Introduction/Career Advice
Just wanted mainly to say Hi, I’ve been reading this board for a few months now in the shadows, and figured I’d make a name and post here and there a bit.
Whether it’s important or not, quick back history: Graduated with an English degree a few years ago, landed a job with an Independent B/D in California doing licensing, direct transfers, and some marketing/product stuff. After about a year I moved back home to Washington and have since been working as assistant to an Independent planner that works mainly with retirees/55+. I’m scheduled to take my Life and Di test here in a few weeks, and then I got to decide whether to go for the 6 or the 7.
So anyway, I know long-term the agent I work for wants me to head toward my own production/sharing office expenses/etc, but in the meantime I’m on a salary and will be able to write joint cases here and there, etc.
So that’s where I’m at in my relatively young career. I feel pretty fortunate because I think I’m in a good position to be successful, and I knew I could never go the Wirehouse/EDJ route - partially because I’ve already been sold on the Indy side of things, and partially because I, honestly, would never be successful door-knocking and cold-calling.
And of course, any advice/pitfall warnings/wish I’d known that, is very much appreciated
How do I get one one of those gigs where you don’t have to door-knock or cold-call?
All you need is a really nice sign on the outside of your office or one of those ads in the paper showing the 12 other reps in your city and they will beat down your doors to invest their life savings with you. Make sure you have the best smile of those 12 reps or they may go to someone else. I've said it before door-knocking and cold-calling won't work. You just have to look like a FA and the business will come to you. I have the queue line set up outside my office so that the walk-ins keep an orderly line. I hate it when they fight over who gets to give me the next rollover. Clients can be so rude to each other...How do I get one one of those gigs where you don’t have to door-knock or cold-call?
Tell me that is sarcasm. Cold Calling works, how do you think most books got built? Being in a bank doesn’t count as building a book(you are essentially just xfering money from one account to another not real hard, plus all you guys sell is annuities)
Of course it is. Some newbies think that is reality though. When I was at EJ, I saw dozens of them go down in flames thinking just like that. Cold calling and doorknocking may be your idea of fun, but I got real tired of it. If there is a better way to make a living, why would you criticize it unless you've done it? I lived in your world for 3 years and found something much better...someday you may want to as well.Tell me that is sarcasm. Cold Calling works, how do you think most books got built? Being in a bank doesn’t count as building a book(you are essentially just xfering money from one account to another not real hard, plus all you guys sell is annuities)
Cold Calling , Referrals and PLAIN HARD WORK …for new or established professionals. Not a complicated formula. I do admit that after years it does get better but I have never found the " easy way " to succeed and grow your book of business.
I have lived in your world… I was at Chase(Bank One in my area) for 2 years. Then moved on the EDJ and now finally run my own show. The problem I had with the bank was the lack of products or the focus on proprietary products.
Every time I xfer someone from a bank now, it seems that regardless of age,risk tolerance, amount of assets, etc… they are always in an annuity. The other problem I find with banks and their advisors is that they are never in the same branch or position for very long. Bank tend to promote people who are doing really well and then replace them with someone who is terrible. I worked in 4 different branches is 2 years, not exactly stability but getting promoted in a bank(large banks) tends to mean taking over somewhere else.
You don’t do any coldcalling at your bank? It is all strictly walk-ins and referrals from personal bankers/teller/whoever?
[quote=chief123]I have lived in your world… I was at Chase(Bank One in my area) for 2 years. Then moved on the EDJ and now finally run my own show. The problem I had with the bank was the lack of products or the focus on proprietary products.
We can sell anything I could have sold at EDJ and more.Every time I xfer someone from a bank now, it seems that regardless of age,risk tolerance, amount of assets, etc.. they are always in an annuity. My mix is about 50% annuities, 40% MF, and 10% other. The other problem I find with banks and their advisors is that they are never in the same branch or position for very long. Bank tend to promote people who are doing really well and then replace them with someone who is terrible. I worked in 4 different branches is 2 years, not exactly stability but getting promoted in a bank(large banks) tends to mean taking over somewhere else. There are 7 of us for about 25 branchess. We each have anywhere from 3-7 branches depending on size. We came in as Sr. FA's and do not move into other positions unless our OSJ retires someday and he is about 35. I plan to retire from here.
