Why can't I get an interview? Help

[quote=CCrider]

Just curious…I have sent my resume out to everyone (it seems).  I have gotten a call from all of the big guys  (UBS, ML, SB, MS) and have scheduled interviews.  Haven’t gotten a call from any Bank or Credit Union, except for Wachovia and that wasn’t a FA position (Fin Specialist).  Any suggestions on how I can get into the Bank Channel?

I really want to explore all avenues.

Thanks.

Are you serious about asking for an app?  Also, I've heard all about Bank of Am.  Don't think I'm interested in them.

[quote=CCrider]

Just curious…I have sent my resume out to
everyone (it seems).  I have gotten a call from all of the big
guys  (UBS, ML, SB, MS) and have scheduled interviews. 
Haven’t gotten a call from any Bank or Credit Union, except for
Wachovia and that wasn’t a FA position (Fin Specialist).  Any
suggestions on how I can get into the Bank Channel?

I really want to explore all avenues.

Thanks.

I knew I should have added that.

I came from the insurance side.  6 years.  All licensed up. 7,65, L & H.

The atmosphere I am in is not conducive to being an FA.  There is no way I will be able to take my career to where I want to go at an insurance agency (at least mine).

What part of the country are you from?

[quote=CCrider]

Just curious…I have sent my resume out to everyone

(it seems). I have gotten a call from all of the big guys (UBS, ML, SB, MS)

and have scheduled interviews. Haven’t gotten a call from any Bank or

Credit Union, except for Wachovia and that wasn’t a FA position (Fin

Specialist). Any suggestions on how I can get into the Bank Channel?

I really want to explore all avenues.

Thanks.

It’s called being open minded.  Everyone has opinions…I think I’ll form my own. AFTER I talk to everyone.

Don’t forget GunnAllen and Ameriprise while you’re at it.

…and Primerica!!!

The reality is- if you obtain interviews with those 4 firms, you explore your options there. End of story- find the best fit, manager, etc, and sign on the dotted line.

The atmosphere I am in is not conducive to being an FA.  There is no way I will be able to take my career to where I want to go at an insurance agency (at least mine).

I would not be so quick to rule out an insurance agency, but only if you can find the right fit.  If you want to be a FA, insurance is going to often be a big part of the solution and you don't want this going through your grid.

Ex. Life insurance sale that pays $10,000 commission and $2,000 override.  At an insurance agency, you'll make $12,000.  At a wirehouse, only the $10,000 will hit the grid and at 30%, you'll make $3,000.  

A decent producer will also get a payout of 80% of GDC.

[quote=anonymous]

The atmosphere I am in is not conducive to
being an FA.  There is no way I will be able to take my career to
where I want to go at an insurance agency (at least mine).

I would not be so quick to rule out an insurance agency, but only if you can find the right fit.  If you want to be a FA, insurance is going to often be a big part of the solution and you don't want this going through your grid.[/quote]

Some insurance companies have a decent FA platform as well and usually have pretty decent (if expensive) proprietary funds.

I'd stick to insurance, as you will make more money with less aggravation. If I wasn't an RIA I'd be doing insurance.

What’s funny is all I hear is how great the big wirehouse guys are.  Now you are telling me that insurance companies are the place to be.  Whaz up?

CCrider - don’t make a decision until you’ve spoken with Corn County National Bank and Trust, out of Ames Iowa.  I believe I saw a job posting out there for a bank president / teller / financial advisor position.  Must have high school certificate and willing to relocate.

Dont' forget Edward Jones then while youre at it since you want to cover all your basis.  I mean, why would anyone want to go to Merril or SB if they could go to EDJ or Amerprise.  Heck why not look to other areas outside of the financial field also.  Say for example, the 7-11 near you.  Have you considered that?  They may need a manager for the night shift or something.

I'm with Starka.  This makes no sense. 

[quote=CCrider]What’s funny is all I hear is how great the big
wirehouse guys are. Now you are telling me that insurance companies are
the place to be.  Whaz up?[/quote]



Who besides the " big wirehouse guys" is saying how great the wirehouses are?



