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Feb 26, 2009 2:11 pm

I am currently with an Investment firm and would like some words of advice. I seem to have gotton a little in over my head. I could blame it on inexperience or the market or whatever. But, the fact remains that I entered the business to try and make a difference in my community and help individuals that do not know were to turn for true honest advice and not just a sales pitch. If I were to start over what suggestions could the members of this forum provide. Were I’m at now is a good company and I belileve in there method, but I need to do this at my speed and not have the fear of being let go hanging over my head for not meeting the numbers. I am sure that if I leave this company, I will not be able to transfer my license. So, what should and could I do to make this work. Thank you all in advance for your inputs.

Feb 26, 2009 2:39 pm

You are always able to xfer your license(or do you mean you have to pay a fee if you leave…my guess EDJ “make a difference in my community”… dead give away")… Give us some more to work with…

Feb 26, 2009 2:48 pm

Maybe I gave too much information. I would like to start over from the bottom and learn as much as possible as I go. As for the license, I signed a contract preventing me from transfer for several years. By then the license will expire. The only reason I would like to transfer is to make myself more attractive to another employer if I cannot transfer in my firm to a lower level. I feel like I dove into the deep end of a pool without learning to swim first. For some this is not an issue because they have the confidence or abiltiy to bs their way through till they have the experience to produce results. I prefer to have these abilities first then prospect not the other way around.

So, I guess what I am asking is..... For someone wanting to enter the Financial Advisor business, what is the best way to get in on the shallow side of the pool.
Feb 26, 2009 3:10 pm

Bernie, is that you?  C'mon back, your humility obviates a world of transgression.  I could use a cold caller.

Feb 26, 2009 3:34 pm

This dude weirds me out.

  end of story
Feb 26, 2009 3:58 pm

There is no shallow end… Jump in, either learn to swim or drown and do something else…

Feb 26, 2009 4:17 pm

Thanks squash! I put off taking the CPA exams for this opportunity and I am beginng to think I am a more behind the scenes type of guy. I was offered a chance and I really appreciate it and do not regret it. But I am begining to feel overwhelmed. For those of you that are successful, my hat's off to you. If it was an easy profession everyone would do it. So, I guess it's back to the pencil pushing haha! I think I would make a better analyst, but I live in the middle of no where and love it. So I don't see that as a possibility.

Feb 26, 2009 4:42 pm

You are SO with Edward Jones!  It all comes together “truly help people”, “middle of no where”, “good company”,  “signed contract for three years”,  “fear of being let go”.  Do not fear little camper.  You have a non-compete, not a non-transfer your license.  I bet you can transfer your license and do back office work or be a sales assistant or something.  Without knowing where you are and what’s in your area it’s hard to tell you what to do.  Every place is tightening their belts it might be hard to get hired on right now some place else.

Feb 26, 2009 4:59 pm

do not fear little camper!! thats great. I love these forums. I have read many but this is the first time I have posted. Thanks for all the great feedback and comments (sorry to wierd you out underminded). I think I have learned more from you guys on these forums then anywhere. I was just curious because someone said I would not have to pay back “training fees” as long as I did not transfer my license nor solicate accts. Since I am so new and barely have 500k, I think I would be ok with leaving them. But I do plan to suggest an FA in the area with EJ that I really trust for these clients to talk too.

Feb 26, 2009 5:25 pm

Good news JAXSON! Jones is hanging on to the low fruit! You don’t have to worry about being let go! Hang in there! Knock on some doors, beat the bushes! This is a great time to be in this business and a great time to be at Edward jones.

Feb 26, 2009 6:22 pm

That’s exactly what I am “low fruit”. I think I wasn’t being honest with myself when I thouht I could go out everyday and door knock. Which is the building blocks for a successful office at EJ unless you already know a couple thousand people. I have networking groups that could provide good leads, but I can’t keep up with just that. I probably should have started at a bank or one of the indies to learn the business first then made a decision later down the road.

Feb 26, 2009 6:27 pm

Take a long weekend, figure out how you want to run your business and then ‘start over’ on Monday.
If you don’t want to doorknock, then don’t do it. Devote your time to your networking groups. Maybe it works, maybe it doesn’t.
Point is, you can always reinvent yourself.

Feb 28, 2009 9:19 pm

Thanks squash! I put off taking the CPA exams for this opportunity and I am beginng to think I am a more behind the scenes type of guy. I was offered a chance and I really appreciate it and do not regret it. But I am begining to feel overwhelmed. For those of you that are successful, my hat’s off to you. If it was an easy profession everyone would do it. So, I guess it’s back to the pencil pushing haha! I think I would make a better analyst, but I live in the middle of no where and love it. So I don’t see that as a possibility.

