Help with job offers! (Insurance vs Investments)

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ElectricSqueak's picture
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Hi everyone,

I'm ElectricSqueak. I'm 20 years old, female, and recently graduated college. I'm new to this forum and to the financial services industry, and have a few questions. Any help would be appreciated!

1) Who the f*** is Windy? Seriously, 75% the threads on this forum seem to involve this guy in some way. I wanna know!!

2) I've received a bunch of offers and have narrowed down my top 2. One is an insurance/"financial planning" company, and the other is a full-service brokerage firm. Can someone tell me the pros and cons of selling for an insurance-based company versus an investment-based company?

Thank you!!

anonymous's picture
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Joined: 2005-09-29

It depends on the specific company.

hotair1's picture
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Joined: 2009-03-12

20 year old recent college graduate? I'm sure you are about to tell us you took college classes in High School.  Windy is your brother I think.

MsBroker's picture
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Joined: 2009-06-02

I hate to defend someone who could very well be a troll, but that is very doable. I have a couple of friends who have done this, with a combination of graduating High School at 17 and taking college courses in high school. At our schools, they have college credit high school classes starting out sophomore year. You can have 25 credits easily before graduation, and that is through nothing supplemental to the high school courses. Add in summer courses during the college years and it's completely doable.

3rdyrp2's picture
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Joined: 2008-11-13

I think if you put yourself on the fast track through college and finished by age 20 you would kinda be throwing that away by entering this industry right now. Its not as much a bash on my profession as much as it is thinking someone like you should be an astronaut or nuclear physicist or something. Some companies don't even require a college degree in this industry.

voltmoie's picture
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Joined: 2008-11-05

Can you please post a picture to prove your age? In my opinion, most investors will not be excited to give a 20 year old female their money - so EDJ will be a tough ride.  You better choose a company that LOVES cold calling so you can sit behind a phone.

Moraen's picture
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Joined: 2009-01-22

Some guy graduated this past June from both high school and college at the same time.

I agree with 3rd - I'd find something you like better than this. You obviously value education, most people in our industry are more worried about the next sale than actually managing clients' portfolios.

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ElectricSqueak wrote:Hi everyone,

I'm ElectricSqueak. I'm 20 years old, female, and recently graduated college. I'm new to this forum and to the financial services industry, and have a few questions. Any help would be appreciated!

1) Who the f*** is Windy? Seriously, 75% the threads on this forum seem to involve this guy in some way. I wanna know!!

2) I've received a bunch of offers and have narrowed down my top 2. One is an insurance/"financial planning" company, and the other is a full-service brokerage firm. Can someone tell me the pros and cons of selling for an insurance-based company versus an investment-based company?

Thank you!!Hello, Windy.

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BioFreeze wrote: ElectricSqueak wrote:Hi everyone, I'm ElectricSqueak. I'm 20 years old, female, and recently graduated college. I'm new to this forum and to the financial services industry, and have a few questions. Any help would be appreciated! 1) Who the f*** is Windy? Seriously, 75% the threads on this forum seem to involve this guy in some way. I wanna know!! 2) I've received a bunch of offers and have narrowed down my top 2. One is an insurance/"financial planning" company, and the other is a full-service brokerage firm. Can someone tell me the pros and cons of selling for an insurance-based company versus an investment-based company? Thank you!!Hello, Windy.
 
Seriously, a 20 year old girl using the term "full-service brokerage firm"?  Squeaky, can you explain to me the difference between a full-service brokerage firm and a brokerage firm that is not considered "full-service"? 

ElectricSqueak's picture
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Joined: 2009-07-17

Whoa, most of you people are useless. I really should've just skipped the intro about my age and just asked the damn question.

anonymous- That was almost helpful. Thank you.

hotair1 - Yes, I did take classes in high school.

MsBroker- That's pretty much how it happened, thanks for clarifying that for people. =) Also, what about my post indicates that I might be a troll? I asked a legit question, it's not like I posted a picture of a c*** or something. 8===D~~ There. Now I'm a troll. Someone ban me before I can continue to desecrate the forums.

voltmoie- Trust me when I say that posting a pic would further distract the jerkoffs on this forum from answering my question. You make a good point about the cold-calling, though. Thank you. =)

Moraen- I've already considered other career paths. I almost became a doctor, until I decided I didn't want to be in school until I was 30. It's a long story, but I have thought this through.