Insurance is more needed but less wanted than financial advising.

AllREIT,  I been selling insurance for 5 freaking years.   I know it is needed.  Most of the public walks around underinsured.  You are preachin to the choir.

Apprentice, I'll take the job at Corn County.  I hear it's easy.

Indyone, didn't you start at a bank?  Didn't that enable you to become...Indyone.

Starka,  It ain't always about the money. 

Malcom,  fu.

There you go.  End of discussion. 

Yes, CC, it IS always about the money.

If you're any good, that is.

No, it isn't.  You are wrong, period.  It's about quality of life first, money second.  If quality of life is great and money is great.  Perfect.  But, if you only focus on money...lifes ain't so good. 

You seem like a smart guy.  You know I'm right.  But, go ahead...You can't post something that makes other people chuckle and think you are wise.

Riiiighhht.

Remember that when you've been at the bank for five years, netting a cool $60K, and have no idea as to how to prospect or competently craft a porfolio.

Hey chucky,

I've been prospecting for 6 years.  Know how to do it.  Can do it.  It's about quality of life, remember? 

[quote=CCrider]

AllREIT,  I been selling
insurance for 5 freaking years.   I know it is needed. 
Most of the public walks around underinsured.  You are preachin to
the choir.[/quote]

Which Insurance company do you work with? Perhaps a different company/agency would give you a better financial platform?

I honestly wish I could sell insurance, since I don't really know any agents I'm fully comfortable with referring people to.

[quote=CCrider]

Hey chucky,

I’ve been prospecting for 6 years. Know how to do it. Can do it. It’s

about quality of life, remember?

Attitude?  Who's got the attitude?  I asked a simple question and what I get is a bunch of smart a$$ comments.  What's funny is I see some posts are answered in a normal way and others aren't.  The ones that are answered in the normal way are from the same people.  The ones that aren't are from the same people.  You see what I'm saying?  Maybe you are a great advisor and salesperson, but that still doesn't mean that you aren't an a$$.  Eventually your clients (when you are least expected) will find out about you.  Your cover will be blown. 

Didn't say I know everything.  Except I do know how to sell.  What I see in this business is too many people focused on portfolio mgmt, asset allocation, and products and they can't sell didly.  Educated derelicts.  I've been selling intangibles for 19 years.  Made MDRT the first year in the biz.  Did it in 9 months.   Didn't think it was a big deal, because it's not that hard to make it.  Apparently, everyone in my office thought so,  I didn't.

Face it, chucky, you are a salesman first.  Anyone with a license can call themselves an advisor.

Oh yeah, chucky, I am ready for the big leagues.  You my want to check your spelling.

By the way, AllREIT.  I'm with Mass Mutual.

[quote=CCrider]

Attitude?  Who’s got the attitude?  I asked a simple question and what I get is a bunch of smart a$$ comments.  What’s funny is I see some posts are answered in a normal way and others aren’t.  The ones that are answered in the normal way are from the same people.  The ones that aren’t are from the same people.  You see what I’m saying?  Maybe you are a great advisor and salesperson, but that still doesn’t mean that you aren’t an a$$.  Eventually your clients (when you are least expected) will find out about you.  Your cover will be blown. 

Didn't say I know everything.  Except I do know how to sell.  What I see in this business is too many people focused on portfolio mgmt, asset allocation, and products and they can't sell didly.  Educated derelicts.  I've been selling intangibles for 19 years.  Made MDRT the first year in the biz.  Did it in 9 months.   Didn't think it was a big deal, because it's not that hard to make it.  Apparently, everyone in my office thought so,  I didn't.

Face it, chucky, you are a salesman first.  Anyone with a license can call themselves an advisor.

Oh yeah, chucky, I am ready for the big leagues.  You my want to check your spelling.

By the way, AllREIT.  I'm with Mass Mutual.

[quote=apprentice]CCrider - don’t make a decision until you’ve spoken with Corn County National Bank and Trust, out of Ames Iowa.  I believe I saw a job posting out there for a bank president / teller / financial advisor position.  Must have high school certificate and willing to relocate.[/quote]

ROFL OK CC I see how some of the boys were giving you the business.

