Laid Off and Need Help on Career Path

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Big D's picture
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Joined: 2008-11-18

I've read RR for some time and know the site information and many posts are dead on right.
 
I just got laid off and right now I need as much advice as possible on getting my career on track.
 
I've been a registered sales assistant for the past 5 years and got laid off due to "restructuring", (read subprime exposure). When I first signed on to this bank broker I was told that moving up to FA was not just possible, but would happen. Due to circumstances beyond my control, production at this company dropped off the face of the earth about 1 & 1/2 years after I started. As a result, management kept hiring experienced sales people from outside, instead of investing some time and money in me. At first it made sense as we really did need to kick things up as far as money and clients coming in. However, after about 4 years of this I should have gotten a chance. I'm kicking myself now for not having the guts about 2 years ago to do something about it,  like leave, or get some sales experience somehow, or just telling them to put me in the lineup.
 
I have a number of years in back office as well, but want to sell / plan for clients not process paperwork and trouble shoot problems for other FAs.
 
Don't want to complain anymore, because it doesn't get you anywhere. Especially in this business. I've got a plan to pull myself up by my bootstraps, but I'm not so arrogant I think I shouldn't run it by some people in the business before I jump in. The plan's below along with my questions and concerns. Any help that any one can give me would be Greatly Appreciated. Once I hear from this message board and some personal sources I use, then I want to move on ASAP. Like I said, complaining is pointless.
 
The Employment Dept in my state is willing to send me for the CFP courses while they pay me extended benefits for a year, which is sweet. I still have to present a plan of action to them, but it should go through. The course load is only 2 courses a semester and I don't have to work outside for that one year. I would use the time to not only get the CFP, but sign up for some serious sales training and of course product. I'm also going to do courses at the SBA so I can set up a busincess plan, figure out staffing, office space etc etc.. I will also volunteer at as many a places as possible to start building a natural market.
 
I'd be willing to work for someone if necessary, but would greatly prefer to go out alone as a independent. In my work life, I've always done better on my own. Too many people in corporate America have agenda's that uses you instead of treats you as a partner. This gets me, because if the team is run right, everyone can do well.  Don't want to sound jaded as I've worked with some great people, but it only takes one selfish indivdual to hinder your efforts.
 
I will have enough income from unemployment to pay my bills through the education and enough set away in my emergency fund to pay for 6 months of personal expenses after that. My debt is zero right now and should stay that way.
 
Besides having you and my personal contacts pick this thing apart to find any flaws, I could also use advice on the following
 
As many ways as possible to build leads starting now. Costs estimates of running a independent firm and any experience someone has on outsourcing admin to save cash. Ways to market myself and the business that cost little or nothing. Where I can get great sales training outside of working at a firm. Is the SBA really a good resouce for education and/or loans. Who's a good independent B/D to use, what can I reasonably expect from them and what should I be careful of. Who's good for handling my compliance routine so I can concentrate on clients or should I handle it myself. Same with operations.
 
Considering the amount I'm asking I wouldn't be suprised if someone suggests certain books or websites which would be appreciated. But, I'd still like the input of individuals on this site as much of what you've written is excellent advice
 
Thanks In Advace for Any Help.
 

OS's picture
OS
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Joined: 2008-11-03

Have you thought about applying at EDJ?  They could give you great sales training and you could still be on your own, but with a large support system in place.  I'd be reluctant to go the indy route if you're worried about your sales abilities right now.  Maybe you could go with a company like EDJ for 3-5 years and then reevaluate your situation.

Squash's picture
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Joined: 2008-08-08

Yeah there is not enough info to make a judgement, as you can tell from Ice's post..

Need to know: What licenses you have? Why do you want to go independent with no training or clients?

Depending your license situation, why not start at a bank(less worry about prospects) or other firm and get some training, then go from there.

The CFP is useless if you have no clients, clearing firm(read broker dealer) or assets.

Hank Moody's picture
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Joined: 2008-11-10

Squash wrote:Yeah there is not enough info to make a judgement, as you can tell from Ice's post..

Need to know: What licenses you have? Why do you want to go independent with no training or clients?

Depending your license situation, why not start at a bank(less worry about prospects) or other firm and get some training, then go from there.