I did the same thing as you, it seems. I have an accounting background and had just sat for one part of my CPA exam and then was offered an opportunity to join a group of reps. It was more money than public accounting, so I told myself, what the hell, and I never looked back. Now I am an OSJ and have my own division. So moral of the story, is just buckle down, make a plan, make goals, stick to them, don't let anything get in your way, and you will do GREAT!

Good luck!
May 11, 2009 10:39 pm

Thanks for the advice and constructive criticism from everyone on this forum. I have qualified for PDP, but decided EJ was not the right firm for me. I have a great plan and a list of indies to prospect the next couple weeks. Hopefully I can start again with one and earn the opportunity to work with someone as opposed to by myself at home. EJ's model fits many, just not me.

May 12, 2009 9:50 am

J - before you go off looking for someone to work with ask yourself this question - Why should someone else hire you?  What do you bring to the table that they can't do themselves?  If I'm the big broker looking to hire someone I want him to do a couple of things. One of them being to handle the small stuff that I don't have time to work with.  Small accounts, annoying customers, endless paperwork, etc.  The other is to go out and beat the bushes to find prospects for me.  That means that I'm getting someone else to do my dirty work.  If that's what you think will benefit you, knock yourself out. 

Good luck whichever way you decide to go. 
May 12, 2009 9:58 am

Good Luck Jaxson!

May 12, 2009 7:22 pm

OK - it could be true.  When I read his posts I interpret that he’s trying to find someone to work under, not along side with a OSJ relationship.  He wants to go work WITH someone who can show him the ropes, let him get his feet wet, and all the other fancy catch phrases.  If the purpose of going to the indy shops is simply to look for someone to be his OSJ, then he’s screwed.  He’ll still be fighting the same battle - prospecting.  He might as well stay at Jones.  At least we’ll pay him a salary while he learns the ropes.  And if he did a GKN with Jones he’d get the assets, office, and salary while he’s at it.  I’m beginning to think Jaxson may be better off staying at Jones and just learning to prospect. 

May 12, 2009 9:38 pm

Prospecting was not the problem. I enjoy meeting new people and finding a way to help them. I am not going to stand at their front door and tell them I will do something unless I know I can and I did not get that conviction in my situation. Actually, I had an arrangemnet with a CPA (previous employer) with enough potential business to keep me plenty busy but I could not prove (or convince)  him (or myself) I knew what I was talking about.

  At EJ my field trainer left along with some others in my area that I tried to lean on and I spent way too much time training and researching people's concerns myself instead of having a vet "give back" as I was under the impression they did (probably because they were too busy holding on to their own business to mess with a newb). If I am going to do all the work myself then I want to keep all the profits as well. But if someone is willing to take me in I will work HARD for peanuts to sponge experience and knowledge from them. In my particular situation, I felt there was not enough give and too much take.   I am more service driven then sales, but don't mind to do either. My ideal situation would be to join an RIA with a hybrid platform and grow my business while working my ass off for an ole pro.   I did leave and on good terms and thanked my development leader for the opportunity. I will begin classes for my CFP this fall and prospect you indies for anything from junior advisor to sales assoc. to washing windows. I am not to proud to humble myself for the right opportunity.
May 13, 2009 12:35 am

The part nobody likes to admit is this is a sales job first… wouldn’t waste time on your CFP yet…

You need to build a book.. Everyone wants to be service driven.. problem with that is that you can't service what you don't have.    What did you not know or couldn't convince your cpa connection you knew? This job is a learning process, you can't possibly no how to resolve every situtation until you have been through some.
May 13, 2009 7:32 am

My CPA has 12,000 customers during tax time and over 750 year round clients. I think I have a very good potential to build a book from him alone. Working for him in the past and watching some of the elder clients come in clueless with their brokerage statements is why I left accounting for this. He has plainly told me when he feels I can handle his clients, he will refer me more business then I can handle. He has known me long enough to see monetary rewards do not motivate me.

  Here is a basic example about what I didn't know...   I pitched the advantage of muni bonds to a prospect. He was really interested about them considering the market recently. He said he would like more info. I asked my outgoing (left for RJ) FT about them and how to tell which one was best. He said it did not matter because if EJ had it in inventory it was the best. That answer is not good enough for me. So I asked a newb a little further along then myself and he said he just rolls thru the screen and picks the one with the highest commision. The commision is my last concern when chosing the right investment. I called my RL and explained my delima and he said I was thinking to much and just go sell something. I understand this is a sales job and I don't have an issue with that. If I believe it is in the clients best interest. I can sell all day. But if it is my business, my prospects, my relationships then it will be done my way.   CFP is one way to gain what I need. After that i will concentrate on a CFA. Not because I want to brag but because it is the only way I know to get what I feel I need.