Start of FA Career
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I was in mortgage industry with a large bank, but unfortunately, the bank that I worked for now has a capital Q behind its ticker symbol. I’ve been out of a job for about a year and took many misteps along the way that’s gotten me into a financial jam that is going to take years for me to get out of, but I’m happy to have a job that pays for now. I was inspired by what scrims is doing and I thought I’d use this board as a tool to help me stay focused and disciplined, maybe some words of encouragement from time to time too.
I'm in a training program at EJ and should attain my "can sell" date sometime in the 2nd qtr of next year. I have previous experience in retail banking(inside a branch) and good 3 years experience in b2b sales and account/relationship management, dealing with mostly affluent small business owners(real estate/mortgage brokers/agents, etc). My business plan is, of course, to follow the EJ's path, as it is proven to work, at least for someone that's starting out new like I am. It'll be a tough road ahead, but I think the timing is great and there will be some great opportunities for growth in the next 5-10 years. That being said, I'm to earn $2500 in net comm. in 18 weeks following my can sell date to earn my own branch. Any suggestions on how I should go about it?Follow the ‘recipe,’ but beyond that go back to all your old contacts and let them know what you are doing. You will need to find between 50 and 75k investible to put into mutual funds to get that $2500. So you need to find old 401ks or dead IRAs.
Is this right? EDJ brokers are only expected to do $2500 in 4.5 months? No wonder that firm ranks so high. Everybody thinks that they are knocking the cover off of the ball!
[quote=Hank Moody]Is this right? EDJ brokers are only expected to do $2500 in 4.5 months? No wonder that firm ranks so high. Everybody thinks that they are knocking the cover off of the ball!
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Jones hires people with no experience and no existing network. Low though the standards may appear, from what I’ve seen the first 17 weeks are the toughest and when the attrition rate is the highest.
No offense to the original poster, but there’s something on my mind that I have to ask…
Why does it seem that everyone that posts on here that is a new advisor asking for advice is some guy that has been laid off for XX years, is starting anew and is in boatloads of debt? Is our industry really filled with people who see this career as a last resort and jump in because so-and-so firm is willing to hire people w/no experience? Sometimes I get so frustrated at what the "Financial Advisor" career has become because I know damn well no other job out there has as many, if any, desperate people looking for some way out a jam.[quote=buyandhold]
[quote=Hank Moody]Is this right? EDJ brokers are only expected to do $2500 in 4.5 months? No wonder that firm ranks so high. Everybody thinks that they are knocking the cover off of the ball!
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Jones hires people with no experience and no existing network. Low though the standards may appear, from what I’ve seen the first 17 weeks are the toughest and when the attrition rate is the highest.
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I’ll take your word for it, but I’m just not seeing $600/month in production as a tough standard.
[quote=3rdyrp2]No offense to the original poster, but there’s something on my mind that I have to ask…
Why does it seem that everyone that posts on here that is a new advisor asking for advice is some guy that has been laid off for XX years, is starting anew and is in boatloads of debt? Is our industry really filled with people who see this career as a last resort and jump in because so-and-so firm is willing to hire people w/no experience? Sometimes I get so frustrated at what the "Financial Advisor" career has become because I know damn well no other job out there has as many, if any, desperate people looking for some way out a jam. [/quote]Because everyone that posts on here that is a new advisor asking for advice is some guy that has been laid off for XX years, is starting anew and is in boatloads of debt.
It’s not hard to get to, I got there in my second week. But for other people it took right up until the end. I think the recipe works if the following applies:
1. You are in a far suburb 2. Being in the south helps 3. There aren't 95 jones offices within 5 miles 4. You don't take the "recipe" at face value, One GP commented "that why are we only doorknocking residential? When we opened a new market we sent 50 reps into an office building and when they came out with 25 contacts they got to leave.. Why have we just focused on residential?" I think doorknocking can be a plus, but you also need to cold call and other forms of prospecting.[quote=3rdyrp2]No offense to the original poster, but there’s something on my mind that I have to ask…
Why does it seem that everyone that posts on here that is a new advisor asking for advice is some guy that has been laid off for XX years, is starting anew and is in boatloads of debt? Is our industry really filled with people who see this career as a last resort and jump in because so-and-so firm is willing to hire people w/no experience? Sometimes I get so frustrated at what the "Financial Advisor" career has become because I know damn well no other job out there has as many, if any, desperate people looking for some way out a jam. [/quote] Because they tell us up front that you're not going to make any money for three to five years and you're going to work 60 hours a week and there are no guarantees you are going to make it. So if you are already making six figures somewhere else, why would you come and do this. Or if you have a steady paycheck and a family, it's a big risk to come and do this.Yeah I agree that the $2500 thing is a pretty bs Number… and its actually only $2250! In a GK plan though the net requirement is $8400 AND YOUR SPLITTING YOUR COMMISSIONS WITH THE VET!.. somehow they forgot to mention that when I signed on to do the GK. Oh Well, it all worked out now didn’t it.
ps, we lost 75% of my classmates cuz they couldn't put up $2250 in 17 weeks.And that is the goal to trim down the fat, and it continues after that and the numbers constantly increase(a lot of reps in my old region are now below standard(jones term) because they can’t get the new assets to pay the upfront comission in a down market.)