You don't do any coldcalling at your bank? It is all strictly walk-ins and referrals from personal bankers/teller/whoever? Most of our business is referrals or walkins. I spend about 2-4 hours a day on CD call lists or other marketing lists. All of the people I call, I consider warm leads.
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[quote=norway401]Cold Calling , Referrals and PLAIN HARD WORK …for new or established professionals. Not a complicated formula. I do admit that after years it does get better but I have never found the " easy way " to succeed and grow your book of business.[/quote]
Not that you’d listen to me, but you guys should try to chill out with the same canned cynical/sarcastic replies to every other post… Although I’m sure people are often deserving of em, it doesn’t mean everyone is. I’m sure you all know there is a very severe lack of young people entering the financial advisor profession, maybe be helpful and nice to a few of them?
Oh, and I’m not looking for an easy way to start… I just know that I would personally not be successful at cold-calling and door knocking. Nothing against it, I just know what I will and won’t do, and if my only path into this business was through those two things, it’d probably be a no-go.
And although it’s rare, there ARE other ways to become an advisor besides starting at an EJ or AXA or NY life and cold-calling, door-knocking your way to the top. I’m not speculating, I know from talking to hundreds and hundreds of reps just like you.
For example, at the broker/dealer I worked at, more than a few back-office staff slowly built a book up while on the payroll doing compliance or trading or what-not, and after they reached that critical mass of sorts, they quit their day jobs and struck out on their own.
I’m in a very SIMILAR position to that, as I’m salaried doing administrative/assistant stuff, while getting licensed and basically apprenticing under the Rep I’m working for. In time, the idea is for me to start off with 50-50 split cases and eventually (hopefully) move into my own production. I’m as cynical, and as much of a cold realistic as just about anyone - I don’t think I’m being wildly optimistic and unrealistic here.
Every day I’m learning: helping with constructing newspaper and radio ads, scheduling and organizing seminars and dinners, working on our power points and learning how to set up, take down a projector and seminar room, making follow-up calls and scheduling appointments, sitting in on initial meetings and closes, filling out new business, mailing it off, and checking up on acats, rollovers, and transfers.
And of course, I come in here trying to introduce myself respectfully, and what do I get?
A template-style sarcastic bullshit reply from Credit. Where, exactly, in my post did I allude to believing that I could do no marketing or prospecting whatsoever? Is cold-calling the only marketing method known to man? When, exactly, did I mention that I will most certainly have customers “fighting in line” to roll over their accounts to me?
Be a bigger jackass.
[quote=IndyJosh]
[quote=norway401]Cold Calling , Referrals and PLAIN HARD WORK …for new or established professionals. Not a complicated formula. I do admit that after years it does get better but I have never found the " easy way " to succeed and grow your book of business.[/quote]
Not that you’d listen to me, but you guys should try to chill out with the same canned cynical/sarcastic replies to every other post… Although I’m sure people are often deserving of em, it doesn’t mean everyone is. I’m sure you all know there is a very severe lack of young people entering the financial advisor profession, maybe be helpful and nice to a few of them?
Oh, and I’m not looking for an easy way to start… I just know that I would personally not be successful at cold-calling and door knocking. Nothing against it, I just know what I will and won’t do, and if my only path into this business was through those two things, it’d probably be a no-go.
And although it’s rare, there ARE other ways to become an advisor besides starting at an EJ or AXA or NY life and cold-calling, door-knocking your way to the top. I’m not speculating, I know from talking to hundreds and hundreds of reps just like you.
For example, at the broker/dealer I worked at, more than a few back-office staff slowly built a book up while on the payroll doing compliance or trading or what-not, and after they reached that critical mass of sorts, they quit their day jobs and struck out on their own.