[quote=joedabrkr]

[quote=CCrider]

Attitude?  Who’s got the
attitude?  I asked a simple question and what I get is a bunch of
smart a$$ comments.  What’s funny is I see some posts are answered
in a normal way and others aren’t.  The ones that are answered in
the normal way are from the same people.  The ones that aren’t are
from the same people.  You see what I’m saying?  Maybe you
are a great advisor and salesperson, but that still doesn’t mean
that you aren’t an a$$.  Eventually your clients (when you are
least expected) will find out about you.  Your cover will be
blown. 

Didn't say I know everything.  Except I do know how to sell.  What I see in this business is too many people focused on portfolio mgmt, asset allocation, and products and they can't sell didly.  Educated derelicts.  I've been selling intangibles for 19 years.  Made MDRT the first year in the biz.  Did it in 9 months.   Didn't think it was a big deal, because it's not that hard to make it.  Apparently, everyone in my office thought so,  I didn't.

Face it, chucky, you are a salesman first.  Anyone with a license can call themselves an advisor.

Oh yeah, chucky, I am ready for the big leagues.  You my want to check your spelling.

By the way, AllREIT.  I'm with Mass Mutual.

There you go.  Now that's helpful. 

Thanks guys.

CCrider,

I'm not trying to be critical, but something about your post doesn't add up to me.  You made MDRT in your first 9 months of the business.  This means that either you stopped improving or you are now producing at a level of at least Court of the Table. 

I'll give you the benefit of the doubt and assume that it is the latter.  This would put your first year commissions at a minimum of $245,000.  At least half of that would be insurance sales.  How much income does this generate at an insurance company?  How much income does this generate in a wire house?

Insurance Company:
$122,500 of insurance commissions would give you $122,500.   You have to be getting bonuses/overrides on that business of at least 30% giving you total 1st year insurance commission of $159,250.

$122,500 of investment business income would come on a payout of I'm guessing 70% which would make your GDC= $175,000

Wirehouse:
$122,500 of insurance commissions going through the grid at 35% would generate $42,875 of income.

$175,000 of GDC going through the grid would give you an income of $62,150.

At a wirehouse, this level of production would give you an income of $105,000.  At an insurance company, your first year income on this business would be about $283,000.   Additionally, your insurance renewals will be about 3x higher at an insurance company than they would be at the wirehouse. 

Ok, what the hell's my point?  If you are a decent producer, you'd be a fool to go to a wirehouse.  If you have not become a good producer, it means that you haven't improved much and a change in environment isn't going to do it for you.

At the very least, if you have a strong insurance background, you can't go to a place that forces you to put insurance business through the grid.  

[quote=CCrider]

Attitude? Who’s got the attitude? I asked a simple

question and what I get is a bunch of smart a$$ comments. What’s funny

is I see some posts are answered in a normal way and others aren’t. The

ones that are answered in the normal way are from the same people. The

ones that aren’t are from the same people. You see what I’m saying?

Maybe you are a great advisor and salesperson, but that still doesn’t

mean that you aren’t an a$$. Eventually your clients (when you are least

expected) will find out about you. Your cover will be blown.

Didn’t say I know everything. Except I do know how to sell. What I see

in this business is too many people focused on portfolio mgmt, asset

allocation, and products and they can’t sell didly. Educated derelicts.

I’ve been selling intangibles for 19 years. Made MDRT the first year in the

biz. Did it in 9 months.   Didn’t think it was a big deal, because it’s not

that hard to make it. Apparently, everyone in my office thought so, I

didn’t.

Face it, chucky, you are a salesman first. Anyone with a license can call

themselves an advisor.

Oh yeah, chucky, I am ready for the big leagues. You my want to

check your spelling.

By the way, AllREIT. I’m with Mass Mutual.

I figured that’s all you had left.

[quote=CCrider]I figured that’s all you had left.[/quote]



Back to seriousness. Find an insurance company with a better FA
platform, or else leverage your mad insurance skillz to get job working
at at indy B/D.



