Insurance sales is generally not well-supported at any of the investment-oriented firms.

[quote=FA Prospect]Since insurance is a cornerstone of financial planning and offers very good income potential - can anyone tell me about insurance sales (and payouts) at both firms?[/quote]
Why not ask the firms?  They should give you a direct answer.

[quote=FA Prospect]

I am in the final stages of the hiring process for both SB and EJ. Both companies have much to offer and I hope to be successful at either. 

Since insurance is a cornerstone of financial planning and offers very good income potential - can anyone tell me about insurance sales (and payouts) at both firms?

Does anyone know of the relative chances of success at both firms? I fully expect the salary offer to be higher at SB, but a major part of my decision will be which one offers the best chance to survive and prosper in this industry.

Finally, if SB offers first would I be a fool not to accept? I am not sure what time frame I have to accept an offer, but I submitted my business plan and the BM said that the local branch would be competing with other braches nationally for training slots and that an offer could be on the board this next week. My final interview with EJ is not until later in the week and an offer might take a week to 10 days after that.

Thanks, 

Prospect   

[/quote]

If you get an offer from AG Edwards, Merrill Lynch, Morgan Stanley, UBS, Smith Barney, or Wachovia you accept it instantly.  Regardless of how many other offers you think you might receive.

You are being honored to be given a chance to grab the brass ring from one of the most desirable and effective places to reach for it.

The differences between working for any of those six are essentially non-existent at the retail branch office level.  However, the difference between any one of them and Edward Jones are enormous.

I can't believe that people actually ask what firm they should work for when the choice is:

Major brand name, sophisticated firm that is an industry leader and....

Po dunk, hillbilly firm that would have you believe that managing 3000 $10,000 accounts is the way to go.

C'mon, Smith Barney v.s. Ed Jones?  This is like asking "Would you prefer a Mercedes Benz or a Gremlin?".  It sounds REALLY ignorant.

THE QUESTION was about Insurance.  NONE of the firms listed in this thread encourage the sale of insurance...as exemplified by the payouts.

REAL LIFE Example from SB on LTCI.

$2000 premium for outside sale, street commisisons =65% / $1300$2000 premium at SB = 40% / 800...BUT this $800 is put "on the grid" so you only get @33.25 of the $800...or $266.

Now...do you understand WHY wirehouses sell so little minsurance?  Life insurance commissions are handled the same way!

[quote=NASD Newbie]

If you get an offer from AG Edwards, Merrill Lynch, Morgan Stanley, UBS, Smith Barney, or Wachovia you accept it instantly.  Regardless of how many other offers you think you might receive.

You are being honored to be given a chance to grab the brass ring from one of the most desirable and effective places to reach for it.

The differences between working for any of those six are essentially non-existent at the retail branch office level.  However, the difference between any one of them and Edward Jones are enormous.

[/quote]

Thanks, Newbie. This is advice that I am going to accept. Things are looking so positive at SB...I really do feel very fortunate to be in this position. If SB offers as I expect them to, I am definitely going to accept the position. I will keep you updated, but the latest email from the BM states that my paket with my business plan will be submitted to the region within the next day or two.

[quote=dude]

I can't believe that people actually ask what firm they should work for when the choice is:

Major brand name, sophisticated firm that is an industry leader and....

Po dunk, hillbilly firm that would have you believe that managing 3000 $10,000 accounts is the way to go.

C'mon, Smith Barney v.s. Ed Jones?  This is like asking "Would you prefer a Mercedes Benz or a Gremlin?".  It sounds REALLY ignorant.

[/quote]

Thanks Dude for the input and for putting things in context. It does seem that EJ does has some good things going for it though. Top rankings on this website and has also been very well rated (#1 JD Powers, #1 a few years in a row at SmartMoney- prior to this one) on others as well. I do like the idea of having your own office, and the trips seem to be very nice as well. That being said, I know that EJ is not an Wall Street firm and is no where near as prestigious as SB. If offered, I will accept the position with SB and do my very best to be successful.

Thanks for answering my question, FinclPlngPro. I see what you mean about not encouraging sales of Life Insurance. It just seems that with Life Insurance being such a basic need that it would be "easy pickins" for a new financial advisor to make some bank for himself and the firm.

[quote=FA Prospect]

Thanks for answering my question, FinclPlngPro. I see what you mean about not encouraging sales of Life Insurance. It just seems that with Life Insurance being such a basic need that it would be “easy pickins” for a new financial advisor to make some bank for himself and the firm.