The CFP is useless if you have no clients, clearing firm(read broker dealer) or assets.

The CFP is also useless if you do have clients, assets, and a B/D.

Big D's picture
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Joined: 2008-11-18

Thanks to all of you for the help and the excellent points you made. But let me answer Squash's questions and clarify a couple things. Don't get anything I'm about to say as being critical of any of you. It's the situation that's got me pretty angry. The fact that I can get great advice from several experienced people in less then a couple of hour is Absolute Gold to me and I haven't the words to express my graditude. I'll get over my being mad and get on with things once I got a clear plan. Now the answers I promised.
 
I've had 7, 63 & 65 and Life & Health including Long Term Care since 1994
 
I want to go independent because my experience with 4 employers in this business is they just plain lie to their people and clients to maximize the bottom line. I've been with Amex, BofA Invest, WF Private Client and a Large Credit Union you've probably not heard of. Whether I worked back or front office for these firms, the culture is greed. This is idiotic to me as I've seen it work on smaller scales so everyone makes money. Best explanation I ever got for this is was from a Rep/CFP that became head of financial planning at my last job. She said that in a full  commission business, people get tunnel vision. She said it was understandable that this happend, but added that it caused too many individuals to act in only their interest. This has happened over and over and I'm sick of it. My superiors have always said I work extremely hard, am experienced, solved problems others can't or take too long too and am honest as the day is long. Yet I'm the one with 13 years of doing this without the rewards I know I deserve. Some people might say I should get out of this business and my reply is B***S***.  I'm put in too much and have too much determination to just walk away from this. Somebody might question that determination from what I've written. However my ex-wife who knew me best use to laugh sometimes and tell a joke that there was only one differece between me and a pit bull. She said a pit bull eventually let's go. Sorry for the Rant everyone, but I'm more then just a little P***ED. Maybe some of you know a wire house, bank broker, whatever that expects good work AND rewards it, but I don't.
 
I see all your points on delaying the CFP till I have clients and I'd agree with you, except consider the following.
1) It's free and the income from unemployment means I can set up the other items I mentioned like sales training, which no ones offered me.
2) Who's hiring now?
3)Even if they are, what can you sell now in this market. Yes, one of you was Absolutly Right in suggesting insurance, but will pay the bills for the next year till the markets up and the general populace comes out of their survival shelters.  Maybe I'm wrong, I admit I don't know.
4) It's always been preached by career counselors that a recession is a good time to take advantage of more education if there aren't any jobs or any good ones.
5) I wasn't clear in explaning I don't expect to be doing all fee based business right away. But the CFP is great training on investments, insurance, estate, tax issues, Which I havn't gotten from any employer. It's also more comprehensive then anything I could put together on my own.
6) The suggestion of spending a couple of years with an indy as my osj is Excellent, but how about doing it with one of the instructors in this program as they work in the field primarily and only teach one course each.
7) Thanks for the advice on the cash I should have on hand. Yes, 3 years cash to pay expenses would be right as it takes that long to build a clientel, not 6 months. I can't believe I missed that one being as I've heard it a hundred times. But, they have an additional program at this employment office to save cash to get education, set up a business or even buy a house. If you qualify based on lower income, for every $1 you set aside in a special account, they match it with $2. I would qualify and don't know anyplace else I can get a guaranteed 200% return. Even it I don't have to use it for business expenses, I can turn it into a payment on a house. Yeah !!!!
8) Since I'm fully licensed and could use an instructor for an osj, I probably could start build a clientel while doing the CFP. It might not be much at first, but why wait till graduation.
9) Being in the program and voluntering gets me networking and building a natural market, which I left behind at the last job.
 
How does it sound now ??  Workable or not ??  You can all tell me if I'm full of hot air if needed because I'd rather have the hard truth then a sweet lie.
 
Thanks to you all again. I know you all have you own practices and are damn busy, but I could really use the benefit of the conversation continuing
 
 
 
 

smokescreen agent's picture
Joined: 2008-08-19

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Squash's picture
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Joined: 2008-08-08

Finding an OSJ to "stake you" is going to be an issue because most B/Ds have production requirements(though you may be able to get around this).