BioFreeze- Yes, it's me, Windy! In my spare time, I enjoy pretending to be a 20 year old female on the internet. It's how I get my sick kicks. Let's have cyber sex.

3rdyrp2- Why is that weird? A full-service brokerage firm provides investment advice and information to the client whereas a discount firm will only perform transactions.

Please disregard the part about my age and/or gender unless it somehow relates to a legitimate answer to the question.

anonymous's picture
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Joined: 2005-09-29

Electric Squeak,
 
Because you are young and new in the industry, you don't know what relates and doesn't relate to your question.  Your age and gender is of importance to answering the question.  My response was very helpful.  You just don't know it.   You can't get a good answer without people knowing the firms involved.

SometimesNowhere's picture
Joined: 2008-12-22

How does someone new to the boards know what a troll is? Just wondering...

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ElectricSqueak wrote:Whoa, most of you people are useless. I really should've just skipped the intro about my age and just asked the damn question. Please disregard the part about my age and/or gender unless it somehow relates to a legitimate answer to the question.
 
Trust me honey, your age is 100% critical to whether or not you should not only be in THIS industry, but what company you should work for in this industry.  If you want it right between the eyes, your best bet would be to work for TD Ameritrade as a back office person where you will only deal with clients (ahem, customers) over the phone so they don't see how green you are to the world.  Come back in 6 years when you've started to grow some leg hair and then we'll talk about dealing face to face with clients.

voltmoie's picture
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Joined: 2008-11-05

Windy has a sister!

I'm calling BS until we see a picture. Just PM me your facebook link and I'll vouch for you.

Way too sassy for a newbie with no life experince. I'm in love.

ElectricSqueak's picture
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anonymous- Your first response was fine, it just didn't tell me anything new. I should probably elaborate on the firms. The brokerage firm is Hennion and Walsh. They are a smaller firm and specialize in tax-free municipal bonds. They have an 18-month paid training program and have you do a lot of cold calling in the beginning. You don't actually meet with clients until your third year. The insurance company is International Planning Alliance, which is a general agency of Guardian. They're very selective about who they hire and have a low attrition rate for the industry (40%). They don't cold call. Most of the business is done through networking and face-to-face meeting.

3rdyrp2- I understand my age and gender are important, but most people were just like "wtf you graduated at 20" and didn't actually acknowledge the question. Thank you for your answer!

hotair1's picture
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Liar

3rdyrp2's picture
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ElectricSqueak wrote:The insurance company is International Planning Alliance, which is a general agency of Guardian. They're very selective about who they hire and have a low attrition rate for the industry (40%). They don't cold call. Most of the business is done through networking and face-to-face meeting.
 
Tell me this, as a 20 year old are you prepared to tell a 43 year old man making half a million dollars per year that he needs an extra $3,000,000 of life insurance?

ElectricSqueak's picture
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3rdyrp2- They wouldn't let me do that. IPA starts you out with younger people making entry-level salaries. You don't meet with high net worth individuals until you are more experienced. If I were to meet with someone like that, it wouldn't be without the supervision of a senior adviser.

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What you need now is sales experience.  I don't know anything about Hennion and Walsh, but you can get great experience at Guardian.
However, you do have some misconceptions about them.    You will do some cold calling or whatever is necessary to fill your calendar.   They would prefer that you cold call than not have an appointment. 
 
You'll meet with high net worth individuals as soon as you have the ability to set an appointment with them.
 
IPA won't start you out with anybody.  You will have to do the work.  Set lots of appointments and do everything jointly and a 20 year old can make some nice coin in her first year.
 
 

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voltmoie wrote:Windy has a sister! I'm calling BS until we see a picture. Just PM me your facebook link and I'll vouch for you.

You my friend are an expert at cyber flirting. What a way to cover it up. Seeing this woman's picture will do nothing, except give you a boner or nightmares.
 
