For a Career Changer, MetLife, EDJ or?

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Jun 22, 2009 3:01 pm

I'm a career changer and I am in the interview process with both MetLife and Edward Jones.  I have met with Independent Capital Management as well, but they want you to start with the 6/63 and then later on study for the 7.  From what I have read here, seems to me you need your entire focus on building your career not trying to study for a fairly difficult test mid-stream.

 
As a newbie, I am looking for a strong training program.    As I would prefer to focus more on investments, I am leaning more strongly to EDJ, but MetLife will sponsor me to take the 7, which I understand from reading these forums is a little unusual.  However, I am completely on my own to study, short of a discount on materials by mentioning MetLife.
 
A little background on me: I'm 48, worked mostly in entertainment and the only selling experience I have is booking myself when I did stand-up comedy.  I enjoyed helping my fellow employees at my last job when it was 401k enrollment time to help explain their choices.  I do understand this is a sales job, but why not sell something you enjoy talking about versus cars, boats or something else.
 
I could probably use a little financial help out the gate.  Though our monthly nut is pretty low, as we are surviving nicely on just the unemployment payments and have not had to tap into the severance package at all as of yet.
 
Which would you choose or is there somewhere else I should be considering as well?
 
In a related question, In my Jones research, I have discovered a vacant office not too far from where I would like to open, but it is in a terrible strip mall.  Upstairs in a crummy center with a laundromat and a Del Taco.  It does have an elevator, but I would bet money it would be broken the 1st time I had an elderly client.  
 
So, my question is this...is it possible to move a Jones office and pick up the remaining clients as well?
 
Thanks in advance,
ByeByeGolf
 
P.S.  No offense to poster Golf, whom I just discovered.  I created the name when I figured starting up a new practice meant bye bye to golf.
 
 
Jun 22, 2009 3:18 pm

Another one?!?!?

Jun 22, 2009 3:30 pm

I would look into Stanford Financial Group. Good cash base, reputable name, and I know they just lost a couple brokers.

Jun 22, 2009 4:07 pm

This is why jones is squeezing the crap out of newbies.. They hire thousands and have to replace thousands... This guy is more worried about an office(which he won't get because there are 25 people in front of him for) than the training and study time/ability for the series 7

Jun 22, 2009 8:36 pm

Since I am currently unemployed, study time for the 7 will either be paid for by EDJ, on their study plan or on my own studying with MetLife.

 
As for the office, I was just curious if they could be moved.  It appeared to me this particular office had been closed for some time.
 
 
Jun 22, 2009 8:49 pm

I'd go to Met over Jones but that's just me...

Jun 22, 2009 8:56 pm

Some elements of Met I like better to be sure, but why would you choose them over Jones?

Jun 22, 2009 9:59 pm
ByeByeGolf:

Some elements of Met I like better to be sure, but why would you choose them over Jones?



- Your prospect pool will be larger.  Almost everyone is an insurance prospect but not everyone is an investment prospect.

- You can write large insurance tickets off people with modest incomes and assets

- Your payouts will be far better on both investments and insurance

- You will have the opportunity to do financial planning for your clients at Met.  You will peddle product at Jones

- At Met you will make a larger difference in your clients lives and have an immediate impact

and least important but still relevant,

- Having Met Life behind you will garner more trust and respect than Jones

Jun 22, 2009 10:48 pm

All points worthy of pondering.  Thanks for your reply.

Jun 23, 2009 12:58 am

At Met, you'll have access to Financial Profiles Professional & Forecaster - both are "planning" tools.  Forecaster is "needs based" and Professional is a "planning platform".

 
You'll peddle product at both firms.
Jun 23, 2009 6:45 am

I don't have an opinion on which firm other than to say that it doesn't make sense to focus on just 2 firms unless many other firms were considered and now eliminated.

 
As for the insurance thing, sure it can be sold by an EDJ guy, but it's not the same.  Compensation matters.  It's too hard to sell much of anything if the compensation isn't high enough.   An EDJ guy will starve selling supplemental disability coverage.  This is simply because of the requirement to put it through the grid and not an EDJ knock. 
Jun 23, 2009 8:40 am

I can't think of a faster way for a newbie to fail out of this business while opening a handful of nice accounts to be divvied up than by focusing on selling wrap accounts at Ed Jones.  Met's insurance portfolio will be substantially superior and offer a substantially higher payout than Jones.  The investment side will be comparable.

Jun 23, 2009 9:05 am

Just read a piece in Esquire about one of their columnists trying to get a new job in this market.  He was accepted by Metlife on the understanding that he make a list of everyone he's ever met, and how much they're worth.  That was his starting prospect list.


I just don't like doing business with family.
Jun 23, 2009 9:57 am

Good point. EDJ would NEVER encourage you to solicit friends or family.

Jun 23, 2009 11:16 am

If he qualifies, he can get a 19-week salary up to $1,200 per week.

 
This is based on pre-employment production before his contract starts.
 
Because they're trying to sell "plans", he'll be able to sell investments along with insurance.
 
Met is one of the largest insurance companies.  He'll have all the investment platform that he'll want.
Jun 23, 2009 11:44 am
Borker Boy:

Good point. EDJ would NEVER encourage you to solicit friends or family.


Truth be told Borker, I've never ever been encouraged to sell to friends and family.  Day one KYC they said its a personal choice, some do, some don't.  It was completely up to me.
 
 
 
Jun 23, 2009 3:09 pm

The 19 week salary has been mentioned by MetLife.  I can base it on my past salary, however it appears if I take a lower amount my sales goals will be easier to reach. 

 
These two firms are the ones I am furthest along in the process with thus far.  That's why I included the ???.  Are there other firms this board would recommend I look into before I start with either?
Jun 23, 2009 3:52 pm

Go with MetLife and tell prospects you chose them because you believe that folks should insure their retirement along with their lives, health, home and autos. Edward Jones SELLS risky investments to clients; MetLife ASSUMES the risk for its clients.

 
Should be a very easy sell in this environment.
Jun 23, 2009 10:55 pm

If you're a hard worker and charismatic, you will do better at Jones. If you are a hard worker and smart enough to understand the ins and outs of insurance, you will do better at MetLife.
People seem to want to have a beer with their investment guy, but the insurance guy they want to be a numbers guru.



Jun 24, 2009 9:56 am

That is the most idiotic thing I've ever read on these boards.