You mention the CFP again, don't get too caught up in the designation because a lot of people spent time(or should i say spent $2500 to get the designation) and now have the new designation BROKE.

By the way, describing companies who are trying to make a profit(although questionable at times) a "culture of greed" when all you did was background work is kind of stupid. We all have our qualms about how the big companies operate, however the point of the companies is to make a profit..

I think you might have trouble finding an OSJ or B/D with your lack of actual production or any production role

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

I love the enthusiasm.  I love the passion.  With that said, here is what I forsee, and this is what I have seen happen with people before:
1. Successful networkers are good because they are successful professionals.  They may be networking to build relationships that hopefully develop into a business relationship at some point, but they are doing well enough already that they can take their time and not force the business aspect of the relationship down the persons throat.  Right now you don't have the luxury of being able to let a relationship progress naturally.  You are going to have office/compliance/insurance/supply expenses to pay bills on.  You're going to have to convert a handshake into a signed application at warp speed.  That is not how worthwhile deals get brokered.  And worthwhile accounts won't allow it to happen with someone they just met a couple weeks ago at a Chamber of Commerce breakfast.
 
2. I'm being assumptive here, so let me know if my assumption is incorrect, but from what I read you have never had a client before.  If that is indeed true, you haven't had to deal with maintaining emotional competency if you go 6 weeks without acquiring a client.  Once you've drained your 6 months of savings on your office and supplies and monthly rent, what will you do if you haven't closed a deal in a few weeks and your wondering which Dollar Menu you will be eating dinner from that night, Burger King or McDonalds?  Really, what would be wrong with starting at a place like Edward Jones (I don't work there, but from what I hear its a GREAT place to start) where they will train you to be successful, you will be paid while learning and getting your feet wet during the debacle that they call your 1st year as an advisor.  Trust me, people are hiring.  This market is causing all kinds of turnover at my company, and they need to replace those bodies with new bodies. 
 
You sound like you are ready to get this thing going, but I mean its been what, 13 years and no one you've been with has given you a shot?  Not even AMEX promoted you past the staff position??  I'd seriously think very hard about your personal financial situation and consider what would your life would look like if 6-12 months from now your biz plan didn't work out to perfection.  Do not do it if you're going to be going on welfare if this doesn't pan out, at this point in your life it probably isn't worth it.  Ease yourself in with an Edward Jones or Northwestern Mutual.  Last piece of advice:  I'm P2 with Ameriprise and wouldn't recommend my worst enemy start with them right now in their P1 department.  The offices in my market group are reminiscent of the most violent slaughterhouse you've ever seen with the turnover going on over there right now.

chief123's picture
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Joined: 2008-10-28

Those are very good estimates, close to where I am at... Even higher if you include "ink" separate from printers(no wonder HPs numbers were up) and don't forget you need a desk and a chair to sit in(when I first left EDJ, I bought everything, then completely forgot to get a chair(sat on a printer box for about 2 hours before I went and got one))

Morphius's picture
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Joined: 2007-07-21

I know you don't want to hear it, but you're missing the forest for the trees.  All the issues about firms being unethical, or whether you got shafted, or if you should get a CFP, or cost estimates - these are the trees.  They become important only after you first take care of the only important thing: learning how to effectively find and help clients.  Everything else is just background noise.You can't learn to do these things solely by taking a course or reading a book, or even by being a sales assistant for 5 years.  You need to practice actually doing it, and get the help of a mentor who can help guide you through the learning process.  Your years of being a sales assistant give you some background, but no real experience in the critical areas of prospecting, selling, and actually knowing what to advise people to do in different circumstances.  You know this, but you sound like you're trying to convince yourself otherwise.You need to know very clearly that your odds of achieving your goal if you insist on starting on your own, in your own firm, without an established client base and without the benefit of a mentor, are astronomically stacked against you.  Is it impossible?  No, but close.  If instead you first work in a setting where you have a mentor who helps you learn the essential skills - how to land clients and effectively help them - then your odds of success increase dramatically.  It's very easy to get into this business.  Almost anyone can do it.  It's very difficult to survive and thrive.   The point is not to try - it is to do everything possible to reach your destination.  Sometimes you have to take a step back in order to go forward.Good luck. 

anonymous's picture
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Joined: 2005-09-29

Big D, I hope that you've read enough of my posts to know that even when I'm being an ass, I'm trying to be helpful.  This is one of those times.
 
