Just getting started

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StabServo's picture
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Joined: 2009-07-26

What is the current situation for those NEW to the financial industry? I have been in the US Navy for 10 years now and I just can't make up any more excuses to stay. I have wanted to be a broker for 15 years now and I think I will finally apply to Edward Jones this winter. I have the motivation, life experience and discipline to be competitive, given the right training. I already have a successful naval career, about to break into the ranks of Chief. Should I gut it out for 10 more years or chase my dream?  Any thoughts. Qusetions, comments, concerns?

LockEDJ's picture
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Joined: 2009-07-06

Agreed with every single thing Cold said. But keep this uppermost in your mind: the failure rate in this business is high.

In eight months, you don't want to look back and know you wasted 10 years in the Navy and now you've got no career and no pension. Be sure, very, very sure. Read that 500 day war post.

Moraen's picture
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Joined: 2009-01-22

Go Naval reserve and look at other options. You keep your door open to your pension, and the possibility of returning to active duty.

As Lock said, the failure rate is high. Nothing in your military training will help you succeed, with the possible exception of any discipline you've garnered.

Depending on where you are, there are firms that exclusively hire ex-military. There is a firm called PlaceTrade Financial. I would look into that. It's an easy transition from military to civilian. It's run by a lady named Sarah Place, who is both a veteran and the wife of a veteran.

I don't know from experience (since I never worked there), but I know a few people who work there. And I did use to work at Edward Jones. They claim military friendliness, but I never saw too much of it.

I also agree with ice - look at a lot of the Indy and RIA shops. They are hiring now. We all want to be prepared when things come back around.

voltmoie's picture
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Joined: 2008-11-05

Moraen wrote:Go Naval reserve and look at other options. You keep your door open to your pension, and the possibility of returning to active duty.

As Lock said, the failure rate is high. Nothing in your military training will help you succeed, with the possible exception of any discipline you've garnered.

Depending on where you are, there are firms that exclusively hire ex-military. There is a firm called PlaceTrade Financial. I would look into that. It's an easy transition from military to civilian. It's run by a lady named Sarah Place, who is both a veteran and the wife of a veteran.

I don't know from experience (since I never worked there), but I know a few people who work there. And I did use to work at Edward Jones. They claim military friendliness, but I never saw too much of it.

I also agree with ice - look at a lot of the Indy and RIA shops. They are hiring now. We all want to be prepared when things come back around.Agree with the Naval Reserve 100%.  Also think there is a firm called First Command that deals with military.  (i know nothing about them)I think Jones is a nice place to get started as they pay for your training and give you a tiny salary the first year - can't comment on any other place.  Good luck!

Moraen's picture
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Joined: 2009-01-22

voltmoie wrote:
Moraen wrote:Go Naval reserve and look at other options. You keep your door open to your pension, and the possibility of returning to active duty.

As Lock said, the failure rate is high. Nothing in your military training will help you succeed, with the possible exception of any discipline you've garnered.

Depending on where you are, there are firms that exclusively hire ex-military. There is a firm called PlaceTrade Financial. I would look into that. It's an easy transition from military to civilian. It's run by a lady named Sarah Place, who is both a veteran and the wife of a veteran.

I don't know from experience (since I never worked there), but I know a few people who work there. And I did use to work at Edward Jones. They claim military friendliness, but I never saw too much of it.

I also agree with ice - look at a lot of the Indy and RIA shops. They are hiring now. We all want to be prepared when things come back around.Agree with the Naval Reserve 100%.  Also think there is a firm called First Command that deals with military.  (i know nothing about them)I think Jones is a nice place to get started as they pay for your training and give you a tiny salary the first year - can't comment on any other place.  Good luck!

Not to step on volt's toes - but First Command are a bunch of crooks. They have taken advantage of military personnel for the last two and a half decades. Started by retired military, they preferred to profit off of Joe than help him.

voltmoie's picture
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Joined: 2008-11-05

There you have it .. like I said, I know nothing about them. How have they taken advantage?  Are their fees higher than others?  Products crap? 

Moraen's picture
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Joined: 2009-01-22

voltmoie wrote: There you have it .. like I said, I know nothing about them. How have they taken advantage?  Are their fees higher than others?  Products crap? 

They would have meetings with brand new officers (these officers' CO's told them to go). First Command would talk about making them millionaires. "All we need is one-half of your pay for the next eight years". They would also charge large sums of money and yes, their products were crap. There is about $24 million dollars sitting in an account for military personnel to get help with their finances.

Most military people no little or nothing about it. The SEC holds the funds, but they are supposed to be used for the financial education of Joe (soldier's). This money is the product of a settlement that First Command agreed to pay for "ill-gotten gains".

StabServo's picture
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Joined: 2009-07-26

Thanks for the thoughts, I appreciate it. I like Edward Jones because of the training, and the paycheck that comes with it, but I am certainly open to another place. I worked for stratton oakmont when I was 18 so I know what a crook looks like. I know the discipline I learned in the military will be an asset, but so will the training received during instructor duty. I learned how to give an affective presentation and talk to people. I think I would stay attached to the Navy because of the pension as well as a way out of trouble should I not succeed as a broker. Thinking about the retirement though, when I do succeed, I wouldn't even miss the little military retirement check, and success is my only option! <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

StabServo's picture
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Joined: 2009-07-26

OK I read the 500 day war and it sounds extremely familiar and exactly what I had in mind. I have had a phone duct taped to my head in the past. If this is what will make me successful, bring it on. I don't like Edward Jones because of the "cold walking" idea. Sounds old fashion to me, I like the phone better.

Getting totally off the subject, everyone should search chippy ho or dambusters in youtube, check out what I'm up to today!

Centurion's picture
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Joined: 2009-04-03

StabServo,

Thank you for your service! These folks have given you excellent advice, be safe God Bless You.USA Ret.

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