H&R Block

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SimplySimple's picture
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Joined: 2007-05-25

I have been talking to H&R block Financial Advisors about a advisor position.  Seems ok, small base and warm leads.  Anyone have experience working for this company or with them?  All advice welcome and thanks again for all the opinioins given in my other threads.

Reggin's picture
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Joined: 2005-09-03

They are one step above Scottrade.  Barely.

trisyn's picture
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Joined: 2006-08-26

hey! what's wrong with scottrade? They're good at what they do...an online brokerage with local brokers for those who are computer illiterate. I enjoyed my internship there during my college years and although its completely different from what everyone here is doing that doesnt make it bad.

Reggin's picture
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Joined: 2005-09-03

Snot-trade brokers are hacks.  Salaried, failed brokers.

SimplySimple's picture
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Joined: 2007-05-25

No joke... You're all Brutal.  Thanks for responses though

anonymous's picture
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Joined: 2005-09-29

SimplySimple, it sounds like you are looking for a place where you won't have to do that much prospecting.
It's your ability to prospect that will determine your success in this business.  If you can't/won't prospect do something else because you will fail.

SimplySimple's picture
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Joined: 2007-05-25

anonymous wrote:
SimplySimple, it sounds like you are looking for a place where you won't have to do that much prospecting.
It's your ability to prospect that will determine your success in this business.  If you can't/won't prospect do something else because you will fail.

I can but there is a huge difference between prospecting and cold calling all day long.  Again I am not just out of college and I know what it would take to be successful.  Nothing wrong with looking for a company that makes things easier for me.  I hava a buddy working at a bank who basically gets referrals and closes deals.  $400k in gross when he walks in the door on January 1st and his business is just growing.  To me that's way better than 100 cold calls a day.
 
Work smarter than the rest and you don't have to work harder.

anonymous's picture
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Joined: 2005-09-29

I can but there is a huge difference between prospecting and cold calling all day long. 
I agree.  You only have to cold call all day because you don't know how to prospect.  Learn how to prospect and you won't need to be dependent on leads.
Nothing wrong with looking for a company that makes things easier for me.
There ain't no such thing as a free lunch.  If you need leads coming to you, they are coming at the expense of a lower payout. 

SimplySimple's picture
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Joined: 2007-05-25

There ain't no such thing as a free lunch.  If you need leads coming to you, they are coming at the expense of a lower payout. 
 
You're absolutely correct there is a tradeoff.

Indyone's picture
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Joined: 2005-05-31

SS - Given what you've told us, why not look at a good bank program?

scrim67's picture
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Joined: 2005-04-28

anonymous wrote:
I can but there is a huge difference between prospecting and cold calling all day long. 
I agree.  You only have to cold call all day because you don't know how to prospect.  Learn how to prospect and you won't need to be dependent on leads.
Nothing wrong with looking for a company that makes things easier for me.
There ain't no such thing as a free lunch.  If you need leads coming to you, they are coming at the expense of a lower payout. 
I agree about the whole free lunch thing.     Being in a bank program I can choose not to prospect in exchange for coaching my bank partners to prospect for me.    Average payout at a bank is pretty low...around 35%-40% I presume.     I know you can a much much higher payout at wirehouses and INdY but the bank program works for me at this juncture.  
scrim  

troll's picture
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Joined: 2004-11-29