I have serious doubts about this being the right career for you.  You seem to have the "prepare to get ready" mentality.  You want to study and learn more so that you can be successful in the future.  The future never arrives.  You need to be successful today.  That means go out and get a job today.  Your old employers didn't see a fire in your belly to succeed today.  Neither do I based upon your post.
 
Are you willing to do what needs to be done on a daily basis to succeed?  I can tell you that taking the CFP or the ABC or the DEF isn't it.   Going after designations before you have a clientelle is avoidance behavior.

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

Truer words have never been said.

Big D's picture
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Joined: 2008-11-18

Gentlemen (no insult intended)
 
Thanks for all the input, info and critiques. Also here are the answers to couple questons you had.
 
Don't worry about hurting my "feelings" or being a "ass". I asked for the truth because it's what I need and my hide is thick enough. Actually this is easier then some places I've been. I put myself through college as a commercial fisherman and the waterfront isn't just hard, it's dangerous. That's because so many guys are working down there because nobody will hire someone with 3 felony arrests for violent behavior. These guys though I was easy prey and they found out different. Everything I've heard from all of you was positive, not somebody with a baseball bat I got to fight. 
 
I went into Amex as a FA actually. However, since they didn't come through on their promises and I was in a new city with no natural market, I moved over to SA at 6 months. Those who didn't were getting eaten alive. Maxing out their credit cards with living expenses, etc etc. .   Finally they left and someone up the food chain got any clients they left behind. After a year, I got an opportunity to work back office from someone who'd seen my work and I got out of there. Learned a lot though about prospecting etc. Like rule #1 is Fill The Book, Period. I stayed too long in the back office, but that's my problem.
 
Thanks for the heads up on EDJ as I wasn't sure they were as good as they used to be. Also Northwestern too. If I go to b/d for a few years they will be my first stop. If anyone else can tell me a b/d who walks the talk or at least is better then others, Please let me know. If they are all the same and you get a phone, desk, printer etc  and that's all you can expect, I want to hear that too.
 
As far as any b/d is concerned, my info is whatever cash they put up for you, they will get back somehow. It's not pay of any real sort. It's only a "loan" against future production. They will take it out of your commissions or some other way and if they have to, they will take it out of your hide with their legal dept. Maybe I got bad info, tell me if I did.
 
I see all the points to go to a b/d for a few years, then decide whether to stay or go indy. My big problem with this is I'm not clear on how you get the clients you developed to take with you. Do not competes seem to have a lock on the clients staying there. Some of you indicate that isn't true, so how do you get the clients to come your way without dealing with a legal action ???
 
I will check out possible working at an indy who can act as an OSJ. Best route I see is to follow up on what I said in my last post and check with the instructors in the CFP program who I mentioned are in the business, not full time instructors.
 
As far as having to be to the manor born to be successful because you need a natural market with big pockets. Sorry, but I beg to differ. Simply math shows me there can't be as many successful FAs that grew up on a trust fund. Besides, none of the successful FA's I've worked with had this. Actually I think too many FA's are elephant hunting and ignoring the fact that a lot of roofers are retiring and if you were union, you have pension plan to roll. I've seen it. There's also a lot of other baby boomers retiring and inheriting houses, iras, portfolios from parents. Average price of a house in the Bay Area where I live is Down to 500k. That's a lot of cash to invest afte the sale. Then theres life ins for young people and long term care for older ones. Even a recession can be an opportunity as when some people lose their jobs, they yank their 401k ASAP. Hard and smart work goes along way, even though I'm  well aware  70-90% people going into this business are out in under 3 years. No illusions here.
 