I’m in a very SIMILAR position to that, as I’m salaried doing administrative/assistant stuff, while getting licensed and basically apprenticing under the Rep I’m working for. In time, the idea is for me to start off with 50-50 split cases and eventually (hopefully) move into my own production. I’m as cynical, and as much of a cold realistic as just about anyone - I don’t think I’m being wildly optimistic and unrealistic here.
Every day I’m learning: helping with constructing newspaper and radio ads, scheduling and organizing seminars and dinners, working on our power points and learning how to set up, take down a projector and seminar room, making follow-up calls and scheduling appointments, sitting in on initial meetings and closes, filling out new business, mailing it off, and checking up on acats, rollovers, and transfers.
And of course, I come in here trying to introduce myself respectfully, and what do I get?
A template-style sarcastic bullshit reply from Credit. Where, exactly, in my post did I allude to believing that I could do no marketing or prospecting whatsoever? Is cold-calling the only marketing method known to man? When, exactly, did I mention that I will most certainly have customers “fighting in line” to roll over their accounts to me?
Be a bigger jackass.
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You should change your name to “Secretary Josh.” Since none of us have any experience in being a secretary, like you do, we can’t offer much help about how to make the transition.
The thing to remember, indyjosh, is that as an independent you will have to foot the bill for ALL marketing costs. On top of that there is no salary. The reason you’ve gotten the responses you’ve seen is because people don’t start out independent in this industry a couple yrs out of school. There are guys that spend yrs building up a large book at a wirehouse or edj-type company then flame out when they go indy. Are you really ready to foot the bill for rent, licensing, ticket charges, supplies, e&o insurance, marketing costs, etc without having a book of business already established? And an an indy broker there’s no salary, you probably already knew that though.
Thanks 3rdyrp2 for a non-sarcastic, legit reply. Yeah I realize all that stuff, and I have no delusions of anything happening overnight. But, once I have enough of my own clients, and enough of my own money saved up, I think it’s legitimate to think that I could ditch my salary, start sharing office costs and expenses, and essentially go from employee to partner. The rep I work with is thinking along the same lines.
And hank, thanks for the obligatory prick comment.
At some point in your career, I bet you will have to do one of these 2. Have you told your boss that you don't think you can door-knock or cold-call?? Is he OK with that??
… honestly, would never be successful door-knocking and cold-calling.
[quote=IndyJosh]Thanks 3rdyrp2 for a non-sarcastic, legit reply. Yeah I realize all that stuff, and I have no delusions of anything happening overnight. But, once I have enough of my own clients, and enough of my own money saved up, I think it’s legitimate to think that I could ditch my salary, start sharing office costs and expenses, and essentially go from employee to partner. The rep I work with is thinking along the same lines.
And hank, thanks for the obligatory prick comment.
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You’re welcome, secretary girl.
Hey, IndyJosh, don’t take these guys too seriously. With all the crap that we’ve dealt with over the last 12 mos. or so, it would take thrice daily encounters of hot monkey love to mellow the crew out. Or maybe that IS the problem…maybe some of these guys are ONLY getting Monkey Love…
On a helpful note, your obvious ability to put together a cogent thought here, and your English degree (see Garrison Keillor for helpful career choices for English majors) would lead me to believe you have verbal skills. Coming from a similar background, I've built my business on seminars. I would encourage you to pick a topic that you can master, I mean totally and completely be able to own it, and then start building client/prospect awareness of you as the Shell Answer Man of this particular topic. You may have to cold call prospects to get them to come to your meetings in the beginning, but slowly that will build. In your current environment, perhaps your mentor would allow you to leverage off the existing client base to do a "bring a friend" meeting until you were confident enough to venture forth on your own. However you do it, I'm convinced that seminars still work. It's just finding a topic that you can really groove on that's the key. Another thought...Don't know where you are geographically, but you might be better served looking up a regional firm that would allow you to operate within a structured training environment, as opposed to being indentured to your current wheelwright. Don't know the dynamic of your set-up, but I came up through the old AGE system, which in my branch at least, was a nurturing and encouraging (I think I just got a run in my hose using those terms) environment. I think the regionals, few though they be, still have a better approach to training. I wouldn't be doing this today if I had to knock on 16,473 doors, or survive a 16 month experience in a bullpen cubefarm.Yeah Credit… he’s a big believer in Seminar prospecting supplemented with referrals, and once I can afford the upfront costs, the idea is that I’d be free to run my first few with him helping, and then eventually completely on my own.