Next thing we know, Squeak will be calling harrassment because volt is trying to meet her an Jose's Inn and Auto Repair for a midnight rendezvous!

Moraen's picture
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Joined: 2009-01-22

My guess is Squeak is hot. Cybersex comment was great, btw.

Good luck Squeak! I think you'll do just fine.

Hey Kool-Aid's picture
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Windy is back!!!  I just don't know which one he/she is???????? 

Moraen's picture
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I hope it's not Windy. I don't think it is. After his almost suicide blog, I can't believe he'd want to come back.

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ElectricSqueak wrote:3rdyrp2- They wouldn't let me do that. IPA starts you out with younger people making entry-level salaries. You don't meet with high net worth individuals until you are more experienced. If I were to meet with someone like that, it wouldn't be without the supervision of a senior adviser.
 
Anonymous is right, they won't "start you out with" younger people.  You'll have to set the meetings yourself, but if you can get good on the phone you should be fine.  You won't make much starting out just because insurance costs next to nothing for people age 22-28.  Another thing is that younger people that just graduated and have entry-level salaries will be the toughest to convince that they need insurance.  Try telling a 24 year old single male with no mortgage that he needs to spend $85 per month on disability insurance!  It won't be easy but younger people can usually connect better with younger people I guess.

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voltmoie wrote:Windy has a sister! I'm calling BS until we see a picture. Just PM me your facebook link and I'll vouch for you. Way too sassy for a newbie with no life experince. I'm in love.
 
Volt just how old are you? No wife at home? I haven't seen a female poster come across this site yet that you weren't willing to leg hump.

ElectricSqueak's picture
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anonymous & 3rdyrp2- Thanks a lot for your advice. I know they won't "start me out" with clients as in hand them to me, I just meant that's who they want us to target. I should've worded that better, my bad. I realize I'm going to have to work my ass off in the beginning with either job; I just gotta figure out where I'd have more success.

voltmoie- You seem cool. I'd send a facebook link and let you vouch for me, but I'm afraid you'll start posting my suicide blogs for everyone to read. Apparently that's an issue here.

Moraen- Thanks dude! =)

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LMAO, the cover is blown!

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As much as I'd like to believe this is Windy there's no way he'd only be at 5 posts in 10 days. Didn't he take MJ to 85 posts in like a week?
 
Although mighty clever of him if he were to come back and begin a bromance with Volt.

ElectricSqueak's picture
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Ha, I think this might be my new favorite place on the internet.

fa09's picture
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I stand corrected.

voltmoie's picture
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Ronnie Dobbs wrote:voltmoie wrote:Windy has a sister! I'm calling BS until we see a picture. Just PM me your facebook link and I'll vouch for you.

You my friend are an expert at cyber flirting. What a way to cover it up. Seeing this woman's picture will do nothing, except give you a boner or nightmares.
 
Next thing we know, Squeak will be calling harrassment because volt is trying to meet her an Jose's Inn and Auto Repair for a midnight rendezvous!Don't player hate!

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ElectricSqueak wrote:anonymous & 3rdyrp2- Thanks a lot for your advice. I know they won't "start me out" with clients as in hand them to me, I just meant that's who they want us to target. I should've worded that better, my bad. I realize I'm going to have to work my ass off in the beginning with either job; I just gotta figure out where I'd have more success.

voltmoie- You seem cool. I'd send a facebook link and let you vouch for me, but I'm afraid you'll start posting my suicide blogs for everyone to read. Apparently that's an issue here.

Moraen- Thanks dude! =)Awww, come on.  Just delete the blogs before you send me the link!  Its standard policy that someone vets you.

MsBroker's picture
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I would look at a bank platform position. Start out as a licensed banker under a Financial Advisor with a lot of experience. The money on the investment side is minimal, but you do get a base and you get paid on bank products, so you won't starve during the lighter investment months. Chase is a good one if you get the right branch. They have money coming in like crazy because of the situation with the other banks. You will learn a lot and should have an opportunity to move into the FA role. One of the guys I know that just got promoted to the FA position grossed 37k his first full month and has 52k closed this month. You get a 30% payout the first year, I believe. After that it is a grid with 35% being the highest tier at 40k+.  (This is in the FA role) The licensed banker position should pay 30k base with a bonus running between 1200 and 3000 a month depending how well you do.
 
