Bank or insurance company?

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Aug 26, 2005 10:01 pm

 would appreciate any suggestions that you can provide.

I am currently working with a bank in their loan center. Although it is a steady salaried job, I am interested in the challenges that moving into Financial Planning presents. I have S.6 & 63, along with a health license. I could start working with the Insurance Company in which I was sponsored from, but I need to have at least 6 cases to get appointed a position. I have been trying to sell financial products in the warm market with very little success; I have only 3 cases so far. I was told by my sponsor that the deadline for me getting appointed a position is coming soon. It was also suggested that I quit my job to concentrate on my prospecting. All I can do right now is bringing my leads to a senior rep since I am not comfortable with the clients. I don’t mind the opportunity to learn the sales process and share my commissions with a senior rep, but it has been really hard finding potential clients and getting an appointment made.

The decision I need to make has me really stressed right now. I don’t know if I should search for a new company that has different deadlines or a longer learning period. Maybe I should not be in this field since I do not have a large warm market to work with.

If the deadline passes and I do not get a position with this current Insurance Company that sponsored me, how would this apply to my licenses? Will I need to retake the tests and get licensed again if I try to work for Insurance Company sometime in the near future?

Has anyone gone through Wells Fargo-Advanced Personal Banker? ?IPath=SQ&job_did=JQ2SX6GF842BPBC1M7&dv=dv&jrdid =&lpage=37&strcrit=QID%3dA6652245158535%3bst%3da%3bu se%3dALL%3bCTY%3dlos+angeles%3bSID%3dCA%3bCID%3dUS%3bENR%3dN O%3bDTP%3dDR3%3bYDI%3dYES%3bIND%3dALL%3bPDQ%3dAll%3bJN%3dJN0 38%3bPAYL%3d0%3bPAYH%3dgt120%3bPOY%3dNO%3bETD%3dALL%3bRE%3dA LL%3bMGT%3dDC%3bSUP%3dDC%3bFRE%3d30%3bCHL%3dal%3bQS%3dsid_un known%3bSS%3dNO%3bTITL%3d0%3bJQT%3dRAD&sfascc=&CiBoo kMark=1&jobcount=914&sname=

Thank you for your time!

Aug 27, 2005 12:24 am

I can help you with some advice on moving from a steady paying job (bank) to another job filled with uncertainty (brokerage). I moved from a bank job to an FC position at a major wirehouse 13 years ago. The two jobs were like night and day, pay-wise. You're not just making a career change, you're also making a lifestyle change.

Do yourself a favor (I mean this seriously), eliminate as much personal debt as you can, before taking a commissioned job (Brokerage or Insurance).

Be prepared to be declined for loans and credit cards for, at least, two years. Banks and reputable credit card companies will not extend credit to someone on commission, unless they can provide 2 years worth of tax returns, showing they can produce liveable, commissioned income. (Of course, you could lie about your income on the credit card application form, but I wouldn't recommend it.)

A commissioned job is not a 9 to 5 job. You'll work nights and weekends or you won't make it.

I would HIGHLY recommend that you work fundraising for a charity or local chamber of commerce, before you change careers. By fundraising, I mean using telephones and face-to-face meetings to generate funds for the organization. Set fundraising goals for yourself and hold yourself to these goals! (For example: if you don't meet these goals, you don't eat for 24 hours.) This is the closest to experiencing what it's like to be a broker/insurance salesperson, that I can think of. If you're lousy at raising funds for charity or the chamber of commerce, don't become a broker or go into insurance sales!

Develop a marketing plan. If your plan can fit on a single piece of paper, you will fail. Your plan should include demographics for your area (go to the library for some good sources). How do you plan to market to these groups with little or no money to spend on marketing? Where are they located? Etc, etc. (In fact, a fundraising marketing plan for a charity and a brokerage/insurance job are practically interchangeable!)

After you develop your marketing plan, join those civic organizations that would give you the most impact. Network, network!!

I would recommend that you follow these recommendations for, at least, 6 months prior to changing careers. I can assure you that if you interview for a job and you have a detailed marketing plan, sit on the board(s) of any civic organization(s), have little personal debt, and are experienced with fundraising, you will have the full attention of the employer. And once you're hired, since you've done these preparatory things, not only will your job transition be smooth, but you will be far ahead of any of the other trainees.

Aug 29, 2005 6:43 pm

Thank you very much!