Is this firm right for me?
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I've been with a broker/dealer (World Group Securities aka World Financial Group) for almost 2 years now. I'm getting ready to move to move to Austin, Texas from California and am not sure I should stay with them or not.
Some of the good things are: they have a good way of helping people, they serve a clientele that is way underserved, access to lots of good product providers, and good system for building residual and passive income, great support from a fortune 100 company in Aegon, Nascar sponsor, no boss telling me what to do or when to go on vacation.
Some of the bad things are: building the passive income means having to recruit people, not the best name id, bad representation from unqualified people in the past, required to recruit people in order to get a higher payout level.
My background is not in financial services, but I have worked with a PCS firm in the past, not as a FA though. However, I do have all the skills necessary to succeed; knowledgable, good communicator, well dressed, and a drive to be successful.
Basically, I'm looking to be really successful as a FA and want to make a lot of money and help lots people. I don't really know anyone in Austin, so it's important to me to be positioned with the right company. Is World Group Securities a broker/dealer that will help me do that, or am I better off with another firm, or just starting out all by my self?
Honestly, it’s not nearly as much as what the average in these forums is. Below 35k. But I was only doing this part-time and working more than 50 hours a week at my other job, which really got in my way of being successful as a FA. Looking to go full time working only as a FA within 5 months though.
From what I’ve seen with World Financial Group is that in order for you
to make any decent money you have to heavily rely on recruiting
others. It seems like a pyramid scheme to me. One of my
friend’s father works for them. He’s been with them for a few
years now. The reason I think it’s a pyramid is because he
emphasized solely on getting more people under you to make the most
money and he showed me how close to the top he was. He never
talked about financial planning when I brought it up. What
licenses do you have? Most of their employees just have their
Life and Health in my experiences. A few once, they have been
around a while, have gone on to get series 6 and other licenses.
My experience hasn’t left me impressed with them, if you are serious
about this career I’d go elsewhere.
If you are serious about becoming successful this is NOT the firm with which you should associate. This is especially true if you want to make money for your clients as well as yourself.
[quote=bizbuilder]
I’ve been with a broker/dealer (World Group Securities aka World Financial Group) for almost 2 years now. I’m getting ready to move to move to Austin, Texas from California and am not sure I should stay with them or not.
Some of the good things are: they have a good way of helping people, they serve a clientele that is way underserved, access to lots of good product providers, and good system for building residual and passive income, great support from a fortune 100 company in Aegon, Nascar sponsor, no boss telling me what to do or when to go on vacation.
Some of the bad things are: building the passive income means having to recruit people, not the best name id, bad representation from unqualified people in the past, required to recruit people in order to get a higher payout level.
My background is not in financial services, but I have worked with a PCS firm in the past, not as a FA though. However, I do have all the skills necessary to succeed; knowledgable, good communicator, well dressed, and a drive to be successful.
Basically, I'm looking to be really successful as a FA and want to make a lot of money and help lots people. I don't really know anyone in Austin, so it's important to me to be positioned with the right company. Is World Group Securities a broker/dealer that will help me do that, or am I better off with another firm, or just starting out all by my self?
[/quote]Just some comments:
You say the firm has a "Bad reputation from unqualified people". Run. Don't walk. Run.
You say "Underserved clientele", I hear "Unprofitable clients that nobody else wants". No wonder your production is so low.
If you're hinging your success on being able to recruit other FAs, then you should be a broker recruiter for a major firm. You can work with more mainstream firms and you'll make a LOT more money. Of course, you don't want to be a recruiter. You say that you want to be "Really successful as an FA". If that's the case, then why are you with a firm that values recruiting over production?
Suggest that you at least interview with a few high-end brokerages. The more you know about your alternatives, the better off you'll be.
Full disclosure: I'm a recruiter, and WGS is NOT a client. Therefore, my advice may be considered biased. It should be taken in context. However, I am NOT trying to sell you anything because I don't represent unlicensed brokers in Austin.
Good luck and please let us know how you land.
Okay, so I get that you guys don’t think this is a firm that will help me make a lot of money and is good for my clients. What then is a good firm to start out at. I’m pretty educated in all areas. Have a good list of recommendations from very successful people. Who would be good to start with, besides Edward Jones? From what I’ve seen they don’t bring anything to the table.
[quote=Indyone]You might try someone like AG Edwards.[/quote]
Why Edwards instead of, say, Merrill?
[quote=bizbuilder]Okay, so I get that you guys don’t think this is a firm that will help me make a lot of money and is good for my clients. What then is a good firm to start out at. I’m pretty educated in all areas. Have a good list of recommendations from very successful people. Who would be good to start with, besides Edward Jones? From what I’ve seen they don’t bring anything to the table. [/quote]
If you already have your Series 7, then contact an independent
recruiter (like me) who can help you find the best fit for your
skillset.