Just my 2 cents.
 
Oh, yeah, forgot my Kool-aid, Jones is a great place to start!
 

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Isn't the term "ElectricSqueak" insider lingo for a rock band wanna be group? Hey Windy, you gotta tune out that "electric squeak" it's giving too much feedback.
 
Anyway, ask yourself if you would like to be an insurance peedler that does some investments or would you like to be an investment salesman that offers some insurance products. I personally feel that the insurance angle will be more profitable faster. Everyone needs some kind of insurance product rich or poor. Investments are not the best topic on average joe's mind right now. New business is not falling in our lap but current clients are starting to get motivated. Probably means we are at the top of this bear market rally. Work everyday like it is the last day in the pay period and you will do fine.

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At this point, I don't think that it matters if she wants to be selling investments or insurance.  The chances of a 20 year old succeeding with selling investments is very low.  On the other hand, a 20 year selling insurance will absolutely succeed if they do what needs to be done on a daily basis and they do lots of joint work.
 
Face to face sales experience is what is needed.   

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Squeak.  Ignore the haters. Your age has nothing to do with your ability unless you let it. A five year old can tell a 40 year old man he needs a few million in life insurance. Some people will not trust you at first, but that will happen regardless of your age.The things you will need(or at least would be helpful):A significant other to pay your mortgage while you get started. There will be slow months.Thick skin. This usually comes by itself in time, helps to have had angry siblings.Fake it. Be convincing when you tell someone what they need. Ask for the business, tell them what they are buying.If you think you need sales experience, go sell cars for a year or two. It is the best crash course available.

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vau33880 wrote: Squeak.  Ignore the haters. Your age has nothing to do with your ability unless you let it. A five year old can tell a 40 year old man he needs a few million in life insurance. Some people will not trust you at first, but that will happen regardless of your age.The things you will need(or at least would be helpful):A significant other to pay your mortgage while you get started. There will be slow months.Thick skin. This usually comes by itself in time, helps to have had angry siblings.Fake it. Be convincing when you tell someone what they need. Ask for the business, tell them what they are buying.If you think you need sales experience, go sell cars for a year or two. It is the best crash course available.

It is highly unlikely she has a mortgage at 20.

But, I personally think with her attitude, Squeak can conquer the world, provided she is the same way in real life that she is in cyberspace.

Volt - Was I right?

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Sweeeet! Look at all these replies!

voltmoie- You're ridiculous. I'll think about it.

MsBroker- I hadn't thought about the banker approach. I like the idea of not starving when I'm first starting out. Thanks for that.

N.D.- I have no idea if that's what electric squeak actually means. If so, that'd be pretty sweet. I think I'd rather sell investments than insurance, just because there's more you can do with it and nobody really gets excited about buying insurance. But I can see how insurance would pay off faster, and that's the vibe I've been getting from the companies as well.

anonymous- Can you explain more why a 20 year old would do better with insurance than investments? I'd think that if I'm selling investments over the phone, I'd do better because the clients can't see that I look like Stock Market Barbie.

vau33880- Ooo, this is helpful. I don't have a mortgage, and my expenses are pretty minimal at this point. And I know more angry people than anyone should ever have to come in contact with. I had a boss who was the Italian version of Gordon Ramsay. Seriously, the dude used to throw plates at my head.

Moraen- Thanks, that's really encouraging. I'm probably weirder in real life. =)

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Selling investments over the phone doesn't give you the face to face sales skills that you should be trying to develop.  Also, most people who try it, fail.
 
20 year old "Stock Market Barbie" will struggle selling investments to people in their 40's and older.  People younger usually don't have enough assets.  20 year old "Stock Market Barbie" can do very well for herself selling insurance to people in their 20's and 30's.

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Anonymous

ElectricSqueak wrote:anonymous- Can you explain more why a 20 year old would do better with insurance than investments? I'd think that if I'm selling investments over the phone, I'd do better because the clients can't see that I look like Stock Market Barbie.
 
