Training

or Register to post new content in the forum

21 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Nov 19, 2006 9:47 am

Ok - so, I'm mid-career, mid/upper management in marketing

considering a switch into this industry (yes I understand the risk

involved). Each company I've spoken with (AGE, EDJ, SB, NWMutual) has

told me the same thing regarding training: "Don't worry about finanical

training - we'll get you started and trained enough to handle the majority

of your early clients. When you're stuck, you call us - it's your

salesmanship/personal approach we're after first". I've been told that my

sales/people approach is exceptional, and that's why I'd be a "good fit".



Question: Can somone with NO financial background (but a great

willingness to learn) come out of a training period with enough

knowledge to actually help their early clients? I understand the need to

SELL and grow assets, but I don't want to end up an "empty suit" asset

gatherer... Probably depends on willingness to continue to learn?



Don't beat me up too much, people...over...



Nov 20, 2006 6:54 am

Having the ability to build relationships is key to this business,  however, I personally wouldn't consider being in this business unless I felt I was an expert in what it was I was offering my clients.

How would anyone expect to service their clients if they don't have a clue about the products and services?

Having said that, I will also say that some things can be taught, and some things are intangibles that can't be taught.  Finance can be learned.  You will have to learn some very basic stuff
inorder to get your series 7, and most firms allow 9 weeks of study for
you to accomplish that.  However, passing the series 7 doesn't mean anything.  Just as with most things in life, in this career you will need to constantly study and learn.

The firms you have spoken to are telling you that they can teach you what you don't know.  They want your intangibles which can't be taught.

Nov 20, 2006 7:39 am

Don't bother trying this biz. It is virtually impossible to start from scratch in this biz today. You will just be wasting much time and money only to drop out 2-3 yrs from now. Don't put yourself or your family through it.


If you lost your job, wife doesn't work and you're desperate to make a living then I understand wanting to give it a try. However, if you plan on leaving your current position which I assume pays well, then don't bother. It's a big, big, big risk. I can't emphasize enough what a risk it is. The odds are incredibly against you.


I don't mean to be negative. I lost my job four years ago and decided to give it a try. However I have been very fortunate, and lucky and have done well. However it is still difficult with 30 mill aum and half of that fee based.Do your research before you jump, becuase it's a cliff a 1000 ft. high.

Nov 20, 2006 9:06 am

Andre - you can do this, prior knowledge of the financial services industry is not a pre-req.  However, it's a good idea to have realistic expectations.  Plan on it taking 2 - 4 years to start generating a decent income.  You should enough money in the bank to help pay the bills for a couple of years.  Be prepared to do this on your own - no one in your branch will hand you business.  Also - prepare for baptism by fire.  Corporate training only gets you licensed and gives you basics about their products.


Key number 1 for success:  Talk to a lot of people before jumping into this business.  Get feedback from people you may want to do business with.  Find out if they're likely to work with you (why and why not).  Share your business plan with influencial people you know in your community.  Ask them for advice.  Ask a lot of questions.  Prepare to be constantly changing your business plan.  Be prepared to make 8 - 12, face to face meetings per week.

Nov 20, 2006 9:31 am

What you really need is the ability to sell. I didn't know that the RAVA I was selling had 12b-1 fees and commissions, but I still sold a lot of them. That's what counts. 


I saw someone say that costs matter--explain how they matter on actively managed funds--as in, how do they affect returns!

Nov 20, 2006 9:58 am
blueboxer:

What you really need is the ability to sell. I didn't

know that the RAVA I was selling had 12b-1 fees and commissions, but I

still sold a lot of them. That's what counts.



I saw someone say that costs matter--explain how they matter on actively

managed funds--as in, how do they affect returns!





Hey, you're right! You really don't understand the business!

Nov 20, 2006 11:16 am

Andre - When you started your first job right out of college did you know everything?  Did you quickly find a mentor who you thought did?  Even if you had a marketing degree you didn't have a minute of real world experience.  Right?


This career is similar.  You get a basic theory based education through the 7, 66, 63, whatever.  Then you jump in and start prospecting for people to trust you.  Are you going to do everything right?  No.  You'll probably lean pretty heavily on your mentor in this career too. 


Don't let the morons on this board tell you you can't do it.  Everyone of them has been in your shoes before.  None of us were completely prepared for this before we started. 

Nov 20, 2006 11:34 am

Spaceman is right. At Ameriprise OUR motto is


"Fake it till you make it!"


Nov 20, 2006 11:42 am

What you really need is the ability to sell. I didn't know that the RAVA I was selling had 12b-1 fees and commissions, but I still sold a lot of them. That's what counts. 


A little tounge -in -cheek, perhaps? Everybody here knows about being commission based, that rather defines the broker dealer world, love. Tell us about your secret agenda here. "Fake it until you make it" is straight out of Tommy Hopkins.

Nov 20, 2006 12:18 pm

Do not listen to BlueBox Ameriprise.  they are a bunch of hacks.


