Prudential Financial Planner Trainee = sales?

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Feb 7, 2008 6:31 pm

Anybody know anything about starting out at Prudential as a financial planner trainee? is that just another name for financial rep or financial sales?

 
I have an MBA and can't find good work- looking into becoming a financial planner.
 
Any feedback on what it takes to start out or about Prudential would be great. Thanks.
Feb 7, 2008 7:58 pm
NeverIffey3:

Anybody know anything about starting out at Prudential as a financial planner trainee? is that just another name for financial rep or financial sales?



I have an MBA and can't find good work- looking into becoming a financial planner.



Any feedback on what it takes to start out or about Prudential would be great. Thanks.







Noooooo. You are going to be a high powered, elite investment advisor. There is no sales involved. Once you get your business cards, they start banging down your door.



In ANY "advisor", "broker", financial planner", "investment advisor", "stockbroker", or "financial consultant" role, you are first and foremost a SALESMAN. After you have built a substantial book, you can stop selling and let the referrals come in. It will be ALL about prospecting. Apparently you have not been reading these forums for very long.



Sorry for my bluntness.

Feb 7, 2008 8:18 pm

I read these boards awhile ago when I was considering EDJ- which I then decided wasn't for me. I guess in any financial services industry you start off in sales and becoming a PRU financial planner trainee is no different. I assume it's "pounding the pavement" and asking family and friends for money to get started?

 
I have an informal interview tomorrow morning where he's going to explain to me the hours, compensation, etc. then I'll decide if I want to take the aptitude tests for 2 hours. I just wanted to get some feedback on what the position entails.
 
Any feedback on Prudential?
 
What important questions should I ask HIM tomorrow?
Feb 8, 2008 8:35 am
NeverIffey3:

I read these boards awhile ago when I was considering EDJ- which I then decided wasn't for me. I guess in any financial services industry you start off in sales and becoming a PRU financial planner trainee is no different. I assume it's "pounding the pavement" and asking family and friends for money to get started?

 
I have an informal interview tomorrow morning where he's going to explain to me the hours, compensation, etc. then I'll decide if I want to take the aptitude tests for 2 hours. I just wanted to get some feedback on what the position entails.
 
Any feedback on Prudential?
 
What important questions should I ask HIM tomorrow?
 
I actually tried to avoid family and firends, but I think insurance companies sort of encourage that.  The good thing about family and friends is that you're probably not going to blow anyone up with P&C insurance, or even some term life.  You have to be careful in the beginning if you don't know what you are doing and you are dealing with investments and permanent life products & annuites.  That is where the F&F thing can get dicey.  But F&F's is not going to get you very far anyway (unless you have a well dveloped circle).
Feb 8, 2008 9:19 am

Broker24, with insurance companies, friends and family can take you everywhere! 

 
Keep in mind that if someone can sell insurance, they can make money from anyone who either has investable assets or cashflow.  With wirehouses, one can only make a decent buck from people with significant investable assets.
 
I'll give you an example.  Never's buddy just started his first job out of law school.  He is a complete non-prospect for a wirehouse rep.  With an insurance company, he's going to sell him supplemental DI, some life insurance, and get him started on a Roth IRA.  Never will probably make $1000+ from this.   In the future, Never's buddy is going to leave the firm and Never will start having some real assets to manage with the rollover.  In the meantime, he'll probably make some more money on term conversions.  Upon leaving the law firm, and going into private practice, Never will deal with the employee benefits for the new firm.  By the time, this guy is a good enough client for wirehouse, Never has earned $10,000 in commissions and has him locked up for life.
 
My real point is that in an insurance environment almost everyone is a qualified suspect.  It makes it very easy to build an all referral business.  Lots of F & F won't work with Never because they know he is new.  However, Never will be able to still get lots of referrals from these people and the vast majority will be qualified prospects.   At an insurance company, when his attorney refers him to other young attorneys, they are good prospects.  At a wirehouse, these same referrals are useless.
 
Never, do not accept a job at Prudential without checking out Northwestern Mutual, Guardian, New York Life, and MassMutual.  Do not get into this career unless you want to be doing sales.  Do not get into this career if you are going to have one eye looking for something better.  Only get involved if you are willing to spend time being overworked and underpaid. 
Feb 8, 2008 10:45 am

Jones would have been great for you

Feb 8, 2008 2:00 pm
anonymous:

Broker24, with insurance companies, friends and family can take you everywhere! 

 
Keep in mind that if someone can sell insurance, they can make money from anyone who either has investable assets or cashflow.  With wirehouses, one can only make a decent buck from people with significant investable assets.
 
I'll give you an example.  Never's buddy just started his first job out of law school.  He is a complete non-prospect for a wirehouse rep.  With an insurance company, he's going to sell him supplemental DI, some life insurance, and get him started on a Roth IRA.  Never will probably make $1000+ from this.   In the future, Never's buddy is going to leave the firm and Never will start having some real assets to manage with the rollover.  In the meantime, he'll probably make some more money on term conversions.  Upon leaving the law firm, and going into private practice, Never will deal with the employee benefits for the new firm.  By the time, this guy is a good enough client for wirehouse, Never has earned $10,000 in commissions and has him locked up for life.
 
My real point is that in an insurance environment almost everyone is a qualified suspect.  It makes it very easy to build an all referral business.  Lots of F & F won't work with Never because they know he is new.  However, Never will be able to still get lots of referrals from these people and the vast majority will be qualified prospects.   At an insurance company, when his attorney refers him to other young attorneys, they are good prospects.  At a wirehouse, these same referrals are useless.
 
Never, do not accept a job at Prudential without checking out Northwestern Mutual, Guardian, New York Life, and MassMutual.  Do not get into this career unless you want to be doing sales.  Do not get into this career if you are going to have one eye looking for something better.  Only get involved if you are willing to spend time being overworked and underpaid. 
 
I would agree with that.  I guess I was trying to get the same thing across.  He can do some insurance, but probably won't get much of the assets at this point.  But using the strategy you laid out, that would work well.