Couple reasons I can explain for you....
 
1.  Some insurance sales just come down to pricing.  If you quote someone term insurance from a highly rated company, and your price is right...you win!  They probably won't care that you don't have enough grey hair, or what your experience is. 
 
Age & experience (i.e. "looking the part") can be a big deal for some people when you are talking about their life's savings. 
 
2.  More importantly, at an insurance co., virtually everyone with an income OR assets, will be a good prospect for you.  For young people you meet, they are probably candidates for term life and disability insurance (i.e. the most important asset they have, and their family has, is their ability to earn an income - so they should be interested in protecting it).  However, these types of people (young people, have income, but not significant assets yet) are awful prospects for investments - especially at a wirehouse. 
 
At many insurance companies, you can do investments as well (maybe not at first, and maybe not quite to the extent of a wirehouse, but you can still usually end up with a pretty good investment platform). 
 
At a wirehouse, your ONLY applicable prospects will be those people with $50K - $100K+ to invest NOW.  So most people your age, in your network, in your peer group, won't be prospects for you at a wire.
 
3.  You can make high commissions on insurance, at an insurance company (i.e. 100% of first year premiums, etc.), whereas at a wirehouse, you'll have to run those commissions through the payout grid (i.e. you'll only get 35 - 50% of those commissions paid out to you).
 
Now, not to turn you off to the investment side (but I have to agree - A young looking 20 year old girl will have a lot of trouble at a wirehouse IMO)....typically, for starting salary, a wirehouse will pay you the most.
 
Edward Jones offers a starting salary - but it's about half what the wires offer, and lasts half as long too.
 
Most insurance companies are either commission-only from the get-go, or they offer you a "draw" on future commissions (which is significantly lower than the salary the wires pay).
 
Hope that helps.

LA Broker's picture
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ElectricSqueak wrote:Hi everyone, I'm ElectricSqueak. I'm 20 years old, female, and recently graduated college. I'm new to this forum and to the financial services industry, and have a few questions. Any help would be appreciated! 1) Who the f*** is Windy? Seriously, 75% the threads on this forum seem to involve this guy in some way. I wanna know!! 2) I've received a bunch of offers and have narrowed down my top 2. One is an insurance/"financial planning" company, and the other is a full-service brokerage firm. Can someone tell me the pros and cons of selling for an insurance-based company versus an investment-based company? Thank you!!
 
If I were 20 and starting out I would tell you to consider working for a large firm in the corporate headquarters for a few years to learn the business inside and out before getting thrown to the wolves.  It will be very tough doing either business at 20 with no experience.  Apply for corporate positions even if that means you move to a new city for a few years, you will thank yourself down the road.  If you go out in the field right away and fail it may be tough to get back in.  Many firms will get you licensed, maybe pay for grad school and you can learn different aspects of the business.
If you don't want to do that consider working for ADP and sell payroll to small businesses for a few years.  They have top sales training and you could build contacts and improve your sales confidence.  I know several people in the investment field that started at ADP and most became very successful when they became FA's. 
I'm not saying you can't do this at 20 but the odds are not in your favor, nothing personal but that is people's perceptions that they should invest with someone who is a little older and experienced. 

Anonymous's picture
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LA Broker wrote: 
 
I know several people in the investment field that started at ADP and most became very successful when they became FA's. 
 

 
He's telling the truth this time.  He does know several successful FAs...and now he does their paperwork for them and gets them coffee in the morning!
 
Seriously LA, don't make b.s. comments.  There is no reason she couldn't have a good shot @ success at an insurance firm.  And what is your basis for telling her to get a job @ HQ?  How will processing applications help her with her future as an FA? 
 
I know YOUR previous experience processing applications, and doing paperwork, has come in handy for your new role as a sales assistant, but it won't apply for someone wanting to be a real FA.