Do you have any knowledge or work experience in the financial field?  If not, the Series 7 could kick your butt, and you get fired if you do not pass.


Do you have warm leads on at least $5million is assets that you could count on bringing in your first year?  again, if not you will not meet your first year numbers and you will be fired.


Do you have a burning desire to be in this field?  Can you work nights and weekends?


This is a great industry, but the first years are brutal to people who are not self starters and hard workers.


Nov 20, 2006 12:48 pm

Ours is a branded strategy, with staying power. Mixing proprietary, index, non proprietary, many brands. Let the competition begin!


And remember, we have the most CFP's in the world. We're sucking up all those mass affluent baby boomers.


Fakin it till I make it!!

Nov 20, 2006 2:00 pm

blueboxer - how long have you been a CFP?  And do you believe it's helped you?

Nov 20, 2006 2:42 pm

First one in, last one to leave.  No short cuts.  Out work everyone in your office. A little luck helps as well.  Learn the products on the weekend.  Call everyone you know during the week.  Remember, you need at least 2 face to face appointments per day or you are just waisting time.


Nov 30, 2006 10:09 am

Also mid-management, career change, now in financial planning with an independent, rep-owned firm.  so far so good -- what are you finding and where are you located?

Nov 30, 2006 2:41 pm
Andre017:

Ok - so, I'm mid-career, mid/upper management in marketing considering a switch into this industry (yes I understand the risk involved). Each company I've spoken with (AGE, EDJ, SB, NWMutual) has told me the same thing regarding training: "Don't worry about finanical training - we'll get you started and trained enough to handle the majority of your early clients. When you're stuck, you call us - it's your salesmanship/personal approach we're after first". I've been told that my sales/people approach is exceptional, and that's why I'd be a "good fit".


While what they are saying is probably sincere, realize they have very little at stake.  You are the guy putting it all on the line.  Are you willing to work like a slave and make financial sacrifices for 3-4 years? Are you in a position to do that?  Do you want to work harder than you do now?


Question: Can somone with NO financial background (but a great willingness to learn) come out of a training period with enough
knowledge to actually help their early clients? I understand the need to SELL and grow assets, but I don't want to end up an "empty suit" asset gatherer... Probably depends on willingness to continue to learn? Don't beat me up too much, people...over...


They are not looking for financial background or understanding.  What they are looking for is sales ability.  This is about sales.  Don't kid yourself otherwise.  This is not about being a money manager, at least initially, it is about being an asset gatherer.  If you don't want to be foremost and primarily a salesman don't do it.

Dec 11, 2006 2:02 pm
tenthtee:

What you really need is the ability to sell. I didn't know that the RAVA I was selling had 12b-1 fees and commissions, but I still sold a lot of them. That's what counts. 


A little tounge -in -cheek, perhaps? Everybody here knows about being commission based, that rather defines the broker dealer world, love. Tell us about your secret agenda here. "Fake it until you make it" is straight out of Tommy Hopkins.



Fake till u make it doesn't seem like a good "marketing" approach...


when potential customers get word of this, they won't be impressed.


Dec 11, 2006 11:05 pm
apprentice:

blueboxer - how long have you been a CFP?  And do you believe it's helped you?


I think you're assuming more than you should...

Dec 12, 2006 2:29 am

What is an Indy?


I really want to know.

Dec 12, 2006 9:50 am
Pauper:

What is an Indy?


I really want to know.



It's an advisor who owns his book and contracts with a firm who specializes in facilitating the work of independent advisors, hence the term "indy".  They own their own business and are responsible for setting up office space, utilities, branding, ordering stationery, and paying for all that overhead, as opposed to being an employee.

Dec 12, 2006 11:53 am
Andre017:


Question: Can somone with NO financial background (but a great

willingness to learn) come out of a training period with enough

knowledge to actually help their early clients?




Yes.  Absolutely.  I see it every day.

In fact, it's the experienced professionals moving into the business that ARE making it today.

One caution about the "fake it" firms.  The best firms simply acknowledge that you're not going to learn everything in the first few months of training.  Heck, it takes years to really become an expert in some of the aspects of financial planning.  They give you a lot of training to start out and have you run to management for the advanced stuff.

Other firms simply refuse to invest much time or effort in training you until you've proven yourself as a producer.  They hand you a telephone and wish you luck.  If you're still with the firm after six months then maybe they'll give you some decent training.

Sometimes it's difficult to gauge which firms will invest in you.  (And sometimes quality varies from branch to branch).  My best advice is to be leery of any firm that seems to hire a lot of people with little regard to quality.  The interview process should be tough and comprehensive.

Good luck and let us know how it works out.


Full Disclosure:  I'm an independent recruiter, not a financial advisor.  One of our practice areas focuses on helping successful advisors at "fake it" firms move up to better brokerages.  Therefore, my comments may be biased.  Please take them at face value and don't flame me too badly.