A story... true too.. I thought it was funny...
A friend of mine went out to Aridzona and switched firms along the way... It worked out OK because nobody in my old office was going to hammer his clients to stay with us, he was a friend of ours. Anyway... time goes on and this guy winds up down and pretty much out, working for Quick and Reilly (which was bought by H&R Block, so this story relates to the topic). Now, there was one guy in my office that did go after this guy's big clients (he had a couple of Brazillionaires as clients) and failed, but still, hey it was still a slimey thing to have done. The caller happened to be the office's big hitter, and this guy had tons of nickledimers but he had a few whales too.
One day my buddy is sitting in Arizona in the Q&R office and who comes strolling in but Ira (not his real name), the big hitter's biggest whale! "Hey Ira! Fancy meeting you here!" Ira recognized my buddy from the old office and, since he was retireing to Arid zona anyway... ACATs ensued!
Even with the whale, my buddy couldn't maintain a living at Q&R and eventually left the biz.
Simplysimple, you seem to be one of those people that had balcony seats to this industry and figured that "I could do that". "The great ones make it look easy!" but it's not. I know a guy that made training films for this industry. Interviewed hitters up and down the success ladder and across the spectrum from Lehman Brothers to Hutton fee basers. He knew that if he just did what he was telling people successful people in this business do, he'd be a big swinging Richard too.
I didn't then and it doesn't now work that way. If you're looking for shortcuts in this business, then I've already told you the most direct route; go straight to selling cars and don't waste five years of your life finding out that there are no shortcuts in this business. You're moving to Florida? Sell luxury boats.
I'm sorry to sound harsh, but you dishonor the memory of many friends that I've had that worked HARD and failed while also dishonoring the reality of those of us who worked hard and succeded by thinking that you can sing the blues without paying the dues. 
People are trying to be nice to you (they are chomping at the bit to tear your head off and spit down your neckhole) maybe because there was a postuer who made an issue of newbie bashing. Me, this is about as nice as I get, I'll give you a straight answer and let it lay where it may. Good luck at whatever you choose to do, but from what I've read (cause that's all I have to judge from) this isn't the phase of this industry for you.

scrim67's picture
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Joined: 2005-04-28

Whomitmayconcer wrote:
A story... true too.. I thought it was funny...
A friend of mine went out to Aridzona and switched firms along the way... It worked out OK because nobody in my old office was going to hammer his clients to stay with us, he was a friend of ours. Anyway... time goes on and this guy winds up down and pretty much out, working for Quick and Reilly (which was bought by H&R Block, so this story relates to the topic). Now, there was one guy in my office that did go after this guy's big clients (he had a couple of Brazillionaires as clients) and failed, but still, hey it was still a slimey thing to have done. The caller happened to be the office's big hitter, and this guy had tons of nickledimers but he had a few whales too.
One day my buddy is sitting in Arizona in the Q&R office and who comes strolling in but Ira (not his real name), the big hitter's biggest whale! "Hey Ira! Fancy meeting you here!" Ira recognized my buddy from the old office and, since he was retireing to Arid zona anyway... ACATs ensued!
Even with the whale, my buddy couldn't maintain a living at Q&R and eventually left the biz.
Simplysimple, you seem to be one of those people that had balcony seats to this industry and figured that "I could do that". "The great ones make it look easy!" but it's not. I know a guy that made training films for this industry. Interviewed hitters up and down the success ladder and across the spectrum from Lehman Brothers to Hutton fee basers. He knew that if he just did what he was telling people successful people in this business do, he'd be a big swinging Richard too.
I didn't then and it doesn't now work that way. If you're looking for shortcuts in this business, then I've already told you the most direct route; go straight to selling cars and don't waste five years of your life finding out that there are no shortcuts in this business. You're moving to Florida? Sell luxury boats.
I'm sorry to sound harsh, but you dishonor the memory of many friends that I've had that worked HARD and failed while also dishonoring the reality of those of us who worked hard and succeded by thinking that you can sing the blues without paying the dues. 
People are trying to be nice to you (they are chomping at the bit to tear your head off and spit down your neckhole) maybe because there was a postuer who made an issue of newbie bashing. Me, this is about as nice as I get, I'll give you a straight answer and let it lay where it may. Good luck at whatever you choose to do, but from what I've read (cause that's all I have to judge from) this isn't the phase of this industry for you.
I believe it was Fleet who bought Q&R about ten years ago.
scrim

troll's picture
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Joined: 2004-11-29

Oh yeah!... But didn't they sell it to H&R Block? They bought some discount house didn't they?

hoosier's picture
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Joined: 2004-12-01

You might consider getting you facts correct.  Block purchased Olde in 1999.  Your buddy at Q&R or Fleet is out of the business because both firms got out of the business.  Nice story but had nothing to do with this thread. 

troll's picture
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Joined: 2004-11-29

Olde! Oh yeah. Sorry, the discounters all look alike to me.
My buddy went out of the business back in the '90s so it was long before Fleet even came along (if I recall correctly).
In any case, the point was that working at a discount house, waiting for walkins and the GlenGarry leads wasn't a way to survive in this business. My buddy was good good good at the business too (ok, as a vietnam vet, he had a few other issues that made it difficult for him to work, but  still in all) so if Simplysimple wants to know otherwise from the rosie scenario that we all tend to weave for ourselves when we're looking for the pot of gold. My buddy would tell him himself, if he were still in the business and interested enough to attend these boards, but he's not.

