What can one do with a Series 7 license and less than three years of experience with Edward Jones?
I am faced with the prospect that I might not be able to make a living before I exhaust my savings (and my energy), and not having had any experience in the financial services industry before joining Jones, honestly I do not know if and where this experience will translate.
Am in my mid-40s with a family. This is a second career for me.
Thanks in advance.
Could work back office for broker/dealer (in operations), work for MFD company (i.e. Fidelity, T.Rowe, etc.), work in bank brokerage office. My suggestion would be to look at local banks to see if anyone is hiring. Many local banks and credit unions will pay a broker a good salary plus bonus. Added plus is that you don’t need to prospect, and your hurdles are not always very high.
Ice…I have a feeling that a lot of my LP dollars are going to disappear as this market continues.B&H - While Ice is being sarcastic, he's actually got a good point. Jones typically has quite a few HQ jobs available for someone who's got a S7 and all other licenses. Might be worth some consideration. Otherwise, B24 is on the right track.
Buy & Hold…another suggestion could be added to your option list. I mention this as the other day a new member brought up the subject of New York Life. Not to be specific with a particular company. A well diversified Insurance Company that has a broad product shelf. Just a thought/comment.
[quote=iceco1d]Spiff…here goes some more!!!buyandhold - you go where all failed brokers go for a job...compliance!!! [/quote] Or become a sales manager so you can tell new brokers what they can do to succeed in the business. I don't think I've had a single sales manager yet who hasn't failed out of the training program.
Thanks, guys. Some good ideas here.As to the other stuff .... 1. Compliance? Is that where you go around telling advisors, 'No, you cannot write on the prospectus. Yes, you can sell a trillion dollars worth of bad loans and get the government to bail you out, but you cannot write the client a thank you note unless it is approved by me. 2. Spiff has no worries. EJ builds the partnership on 'failed brokers' who bring in clients and gradually build the office up to a sustaining level. 3. Sales managers as failed brokers? I wouldn't scoff as teachers and leaders. I've met more good brokers than good teachers.
[quote=buyandhold] Thanks, guys. Some good ideas here.
1. Compliance? Is that where you go around telling advisors, 'No, you cannot write on the prospectus. Yes, you can sell a trillion dollars worth of bad loans and get the government to bail you out, but you cannot write the client a thank you note unless it is approved by me.
2. Spiff has no worries. EJ builds the partnership on ‘failed brokers’ who bring in clients and gradually build the office up to a sustaining level.
3. Sales managers as failed brokers? I wouldn’t scoff as teachers and leaders. I’ve met more good brokers than good teachers.
What the he11 are you talking about?
1. Compliance has to do their job. It’s a job.
2. All the brokerage firms do this.
Just goofing. Lots of stuff in this industry is puzzling to me.
1. was a joke about making sure everybody dots their I’s and crosses their T’s, while at the same time letting a big firm buy mortgage debt and securities on margin at 30 dollars for every dollar of capital.
2. is true enough, but long term it’s got to be bad for the brokerage firms. Most people these days are being exposed to EJ through young people or second careerers, many of whom won’t be handling their accounts in two years. I think they’d be better off hiring fewer people and developing them, maybe with a longer mentorship period like you would see at a law firm.
3. was just a good word for teachers.
Sorry for being obscure.
Most of the suggestions are good and I empathize your situation having made a career change that from the sound of it, is not working out for you right now.If you can, put a cut and paste of where you are located-just your State would be fine along with background, skillsets, annual goal range for compensation whether fixed, fixed plus commission or commission only and your hobby interests-sometimes 'outside of the box' thinking is in order and I will do my best to come up with some ideas and some links.