Besides, we work mainly with 55+, which if I’m not mistaken, have some stricter laws regarding prospecting?
[quote=IndyJosh]Yeah Credit… he’s a big believer in Seminar prospecting supplemented with referrals, and once I can afford the upfront costs, the idea is that I’d be free to run my first few with him helping, and then eventually completely on my own.
Besides, we work mainly with 55+, which if I’m not mistaken, have some stricter laws regarding prospecting?
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You are mistaken. Again. As usual. Typical for a secretary. Nothing personal.
2wheeled - Thanks for partially restoring my faith in humanity. The funny thing is, when I worked at my old BD, I used to meet a ton of reps at different functions, and they were always insanely helpful, supportive, and willing to give advice to the younger people in the business. I guess it’s just internet anonymity…
And I’ve heard that regionals are a really great way to learn/get your foot in the door/etc. If it makes sense, I think I’m sort of thinking to stay on the road I’m on until there’s a dead-end? 1-2 years go by and I’m not seeing any real progress, I think I’d definitely re-evaluate and seriously consider other options.
Also, dunno if they qualify as a regional, but before I took this job I interviewed and was offered with NW Mutual, just decided it wouldn’t be a good fit. I’m sure with a degree and experience in the industry, I could walk into a lot of places and they’d consider me a good bet…
Yeah Hank, but what I lack in secretary skills, I make up for with killer BJ’s.
BJ's for the clients??? That's a great way to retain the book in this market!Yeah Hank, but what I lack in secretary skills, I make up for with killer BJ’s.
[quote=IndyJosh]
Yeah Hank, but what I lack in secretary skills, I make up for with killer BJ’s.
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I knew they were keeping you around for SOME reason.
Sick. So let me get this straight. You're a guy, have an English degree, working in a salaried position for an independent planner serving the 55+ crowd in Washington, after having worked for a BD in California, not wanting to cold call or door knock, willing to do seminars, and you like to suck dick? It's interesting the fact that should your real information ever leak out of this site somehow, it will be forever linked to the fact that you said you give great head.Yeah Hank, but what I lack in secretary skills, I make up for with killer BJ’s.
Yeah, that’s pretty interesting. Yawn
Sick. So let me get this straight. You're a guy, have an English degree, working in a salaried position for an independent planner serving the 55+ crowd in Washington, after having worked for a BD in California, not wanting to cold call or door knock, willing to do seminars, and you like to suck dick? It's interesting the fact that should your real information ever leak out of this site somehow, it will be forever linked to the fact that you said you give great head.[/quote][quote=IndyJosh] Yeah Hank, but what I lack in secretary skills, I make up for with killer BJ’s.
Since you spelled it out so clearly, I think he'd make a wonderful CFP.
[quote=iceco1d]So then Josh, you’re really a…well, um, uh…lets just say, you turn your bar stool upside down before you take a seat? [/quote]
Either that or he pushes the stool further in.
Nah, just messing around, in response to what I thought was Hank messing around with me calling me a secretary.
But I’m increasingly thinking he’s serious, as he’s following me around to every thread just to make secretary jokes…
Do you think he "self-decorates" the walls in his house by farting?[quote=iceco1d]So then Josh, you’re really a…well, um, uh…lets just say, you turn your bar stool upside down before you take a seat? [/quote]
Either that or he pushes the stool further in.