Ashland's picture
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Joined: 2007-03-07

I started out at Olde, and had left about two months before the sale to HRB. I was in the branch to visit a friend(recruit him - yeah, I went to Jones after Olde) on the day that CNBC was breaking the news of the sale. I asked my old Branch Manager if he was on the block or in the block, and was immediately escorted out.

Morale of the story: Don't work for a place w/o a sense of humor... Therefore, Olde & Jones are both out!

Look at banks. Learn the business sitting at a nice oak desk where you get people walked over to you or you call from the banks book of business and say things like - you're a great customer of the bank & that's why your branch manager asked me to call you today - people LOVE that. Get a lower payout for 5 - 7 years, but make more money(you should be at 6 figures w/n 3 yrs or you're doing something seriously wrong) than you would at a wirehouse because you do a ton more revenue & then go independent w/n the bank channel. They'll pay you 40 - 45% instead of the 53% after all expenses that LPL pays, but you'll KNOW WHERE THE MONEY IS!

And that makes all the difference. People will leave their brokers during bad markets. Where do they put their money? In their bank... and then with me!

Don't get me wrong. It's still tough! Politics are hell, meetings are endless and often unproductive, you are at the mercy of an $8 an hour person for your mortgage money, and you have to always have a smile on your face and an idea of how you benefit a larger picture. I find the trade offs worth it. Even if Bobby Hull calls me 'gay.'

Good luck!

troll's picture
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Joined: 2004-11-29

Ashland wrote:I started out at Olde, and had left about two months before the sale to HRB. I was in the branch to visit a friend(recruit him - yeah, I went to Jones after Olde) on the day that CNBC was breaking the news of the sale. I asked my old Branch Manager if he was on the block or in the block, and was immediately escorted out. Morale of the story: Don't work for a place w/o a sense of humor... Therefore, Olde & Jones are both out! Look at banks. Learn the business sitting at a nice oak desk where you get people walked over to you or you call from the banks book of business and say things like - you're a great customer of the bank & that's why your branch manager asked me to call you today - people LOVE that. Get a lower payout for 5 - 7 years, but make more money(you should be at 6 figures w/n 3 yrs or you're doing something seriously wrong) than you would at a wirehouse because you do a ton more revenue & then go independent w/n the bank channel. They'll pay you 40 - 45% instead of the 53% after all expenses that LPL pays, but you'll KNOW WHERE THE MONEY IS! And that makes all the difference. People will leave their brokers during bad markets. Where do they put their money? In their bank... and then with me! Don't get me wrong. It's still tough! Politics are hell, meetings are endless and often unproductive, you are at the mercy of an $8 an hour person for your mortgage money, and you have to always have a smile on your face and an idea of how you benefit a larger picture. I find the trade offs worth it. Even if Bobby Hull calls me 'gay.' Good luck!

Does a muslim, like yourself, have much trouble getting money from normal people?

SimplySimple's picture
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Joined: 2007-05-25

FYI, If your good at selling great, you can make a lot of money.  Please don't mistake that for being intelligent or knowing anything about investments and then saying that what you are doing makes you better than a luxury boat salesman.  I personally think banks sound the best way to go for now.  Some people sell boats and thats fine.  Some of them make more than you. 
Thanks though to the level headed people.
 

anabuhabkuss's picture
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Joined: 2005-05-02

Just because leads are available doesn't you mean you don';t have to work your ass off prospecting.
if you're heading to hrblock you're going to be spending a lot of time networking and building relationships with tax pros. they're not going to hand over someone who's been their client for 35 years just because you have financial advisor on your card.
 

anonymous's picture
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Joined: 2005-09-29

 they're not going to hand over someone who's been their client for 35 years just because you have financial advisor on your card.
Don't you mean 3.5 hours and not 35 years?  This is H & R Block that we are talking about.  H & R Block has customers and not clients.

anabuhabkuss's picture
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Joined: 2005-05-02

you don't know what you're talking about.

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