Yet another career changer seeks advice
I am considering a career change. Stop reading now if you're tired of this
type of post, and I apologize for posting another instance of this topic.
Ok, here's the setup:
Lots of posts I've seen appear to be from recent grads just entering the
work force. I'm 39 with a family. I am an employee, but with a business
owner mentality (always desired my own, never had the capital, haven't
taken the risk yet). Over the years, several insurance/finance pro's have
suggested I have traits which would translate well into this business. I am
finally now seriously looking. I must admit, I'm interested.
I've been all over this forum for a month - read everything I can find on
Jones. Spoken at length with two happy Jones reps (30 AUM in 3 yrs; 75
AUM in 6 years). I get the impression even though they took it serious
from day one, they are likely the exception. I understand from previous
posts there could be some Jones trade-offs (training/good for newbies
vs. compensation and room to grow). I think I may have shot at
qualifying. I plan on submitting the app soon. (Anti-Jones'ers: for the
record, I am meeting with the local AG Ed branch this week too).
(Sorry, question is below - still setting it up)
Here's some background on me:
- Business only, no finance. Most recently 6 years as the national
marketing manager for a custom homes company.
- 4 years (late 20's/early 30's) hardcore Amway sales/recruiting (Didn't
mind rejection, good with people, built a network of 200+, learned a lot,
never made any money).
- Disposition: Professional but affable, passively aggressive, persistent,
independent but teachable.
Here's the two part question:
Assuming reasonable intelligence, a good
work ethic and a good attitude but NO finance background:
A) Through initial training at Jones or Edwards can on actually learn
enough to gain and manage assets properly?
B) Is a 60k income in the first year achievable, or not? (yes, that's the
target I'd need to reach)
I've read the horror stories about downsizing, selling the house, washing
out etc. I've also read posts from some who did better, and that ultimately
'it's up to me'. That said, is it doable, or... ?
Any thoughts? Thanks in advance.
Have you thought about SB? I am not sure if they are looking in your area, but from my understanding SB has pretty much the highest initial pay in the industry. Full salary + commission + bonus. My hiring packet was submitted by my local branch today and I should have an answer early next week. I also have my final EJ interview on Thursday. I would think that you would have to have good client base already to do significantly higher than the earnings estimates on the EJ website, but who knows?
It sounds like you are leaving a pretty good career. I would really have to think it over...do have good benefits, etc. where you are at and do you like your job?
Either way...good luck.
60k income in the first year is pretty daunting. This especially true at Jones, from what I understand.
It is not, however, impossible. Especially if you work like the devil, have a plan starting from day 1, and your spouse supports you.
You might be better off, though, if you could work yourself into a situation where you start out with an experienced advisor, salary plus bonus, and it's guaranteed that you get to keep at least 1/2 of the accounts you open for yourself. He can teach you a lot about how to prospect, open accounts, and manage assets that you simply won't learn on your own, at least not for a few years.
FA Prospect: I didn't think of SB as an option, mostly because I didn't
think I had the right background for consideration. I don't know if they're
hiring in my area - there's an office about 30 miles away. I'll check it out.
As for my current job, yes, been a good gig, and safe, but just a gig, and
not much more room for income to grow, compared to what's possible
here. Currently, income depends on lots of things out of my control. I
want more for me, and my family. For these reasons and others, I'm
joedabrkr: Work like the devil - not afraid of that, if it's worth it. That's
the question I guess - is the money really there if one does the work.
Also, not sure exactly what "work like the devil" means in this business. I
work nights and weekends now - of my own accord - whatever necessary
to get the job done. Sounds like more of the same?
As for "have a plan starting from day 1". In the beginning, isn't the plan
prospect, prospect, and then prospect some more? Maybe I am missing
something important? Thanks guys. Any other comments?