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LA Broker wrote: ElectricSqueak wrote:Hi everyone, I'm ElectricSqueak. I'm 20 years old, female, and recently graduated college. I'm new to this forum and to the financial services industry, and have a few questions. Any help would be appreciated! 1) Who the f*** is Windy? Seriously, 75% the threads on this forum seem to involve this guy in some way. I wanna know!! 2) I've received a bunch of offers and have narrowed down my top 2. One is an insurance/"financial planning" company, and the other is a full-service brokerage firm. Can someone tell me the pros and cons of selling for an insurance-based company versus an investment-based company? Thank you!!
 
If I were 20 and starting out I would tell you to consider working for a large firm in the corporate headquarters for a few years to learn the business inside and out before getting thrown to the wolves.  It will be very tough doing either business at 20 with no experience.  Apply for corporate positions even if that means you move to a new city for a few years, you will thank yourself down the road.  If you go out in the field right away and fail it may be tough to get back in.  Many firms will get you licensed, maybe pay for grad school and you can learn different aspects of the business.
If you don't want to do that consider working for ADP and sell payroll to small businesses for a few years.  They have top sales training and you could build contacts and improve your sales confidence.  I know several people in the investment field that started at ADP and most became very successful when they became FA's. 
I'm not saying you can't do this at 20 but the odds are not in your favor, nothing personal but that is people's perceptions that they should invest with someone who is a little older and experienced. 

Holy crap LA! Let's give as much bad advice as possible here! Odds aren't in anybody's favor in this business.

Squeak. Here's how you play the 20-year old college graduate angle. Simple: I'm smart enough and driven enough to get to this point in my life, why would you want to put your money with someone who has been coasting the last 30 years. If i've accomplished this much in 20 years, imagine what would happen the next twenty.

Simple.

Here is some more advice about being twenty. You have a long life before you. Fail now and it's no big deal. Fail a few years before you turn thirty, you're married, got a couple of kids - then it's not just about you.

I'd rather work hard at twenty than play catch up in my 30's and 40's. You have all of the experience you need to start selling.

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Squeak .. Lets be serious.  You need to be hot to win in the business.  I'll be happy to rate you and provide an opinion based on your looks if I think you'll make it or not. Still waiting for your link.
 
btw:  agree with Moraen. Go for it.  You fail?  Go sell realestate. I think the bank platform would give you your best shot at that age.  Take a few months off after school and travel though .. enjoy the lack of responsobility as long as you can. Damn I miss college.  Damn I miss college girls even more.

LA Broker's picture
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Moraen wrote: LA Broker wrote: ElectricSqueak wrote:Hi everyone, I'm ElectricSqueak. I'm 20 years old, female, and recently graduated college. I'm new to this forum and to the financial services industry, and have a few questions. Any help would be appreciated! 1) Who the f*** is Windy? Seriously, 75% the threads on this forum seem to involve this guy in some way. I wanna know!! 2) I've received a bunch of offers and have narrowed down my top 2. One is an insurance/"financial planning" company, and the other is a full-service brokerage firm. Can someone tell me the pros and cons of selling for an insurance-based company versus an investment-based company? Thank you!!
 
If I were 20 and starting out I would tell you to consider working for a large firm in the corporate headquarters for a few years to learn the business inside and out before getting thrown to the wolves.  It will be very tough doing either business at 20 with no experience.  Apply for corporate positions even if that means you move to a new city for a few years, you will thank yourself down the road.  If you go out in the field right away and fail it may be tough to get back in.  Many firms will get you licensed, maybe pay for grad school and you can learn different aspects of the business.
If you don't want to do that consider working for ADP and sell payroll to small businesses for a few years.  They have top sales training and you could build contacts and improve your sales confidence.  I know several people in the investment field that started at ADP and most became very successful when they became FA's. 
I'm not saying you can't do this at 20 but the odds are not in your favor, nothing personal but that is people's perceptions that they should invest with someone who is a little older and experienced.  Holy crap LA! Let's give as much bad advice as possible here! Odds aren't in anybody's favor in this business. Squeak. Here's how you play the 20-year old college graduate angle. Simple: I'm smart enough and driven enough to get to this point in my life, why would you want to put your money with someone who has been coasting the last 30 years. If i've accomplished this much in 20 years, imagine what would happen the next twenty. Simple. Here is some more advice about being twenty. You have a long life before you. Fail now and it's no big deal. Fail a few years before you turn thirty, you're married, got a couple of kids - then it's not just about you. I'd rather work hard at twenty than play catch up in my 30's and 40's. You have all of the experience you need to start selling.
 