Otherwise, go to the Registered Rep homepage. Select “Special Reports”.
There is a list of major firms under the “Brokerage Scorecard” special report.
Do some research on each one. Apply to all of them that interest you. Apply directly if you have to, but it’s much better to find somebody who knows the local branch manager and can arrange an introduction.
If you get offers from multiple firms, then use the quality of their branch manager as a tie breaker. (A good relationship with your BOM can make you or break you).
See above disclaimer.
Good luck!
[quote=bizbuilder]Okay, so I get that you guys don’t think this is a firm that will help me make a lot of money and is good for my clients. What then is a good firm to start out at. I’m pretty educated in all areas. Have a good list of recommendations from very successful people. Who would be good to start with, besides Edward Jones? From what I’ve seen they don’t bring anything to the table. [/quote]
For all the disdain that some on this board may hold towards EdJones…if Ed Jones is the Chevy of the investment business, WFG is a friggin YUGO!
Their platform is poor, their ethics are questionable at best, and the only people that really make money there are at the top of the pryamid. Nobody on this board will take you seriously if you are affiliated with a clown outfit like that. They are a blight on our industry.
Hey, give a guy a break. I was breaking into the industry and all I could do was work part-time, and they were okay with that. You make the best of each situation, and I have with WFG. But I'm looking to see what else is out there that can provide me more opporuntity and freedom, without the negative strings.
I will agree with you all that many there are not financially savy and most likely can't tell the difference between a large-cap and small-cap mutual fund, but there heart is in the right place. Plus, one of the reasons they appealed to me was because most of the other firms like Merrill or Morgan wouldn't give my mom the time of day if she walked in for some help. Whereas, WFG would. Not all of us (and I'm guesting not everyone on these boards) were born with a silver spoon in our mouth. I'm a middle-class guy and forgetting my roots to only help the richest of the rich leaves me with an uneasy feeling. (And just for the record I did spend 8 months working for a PCS firm doing research on the industry and have a good understanding on who they are targeting and who they aren't. Hint: there targets don't drive a Honda.)
WFG's mission to help the middle-class is noble, even if their execution is rot with problems. Besides what other firms are out there helping the middle-class get out of the mess they've gotten into?
If you someone can answer that question I'll be happy to dust the resume off and take a hard look at them.
[quote=bizbuilder]
Hey, give a guy a break. I was breaking into the industry and all I could do was work part-time, and they were okay with that. You make the best of each situation, and I have with WFG. But I’m looking to see what else is out there that can provide me more opporuntity and freedom, without the negative strings.
I will agree with you all that many there are not financially savy and most likely can't tell the difference between a large-cap and small-cap mutual fund, but there heart is in the right place. Plus, one of the reasons they appealed to me was because most of the other firms like Merrill or Morgan wouldn't give my mom the time of day if she walked in for some help. Whereas, WFG would. Not all of us (and I'm guesting not everyone on these boards) were born with a silver spoon in our mouth. I'm a middle-class guy and forgetting my roots to only help the richest of the rich leaves me with an uneasy feeling. (And just for the record I did spend 8 months working for a PCS firm doing research on the industry and have a good understanding on who they are targeting and who they aren't. Hint: there targets don't drive a Honda.)
WFG's mission to help the middle-class is noble, even if their execution is rot with problems. Besides what other firms are out there helping the middle-class get out of the mess they've gotten into?
If you someone can answer that question I'll be happy to dust the resume off and take a hard look at them.
[/quote]Dude don't kid yourself there is nothing about their TRUE mission that is noble. There is what they tell you and then there is what they DO. The firm is screwing the folks in the Hondas and meanwhile they are driving Beemers and Mercs and Bentleys. Take a good hard look at reality.
Do you want a break, or do you want the TRUTH!!!
Believe me, I know about the guys that drive the beemers and sell to hondas.
Even if there mission is not rooted in reality, that doesn't mean there isn't a serious problem out there with the middle-class. Just look at the average about boomers have saved up for retirement. The average changes all the time, but it seems to hover around $150K. The new stats say that their is a 75% plus chance that of a married could one will live to be at least 92. That means a person goes from living off an average of maybe $150k a year to having that and social security (what a joke) to live off of for possibily the next 30 years. Just look at the article on the home page of this website for more information on this.
So, back to my orignial question. What other firms are out there to fundamentally address this very serious and financially devestating problem that allow you to make good coin and have a good reputation?