Re-entering the business

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Jun 6, 2005 9:52 pm

Hello


I am not currently in the business. I was in the brokerage business for 10 years, and have worked for a variety of firms, ranging from a small over-the-counter firm to a regional firm to a wirehouse. I also worked for a bank for a short time.  While I was never a large producer, I have obtained my CFP designation, and an MS in financial planning. All of my licenses, including insurance are still intact(I have my series 7 with a small broker-dealer).


I would like to re-enter the business. I have given this a lot of thought. My competency is not in networking with friends and families, and encouraging them to buy a product or financial plan.  Therefore I don't feel I could go into production by myself with an insurance company(MetLife, MassMutual, etc). For the same reason, I would not go into the training program(which I don't think I could get into anyway) of a wirehouse. I certainly am not going to pitch penny stocks over the phone at some no-name firm.


I would like a position(here in South Florida) that may involve giving client seminars, meeting with clients some actual financial planning, perhaps in the form of being a junior partner in a partnership or something similar.


Obviously, without an active book, recruiters are not too eager to return my phone calls. Does anybody out there have any suggestions for career opportunities, or for someone to talk to?


Thank you for your help.

Jun 7, 2005 11:06 pm
Jun 8, 2005 10:11 am
pearljamfl:

Hello


I am not currently in the business. I was in the brokerage business for 10 years, and have worked for a variety of firms, ranging from a small over-the-counter firm to a regional firm to a wirehouse. I also worked for a bank for a short time.  While I was never a large producer, I have obtained my CFP designation, and an MS in financial planning. All of my licenses, including insurance are still intact(I have my series 7 with a small broker-dealer).


I would like to re-enter the business. I have given this a lot of thought. My competency is not in networking with friends and families, and encouraging them to buy a product or financial plan.  Therefore I don't feel I could go into production by myself with an insurance company(MetLife, MassMutual, etc). For the same reason, I would not go into the training program(which I don't think I could get into anyway) of a wirehouse. I certainly am not going to pitch penny stocks over the phone at some no-name firm.


I would like a position(here in South Florida) that may involve giving client seminars, meeting with clients some actual financial planning, perhaps in the form of being a junior partner in a partnership or something similar.


Obviously, without an active book, recruiters are not too eager to return my phone calls. Does anybody out there have any suggestions for career opportunities, or for someone to talk to?


Thank you for your help.




Let's see. You can't hold a steady job, you have no existing book, and you don't interact well socially.


Gee, what's not to like about hiring you? 

Jun 8, 2005 10:45 am

There has got to be a market somewhere for someone to sit behind a desk and wait for a client to come in and ask them to invest money for them.  I don't think this has been tried before.  It is a novel approach that the wirehouses should take a look at.  I'm thinking maybe a drive thru window with a slot where you can pass the money through to the broker who just invests the funds.

Jun 8, 2005 10:55 am
dashampersand:

There has got to be a market somewhere for someone
to sit behind a desk and wait for a client to come in and ask them to
invest money for them.  I don't think this has been tried
before.  It is a novel approach that the wirehouses should take a
look at.  I'm thinking maybe a drive thru window with a slot where
you can pass the money through to the broker who just invests the
funds.





Seems like Ameritrade has done a pretty good job of doing exactly
that--except they get you to mail them your money instead of driving
through.



What is happening is the pubic is learning--one citizen at a time--that
there is no reason to pay some thirty year old slacker for advice that
the slacker cannot understand themselves, much less convey.



For those who do need the advice there is always the bank.  People
instictively trust their money to bankers, and if the bankers can ever
come to grips with how to present products that are not guaranteed the
bankers will inherit the world.

Jun 9, 2005 7:48 am

I was looking forward to some intelligent responses from industry professionals. I didn't stop to think that the only responses would be from baboons who have probably been in the business 2 years and made their money churning their clients on some penny stocks.


No where in my response does it say I can't hold a job: I have been with one firm for over four years. No where does it say I don't like to work and am lazy. It simply said my core competency is not in networking with friends and neighbors. When you kids in your 20's get over your churning and burning and realize that you don't like what you see when you look in the mirror, maybe you can take an inventory of your strenghts and weaknesses.


Have fun with your little bulletin board kids.


Jun 9, 2005 11:50 am

I think you should talk to RJ, especially if you are in Florida.  Do you have your licences?  You cannot give ANY financial advice or sell if you don't.  It is not an easy task to pass the Series 7 and 66, so you need to consider that.


I am a slightly older professional, who just left a career in another financial industry.  RJ did not put me through the "boot camp" that is geared for kids out of college.  The training here is excellent.


Also, it is an extremely well managed company (Forbes) and the office personnel, computer systems, culture are great for transitioning professionals.


BUT you are going to have to sell.  It is a sales job.  Good luck.