How can someone call this bad advice.  For one thing, nobody can say what is better, you can not predict the future but I can tell you my advice are good options.  Believe it or not working in a corporate headquarters can be more than pushing paper around.  If she spends 2 years getting experience then goes out and sells she is still 22 and still one of the youngest in the business.  Anyone who thinks getting experience and more education is a bad idea at 20 years old is not looking at the big picture.  Build a strong base in your career and you will have more options than if you go door knock for a company like edward jones for a year and get fired, then where do you go?  Go work at corporate for a large firm, get your MBA, CFP, CFA, ect and you have a lot of options.  Moraen, you are working on your PHD so I know you must put value in education.  And if others have not put the time in to get advanced degrees do not knock it till you have tried it.  Squeak, maybe you will hit the field now and become a top producer, I wish you luck, but don't feel rushed to sell now at 20.  This is honest advice, not some lame attempt to hit on you so take some of the comments on this forum with a grain of salt.

norcalstoppy's picture
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I haven't posted in a while, busy trying to get my sh*t together after leaving Jones.
Age does not have anything to do with how successful you are. I still keep in touch with my classmates from KYC and guess what? The youngest guy, 22yrs old, was the first to get an office out of my class. He's doing great, exceeding all expectations, hitting PDP number in month 1.
 
Now, I also met a guy who was early retired executive of a fortune 500 company who just dripped with charisma. That guy just looked like "THE FINANCIAL ADVISOR." He had all the bells and whistles of someone that I would want as my advisor, ivy grad/MBA. On top of that he was blessed with work ethics of a carriage horse. Needless to say, he is wildly successful and I have never seen or heard of anyone that has amassed more AUM than him in their 1st year.
 
I guess what I'm trying to say is that your age/appearance/attitude/sales skill will have some effect on how successful you will be, but its effect is miniscule. From my observation, it's 90% luck/hard work and 10% innate abilities. And as long as you put in the work, luck will follow. There's a directly proportional relationship between hard work and luck in this business.

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LA - You can do those things while you are producing. Lots of people do.

I know a guy who was 25, was producing $500k/yr in less than three years and was getting his MBA on an accelerated program at a top 25 school (no, this wasn't me). He stayed with Jones an extra year before getting a "corporate job". During that time period, he also got his CFP and passed Level I of the CFA.

He also got married and had a baby during that period.

There are all sorts of stories. You don't just need a corporate job to be able to get credentialed.

The simple fact of the matter is, if she hustles now, she can retire by the time she's your age. And move on to a different career.

My question to you is, what experience does she need? I had zero sales experience when I got to Jones. There is no substitute for being in the trenches.

Just like combat. People can train for combat their whole lives. I've seen tough, drill sergeant like people cower in fear, and dopey, ADHD kids become heroes. The best experience is to live it.

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Moraen wrote:LA - You can do those things while you are producing. Lots of people do. I know a guy who was 25, was producing $500k/yr in less than three years and was getting his MBA on an accelerated program at a top 25 school (no, this wasn't me). He stayed with Jones an extra year before getting a "corporate job". During that time period, he also got his CFP and passed Level I of the CFA. He also got married and had a baby during that period. There are all sorts of stories. You don't just need a corporate job to be able to get credentialed. The simple fact of the matter is, if she hustles now, she can retire by the time she's your age. And move on to a different career. My question to you is, what experience does she need? I had zero sales experience when I got to Jones. There is no substitute for being in the trenches. Just like combat. People can train for combat their whole lives. I've seen tough, drill sergeant like people cower in fear, and dopey, ADHD kids become heroes. The best experience is to live it.

 
It's not just age.  It is also lack of experience and lack of contacts.  One of the problems with many wirehouses is that they have very high hurdles.   Even if a young person has a great work ethic and will ultimately become very successful, the high early hurdles still mean that the odds favor failure.   If someone doesn't have contacts with money or sales skills, desire and effort will ultimately lead to success, but they'll still most likely fail at a place with high early hurdles.
 