Do you think he "self-decorates" the walls in his house by farting?[/quote][quote=Hank Moody] [quote=iceco1d]So then Josh, you’re really a…well, um, uh…lets just say, you turn your bar stool upside down before you take a seat? [/quote]
Either that or he pushes the stool further in.
He strikes me as more of a felcher than a farter.
Do you think he "self-decorates" the walls in his house by farting?[/quote][quote=Hank Moody] [quote=iceco1d]So then Josh, you’re really a…well, um, uh…lets just say, you turn your bar stool upside down before you take a seat? [/quote]
Either that or he pushes the stool further in.
Cool. Well... Thanks for the warm welcome guys!
Do you think he "self-decorates" the walls in his house by farting?[/quote][quote=snaggletooth][quote=Hank Moody] [quote=iceco1d]So then Josh, you’re really a…well, um, uh…lets just say, you turn your bar stool upside down before you take a seat? [/quote]
Either that or he pushes the stool further in.
Cool. Well... Thanks for the warm welcome guys!
[/quote] You're welcome!
In response to your question, you should take the 7 since there is no benefit to holding the 6 beforehand. This is something you will eventually have to acquire even if you don’t sell anything other than packaged products doable with a 6. You don’t want to have to partially ACAT in accounts because you’re not licensed to hold certain items or ask the client to sell them off at their current location before coming over. Just see the 7 like a band aid that is better to get ripped off early. Same with the 66 as opposed to 63 afterward.
Regarding the lack of door knocking and cold calling, this is not an attitude to have. You can do that in addition to whatever is working for you now. Look for ways to do things rather than ways to get out of what you dislike. That said, I don’t see a problem with the back office to production transition over time.
Thanks Xbanker… especially on the 7 which was something I was definitely on the fence about.
If I was to one day do cold-calling or door knocking, I kind of figured it’d be more for the learning/benefit to me that comes along from it, rather than for the production it’d stimulate. Is that accurate?
Wrong again. How were you hired? Do you have any sales experience?If I was to one day do cold-calling or door knocking, I kind of figured it’d be more for the learning/benefit to me that comes along from it, rather than for the production it’d stimulate. Is that accurate?
Actually I'd say just skip the licenses and slob more cocks, seriously I've seen some BJ queens earn 6 figs easy by just blowing people (more or less) no series 7 or any licenses, just and English degree and sick head skills. Since you're a guy and I assume you've got a dong you know what these geezers want, some of the fatties that blow their way to the top are just a disgrace, good luck, now that you started if you ever stop giving head you'll see a quick decline in employment opportunities and doors will literally slam in your face.Thanks Xbanker… especially on the 7 which was something I was definitely on the fence about.
If I was to one day do cold-calling or door knocking, I kind of figured it’d be more for the learning/benefit to me that comes along from it, rather than for the production it’d stimulate. Is that accurate?
OMG I can’t stop laughing…
That's pure awesomeness, smokescreen.I’m not sure what it is you’d expect to learn in absense of gaining production. While some books like Getting to Yes or Stop Telling, Start Selling are “helpful”, the only thing you really need to know is that whatever you do will be more succesful when done more often and less succesful when done less often. You don’t need to be a rocket scientist to get the basic concepts. Once you have a large enough book you can internally build it rather than prospecting through other means as the majority of your time, although this is definitely not the business to acquire abstract theoretical concepts with no practical application.
I have to ask what aspect of being in a sales role you actually want to do? You should examine your options (continue toward a compliance, assistance, or operations role) and then decide if you really want to enter a sales role. Nothing wrong with either choice; I've just never seen someone succeed in a sales capacity by constantly trying to find a way to get around the actual position with some other method. Either way get the 7 since it will have utility in whatever securities based role you ultimately pursue.Are tea bags also available?
[quote=deekay]OMG I can’t stop laughing…
That's pure awesomeness, smokescreen.[/quote] Glad to brighten your day! The sad thing is that it's actually trueSource URL:https://www.wealthmanagement.com/forums/rookies-trainees/introductioncareer-advice