Working at a wirehouse isn’t worth the aggravation and lowwer payouts over what you are used to.

I figured that’s all you had left.

[quote=Starka]

Riiiighhht.

Remember that when you’ve been at the bank for five years, netting a cool $60K, and have no idea as to how to prospect or competently craft a porfolio.

bankrep, did you start at a bank?



I’m not denigrating you efforts, or contesting the fact that you’re making a

good living at a bank. The original gist of this thread was that the original

poster had interviews with major wires, arguably the best starting ground

for learning the craft, and was disappointed that the banks were not lining

up for a copy of his resume. (Could it be that banks would rather let

someone else give the top flight training, then cull their people from these

ranks and save themselves the expense of training rookies?)

ALLREIT, you mentioned that the poster should find another insurance company with a better FA platform. I just started with Northwestern Mutual and am hoping to transition as well. In your opinion, does NW have a decent platform?

The way to be successful at Northwestern Mutual is to sell tons of term insurance to quality people and then convert it over time.  You should be putting an absolute minimum of $50,000,000 of death benefit on the books.  $100,000,000 is probably closer to where you should be. 

The problem is that they don't accept brokered business which means if you leave after establishing yourself, you'll be leaving hundreds of thousands of easy future sales on the table.

My point is that Northwestern is a great place if you plan on working there forever.  Otherwise, the sooner you leave, the better off that you will be.

[quote=trisyn]ALLREIT, you mentioned that the poster should find
another insurance company with a better FA platform. I just started
with Northwestern Mutual and am hoping to transition as well. In your
opinion, does NW have a decent platform?[/quote]



I wouldn’t know. I’m an RIA these days which means I directly manage money for people, I am the platform.



Eitherway Insurance can be a great area, since there is more need for it, although less demand for it.

[quote=Starka] bankrep, did you start at a bank?



I’m not denigrating you efforts, or contesting the fact that you’re making a

good living at a bank. The original gist of this thread was that the original

poster had interviews with major wires, arguably the best starting ground

for learning the craft, and was disappointed that the banks were not lining

up for a copy of his resume. (Could it be that banks would rather let

someone else give the top flight training, then cull their people from these

ranks and save themselves the expense of training rookies?)





I do not agree that the wores are the best place to start. I think working closely under an independent is the most ideal environment. Now if the wores have a mentor program then maybe, but I have had friends go through UBS, Smith Barney, and a few regionals all with 0 practical knowledge taught. They all failed. I was mentored by an established producer, a friend within the bank environment, I later moved to a credit union. [/quote]

[quote=bankrep1] [quote=Starka] bankrep, did you start at a bank?

I'm not denigrating you efforts, or contesting the fact that you're making a
good living at a bank. The original gist of this thread was that the original
poster had interviews with major wires, arguably the best starting ground
for learning the craft, and was disappointed that the banks were not lining
up for a copy of his resume. (Could it be that banks would rather let
someone else give the top flight training, then cull their people from these
ranks and save themselves the expense of training rookies?)


I do not agree that the wores are the best place to start. I think working closely under an independent is the most ideal environment. Now if the wores have a mentor program then maybe, but I have had friends go through UBS, Smith Barney, and a few regionals all with 0 practical knowledge taught. They all failed. I was mentored by an established producer, a friend within the bank environment, I later moved to a credit union. [/quote] [/quote]

I know at my bank they want wire people ..good sales training and good product knowledge .. I have learned the bank like being Indy is the place you want to be after you have learned the ropes.. Just my experience...

[quote=CCrider]

AllREIT,  I been selling insurance for 5 freaking years.   I know it is needed.  Most of the public walks around underinsured.  You are preachin to the choir.

Apprentice, I'll take the job at Corn County.  I hear it's easy.

Indyone, didn't you start at a bank?  Didn't that enable you to become...Indyone.

Starka,  It ain't always about the money. 

Malcom,  fu.

There you go.  End of discussion. 

[/quote]

I think you have all been extra tough on this guy or gal.

Maybe they KNOW they are not good at prospecting and want to start out at the bank.  No problem there.  There are plenty of happy bank brokers on this site.