Nothing is wrong with a corporate job if that is what she wants to do.  If she wants to be a financial advisor, the best thing that she can do is to get sales skills.  She'll get these by face to face selling. 

3rdyrp2's picture
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anonymous wrote:Moraen wrote:LA - You can do those things while you are producing. Lots of people do. I know a guy who was 25, was producing $500k/yr in less than three years and was getting his MBA on an accelerated program at a top 25 school (no, this wasn't me). He stayed with Jones an extra year before getting a "corporate job". During that time period, he also got his CFP and passed Level I of the CFA. He also got married and had a baby during that period. There are all sorts of stories. You don't just need a corporate job to be able to get credentialed. The simple fact of the matter is, if she hustles now, she can retire by the time she's your age. And move on to a different career. My question to you is, what experience does she need? I had zero sales experience when I got to Jones. There is no substitute for being in the trenches. Just like combat. People can train for combat their whole lives. I've seen tough, drill sergeant like people cower in fear, and dopey, ADHD kids become heroes. The best experience is to live it.

 
It's not just age.  It is also lack of experience and lack of contacts.  One of the problems with many wirehouses is that they have very high hurdles.   Even if a young person has a great work ethic and will ultimately become very successful, the high early hurdles still mean that the odds favor failure.   If someone doesn't have contacts with money or sales skills, desire and effort will ultimately lead to success, but they'll still most likely fail at a place with high early hurdles.
 
Nothing is wrong with a corporate job if that is what she wants to do.  If she wants to be a financial advisor, the best thing that she can do is to get sales skills.  She'll get these by face to face selling. 
 
I agree...as much as we want to tell people "You can do anything if you put your mind to it!", the reality is that life/disability/long term care sales for a 20 year old is pretty much suicide.  There's a 90% chance she wouldn't make it past year 2.  I can tell someone that if they jump off a 3 story roof and survive I will give them $500,000, but there is a 90% chance they will die.  They can practice their landing techniques beforehand until their blue in the face and drink 3 gallons of milk per day so their bones are strong but the reality is there is a 90% chance they will die.  Is it worth the chance?

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I'm saying that the odds are stacked against a 20 year old making it at a wirehouse.

I actually believe that a 20 year old can do just fine with an insurance company.  They have to do 2 things.
 
1) Do what  needs to be done on a daily basis.
2) Do a lot of joint work.
 
If they do these two things, their success is close to guaranteed.  Most new young people fail because they don't do those two things.
 
What happens if a newby sells 2 whole life policies a month with a combined monthly premium of $200 and sells 3 term policies with a combined premium of $150 and 2 DI policies with a combined premium of $100?
 
They would make close to 50K + whatever income they make from investments and annuities.

3rdyrp2's picture
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anonymous wrote:I'm saying that the odds are stacked against a 20 year old making it at a wirehouse.

I actually believe that a 20 year old can do just fine with an insurance company.  They have to do 2 things.
 
1) Do what  needs to be done on a daily basis.
2) Do a lot of joint work.
 
If they do these two things, their success is close to guaranteed.  Most new young people fail because they don't do those two things.
 
What happens if a newby sells 2 whole life policies a month with a combined monthly premium of $200 and sells 3 term policies with a combined premium of $150 and 2 DI policies with a combined premium of $100?
 
They would make close to 50K + whatever income they make from investments and annuities.
 
That's where I think the difficulty lies.  Someone who is 24 can play it off like they are 28, just go a day without shaving and have good posture.  Someone who is 20 can maybe play it off like they are 21, but more likely they look 18.  An 18 year old isn't going to get 84 DI and life insurance policies sold in a year (Just using your numbers X 12).  You can get any schmoe to put $10,000 into A shares, but for that same amount of commission its much harder to get someone to buy a $60/month Term policy.  Sure you can work you a$$ off, and 1 out of 10 people will make it but IMO it is much harder for someone who is 20 years old to sell insurance face to face than it is for a 20 year old to sell investments over the phone.

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