[quote=iceco1d]My god, if I see one more…
"Hi, I'm an ex-mortgage broker, and now that I'm done doing my best to destroy the global financial system, I've decided to take the next step in my career in becoming a 'financial advisor' - how do you guys recommend I start?" I'm going to puke. [/quote] I'm right there with you man.Heh, you quote yourself. Heh heh, haha...AHAHAHAAHAH!“You can’t cure Stupid” quote by Bspears 07
For many of us it is a (desired) mid-career change. Was making $120+, plan on making the same by the end of year 3.
lowprice,
Assuming you are also coming from the mortgage brokerage field, a little warning. The fish NEVER swim anywhere near the surface of the barrel in this business. In fact, most, if not all the fish you will be expected to shoot will be free-range.
Sometimes the fish aren't even in the same barrel. I swear I'm never going to prospect meth-heads and trailer parks again.lowprice,
Assuming you are also coming from the mortgage brokerage field, a little warning. The fish NEVER swim anywhere near the surface of the barrel in this business. In fact, most, if not all the fish you will be expected to shoot will be free-range.
[quote=iceco1d]My god, if I see one more…
"Hi, I'm an ex-mortgage broker, and now that I'm done doing my best to destroy the global financial system, I've decided to take the next step in my career in becoming a 'financial advisor' - how do you guys recommend I start?" I'm going to puke. [/quote]That sounds a bit high and mighty to me. I am an ex-mortgage person but can honestly say I never sold a loan without FULLY explaining how the ARM works, never sold a Neg Am loan at all and never sold Liar's Loans. No one could have sold them unless Wall Street created the CDO's that Investment Advisors then invested in. We're all guilty and all paying the price.
[quote=iceco1d][quote=GlengarryGlenRoss] [quote=iceco1d]My god, if I see one more…
"Hi, I'm an ex-mortgage broker, and now that I'm done doing my best to destroy the global financial system, I've decided to take the next step in my career in becoming a 'financial advisor' - how do you guys recommend I start?" I'm going to puke. [/quote]That sounds a bit high and mighty to me. I am an ex-mortgage person but can honestly say I never sold a loan without FULLY explaining how the ARM works, never sold a Neg Am loan at all and never sold Liar's Loans. No one could have sold them unless Wall Street created the CDO's that Investment Advisors then invested in. We're all guilty and all paying the price.
[/quote] No, my friend. WE are not all guilty. I, like many here, have never sold a mortgage. WE didn't do it. And most of 'WE' don't HAVE those shit-bag loans either. Besides, I don't recall asking your opinion anyway. In all seriousness. At a time when OUR industry needs more people that actually know wtf they are doing, there is an influx of people coming from an industry (your former industry) that is clearly irresponsible - and more than likely not qualified to advise people on their finances. That's not a judgement about you personally, but a broad generalization. But sorry, I don't really want to see a deluge of mortgage brokers coming to our industry to pull the same irresponsible bullshit they have for the past 10 - 15 years. Sickening. [/quote]
Well the forum is a place to post opinions so that's what I did. While it's true there were/are a number of lesser quality loan officers selling loans they didn't understand or fully explain to clients, I'm sure there are a number of advisors out there currently selling VUL's and other products for the same reason, higher commissions. I'm not sure where you're getting your "past 10-15 years of irresponsible lending" but the point I was trying to make was that no loan officer ever created a mortgage product and sold it without it being created by a bank or other financial institution where eventually it was purchased in the secondary market either by Fannie Mae/Freddie Mac or Wall Street. By me saying WE are all guilty I meant if there wasn't a demand (Wall Street etc) there couldn't have been a sale by the loan officer.
In addition, a major force behind loosening of lending guidelines was the U.S. Government and their creation of the Community Reinvestment Act. To say an entire industry is irresponsible isn't accurate because of the number of other key industries (financial services being a major one) that fed the fire.
I'm not trying to start a silly war of words but I guess I've gotten tired of everyone assuming it was simply the mortgage guys who created the mess we're in. (though yes, I agree we certainly had a role, but no larger a role than several other industries)