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Jan 20, 2009 8:25 pm

I come from the insurance side selling VA’s, FIA’s and life prods.  I would like to break into the financial sector and have built a large network working as an external wholesaler.  I have the capital to sustain for a year.  I also have the opportunity to work for a family member as long as necessary to sustain financially while finishing the 7 and building a book.  However, I need the sponsorship and was checking into LPL, but they said I’d have to work out a deal w/ a branch mgr.  I was told with LPL you have to be at $125k-GDC to have own branch.  Any other B/D’s or ideas to get me started?  Should have the 66 done within a couple weeks.  I have checked out EJ, ML, RJ and others, but don’t seem to get positive vibes from them.

Jan 20, 2009 9:42 pm

How is it that you sold VA’s without a license? Are you expecting the brokers in your network to open accounts with you or just refer their clients to you?

Jan 20, 2009 9:58 pm

Have the 6 & 63, but current company is laying off wholesalers just as several are. Since you can't park a license like you used to, I am looking to get sponsorship for the 7. Sorry about the confusion.  To clarify the "network" these are personal relationships I have built when I used to work with P&C independent agents.  They are p&c branches only and have opened up the door to work their book of business.  I am "running in place" right now waiting for the door to open.

Jan 20, 2009 10:06 pm

I thought only the worst performing wholesalers got laid off?

Jan 21, 2009 12:43 am

nope I grew my premiums by 158% last year.  Aviva has laid off, hartford( laid off over 100), and several other companies simply because their own portfolios are not performing and why not cut the meat off first…most of the wholesalers are at 150K-300K per year…I think they don’t have the capital to sustain the growth so why not let the book of business work itself out for a while and just take what gravy is fed to them?  Problem w/ our company is that its all unrealized losses right now until they can value the bonds…

Jan 21, 2009 1:03 am

marketingvpman- It’s very hard for folks here to ‘guide’ you when you come to this forum with such a  ‘sideways’ move from the get go.  90% or more of the brokers here started in the series 7 world and will die or retire in that world.
Want to win in retail wealth advising/management? Find a firm (I know many) who will invest a couple of years and heavy duty cash into your training and development, build a $35M+ book MINIMUM, then go looking for an indy opportunity. That’s barely critical mass! But, if you get through that, you have a decent chance of making it. There are some indy platforms that will sponsor or ‘hire’ you but you will be amongst the masses who cannot make the jump. 20+ years of experience talking here. Take it for what it cost… -0-.

Jan 21, 2009 2:09 am

thanks for the advice it is much appreciated.  Next questions obviously would be which firm…I hear negatives about all of them ameriprise, edward jones, wachovia, merrill…etc.  Where would be a good start?  A bank even? I don’t so much care as to the costs.  I can cover this on my own.  I care more about pushing prods I can’t later move or getting the proper training.  I have found that at least an indy can have an unbias opinion on a product without pushing the proprietery crap that firms seems to push hard at first.  Friends from all sectors including wirehouses seem to constantly be complaining about being forced to sell junk? I appreciate your feedback and would love to hear more especially since you have been there and done it! Thanks again.

Jan 21, 2009 2:37 am

I would have said bank atmosphere a couple months ago, but where is there really to go? JPM is the only one I can think and they shuttle those guys around all the time(I think so they can’t build a relationship and jump ship with the assets)… BAC,WFC,C aren’t going to be hiring…

  I would try a regional(but not sure if they have training programs) A Local bank with 10-30 branches might be a good idea if they will pay for your license...   If not do what the rest of did, work at Jones until your book is big enough and jump.. Jones will always be hiring(because that is easier than taking care of struggling brokers)..  
Jan 21, 2009 12:03 pm

(because that is easier than taking care of struggling brokers)…

  Got to love EDJ, they so LOVE their new FA...
Jan 21, 2009 1:31 pm

Doesn’t sound bad…I have had a few laughs since I joined this site.  I am supposed to call Jones today.  They like to use those pressure tactics and timelines during the interview process.  Is there a way to get into a retiring Jones office or an office that already has a few established accounts to build on.  I am open to any location near home since I know what I actually want in the future (going indy).  Thanks all for the laughs and insight.  This has been helpful.  I have read several articles about captives vs. indy’s and seems like the trade off between expenses and payouts have always weighed in the favor of the indy.  At least after you reach a certain amount of AUM.  I am just one who enjoys learning from a mentor that has been there and done it!  Someone who can say this works and this doesn’t.  I see other newbie Jones guys on here and they act as if they are being thrown to the wolves-sink or swim. 

Jan 21, 2009 2:20 pm

Everyone throws people to the wolves… Jones isn’t any different…

  Good luck getting a retiring jones office(home office people pick those off) and established offices go to those who the RL likes..   Start from scratch build it and then decide what you want to do..
Jan 24, 2009 9:48 pm

Do you know if Jones changes the starting salaries based upon previous earnings, licensing or experience?  I only need the 7.  Have everything else.  Or any other thoughts on committing to a firm?  I have found that nearly every company will have some type of bad press through either employees (past and present) or the media.

Jan 25, 2009 1:03 am

No… salaries are based on where you live… you might be able to take over an exisiting office if you good production number and one is available…

Jan 27, 2009 4:37 am

Hi there,

I’m not sure if you have made your decision yet, but you may want to contact an independent recruiter. One website to visit is They are really good at placing reps at broker/dealers that fit them best.

Good luck!