct 18, 2006 8:36 am
AirForce:

They don't pay while one is in the class, but I am 6 weeks in and so far it all comes together with the 7.

Would anyone recommend joining Prudential? With the tax and insurance base this may be a good start?

When I ask the manager, "so do you think everyone at any age should have insurance." Then he says, "Yes...." This worries me! Take the 6 and 63 then go from there...


AirForce, if you want to go into the tax business, become a CPA and be the best there is.  If you want to be an insurance agent, go into insurance and be the best there is.  If you want sell secuities, go into the securities business and be the best there is.  Pick a lane, and be the best.  What you're planning is a career in mediocrity, and you seem to be looking for validation from those in business, and all you seem to be doing is restating the same questions when your desired answers are not forthcoming.


Further, most (if not all) reputable securities firms pay a salary (albeit a small one) while studying for the Series 7.  Please be careful regarding what firm you start out with...it will have a marked effect upon what firm you end with.

Oct 18, 2006 9:57 am
AirForce:

About to enter this financial abyss and curious if you recommend researching and knowing as much as you can about topics including: insurance, estate planning, asset allocation and retirement/college planning.


You may want to consider CFP classes.  The Ken Zahn courses are very good.  I’m currently ½ was though a fast track program taught by Brett Danko.  http://www.brettdanko.com The fast track program takes about six months.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


--WM


Oct 18, 2006 9:58 am

According to mgmt Prudential is moving towards consumer advising. If this is true I don't know why the guy is all about 6 & 63. I am not a life insurance person who believes everyone needs it.



So I need to make a decision and like you state, "Choose a direction." I suspect jack of all trades including taxes, insurance and planning is crazy. I thought full service independents do much of this, but recommend complex tax situations to accountants.

Oct 18, 2006 10:17 am
AirForce:

According to mgmt Prudential is moving towards consumer advising. If this is true I don't know why the guy is all about 6 & 63. I am not a life insurance person who believes everyone needs it.



So I need to make a decision and like you state, "Choose a direction." I suspect jack of all trades including taxes, insurance and planning is crazy. I thought full service independents do much of this, but recommend complex tax situations to accountants.



They can tell you all they want, but Pru is all about life insurance and mutual funds-selling them, not providing full service advice.

Oct 18, 2006 10:19 am

It is prudent to be aware of tax issues, but most of us don't give tax advice for a number of very good reasons, not the least of which is that clients lie.  It's a fact of life.  If you're giving tax advice regarding the holdings the client has with you while you're unaware of the account the client has with the broker down the street you can easily blow the client up with the best intentions in the world. 


Naturally, the client's attorney will get involved.  Who do you think the bad guy is?

Oct 18, 2006 10:41 am
AirForce:

According to mgmt Prudential is moving towards consumer advising. If this is true I don't know why the guy is all about 6 & 63. I am not a life insurance person who believes everyone needs it.

So I need to make a decision and like you state, "Choose a direction." I suspect jack of all trades including taxes, insurance and planning is crazy. I thought full service independents do much of this, but recommend complex tax situations to accountants.


You need to know as much as you can about all aspects of financial planning even if you don't actually do plans or give advice on taxes specifically.   Taxes and how they affect your client's portfolios, estate planning, business succession planning, long term care issues, charitable giving are all things that I deal with on a regular basis.  I don't actually give tax advice as I am not a CPA, but I know enough on when to advise the client that they need to get information from their CPA.  If they don't have one I have developed reciprocal relationships with several.  Same thing in advising clients to see an attorney regarding trusts and wills.  If you do this you will be a part of the process for the whole financial planning picture and not just a product pusher in the eyes of your clients......and in the eyes of the other professionals that you are networking with.


I highly recommend that you take the CFP classes even if you don't plan to obtain the designation.  They will give you an in depth education.

Oct 18, 2006 12:16 pm

If you're looking for books to read; I have two suggestions for you.

1. My web site has a list of suggested reading. 

2. Go to Amazon and look up "Purchase Circles".  It's kind of hard to find, but it's there.  They list the books most often purchased by employees of various firms and institutions.  For example, you can see the top 20 books purchased recently by people at IBM or Charles Schwab or Harvard University.

Look up the purchase circle for your new firm.  If any of the books seem interesting to you, then buy them.  It will tell you a lot about the gestalt of your firm.

Oct 18, 2006 1:36 pm

After busting my butt for a few years I finally have a bit of time to research this stuff. I wish I asked this question about where I could get information or training on CFP.



If I did that I would be knowledgable and ready to go. Instead I studied for the 7, which needs a sponsor. Oh well, I have many years to go, so I can get going this year and build AUM. My concern is the fact that firms get slammed here.



It seems the people hiring are full of $hit. They want you to slave it and then give them all the contacts. There is no way I am going with a firm that states you should get the 6 or 63 first. That is Insurance.

Oct 18, 2006 1:56 pm
AirForce:

After busting my butt for a few years I finally have a bit of time to research this stuff. I wish I asked this question about where I could get information or training on CFP.

If I did that I would be knowledgable and ready to go. Instead I studied for the 7, which needs a sponsor. Oh well, I have many years to go, so I can get going this year and build AUM. My concern is the fact that firms get slammed here.

It seems the people hiring are full of $hit. They want you to slave it and then give them all the contacts. There is no way I am going with a firm that states you should get the 6 or 63 first. That is Insurance.


No, that is not insurance.  Insurance tests are Life, Health and Variable Annuity.  6 and 63 are NASD exams.


Please, AirForce, read what you have been told.

Oct 18, 2006 2:08 pm

Yeah man I know this. I am just frustrated as hell to hear that we are focusing on advising consumers, but you will take 6 and 63. Advising my A$$. This is Insurance sales!



I doubt any other financial firm, besides the insurance, would say take the 6 and 63 before the 7.



New York Life, Prudential and other Insurance would hire just about anyone with a degree! I say this after 10 calls over the past 2 years.

Oct 19, 2006 10:54 am

AirForce: you have to walk before you can run. Or to put it another way, you have to have a lot of training before the Air Force would allow you to have control of a fighter jet.  


The 6 and 63 are commonly acquired before getting a series 7 and if I'm not mistaken they require sponsorship as well. They allow you to sell mutual funds. Insurance is an important part of financial planning and many people focus on that area and don't ever obtain a series 7.  With insurance and a series 6 you can also sell variable annuities in addition to other fixed annuities and life products.   The majority of people you will meet, especially early in your career, will be perfectly satisfied with these services.


The reason I suggested you look at the CFP studies is that it would give you a better overview of what the financial advising industry is/should be.  It's up to you if you want to jump right into the deep end of the pool and sign on with a firm that will sponsor you for the series 7 (and they will also require you to get a life license).  EDJ will take anyone who can fog a mirror and train you for your series 7.


There is nothing wrong with beginning at a life company and depending on your age, which I presume to be young, you might have a better chance of survival in the industry in these starting venues.  Plus, you will be able to do less damage to your potential clients.