Good point on whether I'm using the CFP to run some avoidance.
Issue is, that I wouldn't be bothering with at all now except for
1- I'd been laid off in a bad market and will be back in a year as it' coming up.  
2-They will pay the bill and income
3-The colleges offering the courses seem like good networking that could bring me a indy to be OSJ a junior position to handle someones lower end accounts that's some cash while I pound on doors or a mentor (or all 3)
4- They will give me $2 for every $1 I save towards starting a business. 200% guaranteed return to set up a expense fund, not bad.
I can hear the groans though.!!!!
If I'm not absolutly sure that all the above will fall into place and the program provides me the things Ice talked about, I will drop it and move on to a b/d for 2-3 years.
 
Yes, I should gone back out and done sales long ago, but I have done sales successfully in another occupation and had a few clients at last position. They were all clients that moved out of state and the firm thought they'd just want servicing, so to save money they registered only me in those states. Ending up turning the servicing calls into sales. About 400k sales on 4 clients while I was handleing all my other duties and I had to do the sales over the phone. Not enough production for a cricket to live on, but you know any other SA that turned service calls in to sales. All of which were over the phone, not face to face. And of couse while running the office. Maybe I'm full of it, but no one at the company even suggested I make these sales, I just did it.
 
Thanks again for the help. Hope you all get one of the execs with a parachute just drop by the office today.
 

smokescreen agent's picture
Joined: 2008-08-19

Big D wrote:

Gentlemen (no insult intended)
 
Thanks for all the input, info and critiques. Also here are the answers to couple questons you had.
 
Don't worry about hurting my "feelings" or being a "ass". I asked for the truth because it's what I need and my hide is thick enough. Actually this is easier then some places I've been. I put myself through college as a commercial fisherman and the waterfront isn't just hard, it's dangerous. That's because so many guys are working down there because nobody will hire someone with 3 felony arrests for violent behavior. These guys though I was easy prey and they found out different. Everything I've heard from all of you was positive, not somebody with a baseball bat I got to fight. 
 
I went into Amex as a FA actually. However, since they didn't come through on their promises and I was in a new city with no natural market, I moved over to SA at 6 months. Those who didn't were getting eaten alive. Maxing out their credit cards with living expenses, etc etc. .   Finally they left and someone up the food chain got any clients they left behind. After a year, I got an opportunity to work back office from someone who'd seen my work and I got out of there. Learned a lot though about prospecting etc. Like rule #1 is Fill The Book, Period. I stayed too long in the back office, but that's my problem.
 
Thanks for the heads up on EDJ as I wasn't sure they were as good as they used to be. Also Northwestern too. If I go to b/d for a few years they will be my first stop. If anyone else can tell me a b/d who walks the talk or at least is better then others, Please let me know. If they are all the same and you get a phone, desk, printer etc  and that's all you can expect, I want to hear that too.
 
As far as any b/d is concerned, my info is whatever cash they put up for you, they will get back somehow. It's not pay of any real sort. It's only a "loan" against future production. They will take it out of your commissions or some other way and if they have to, they will take it out of your hide with their legal dept. Maybe I got bad info, tell me if I did.
 
I see all the points to go to a b/d for a few years, then decide whether to stay or go indy. My big problem with this is I'm not clear on how you get the clients you developed to take with you. Do not competes seem to have a lock on the clients staying there. Some of you indicate that isn't true, so how do you get the clients to come your way without dealing with a legal action ???
 
I will check out possible working at an indy who can act as an OSJ. Best route I see is to follow up on what I said in my last post and check with the instructors in the CFP program who I mentioned are in the business, not full time instructors.
 
As far as having to be to the manor born to be successful because you need a natural market with big pockets. Sorry, but I beg to differ. Simply math shows me there can't be as many successful FAs that grew up on a trust fund. Besides, none of the successful FA's I've worked with had this. Actually I think too many FA's are elephant hunting and ignoring the fact that a lot of roofers are retiring and if you were union, you have pension plan to roll. I've seen it. There's also a lot of other baby boomers retiring and inheriting houses, iras, portfolios from parents. Average price of a house in the Bay Area where I live is Down to 500k. That's a lot of cash to invest afte the sale. Then theres life ins for young people and long term care for older ones. Even a recession can be an opportunity as when some people lose their jobs, they yank their 401k ASAP. Hard and smart work goes along way, even though I'm  well aware  70-90% people going into this business are out in under 3 years. No illusions here.
 
Good point on whether I'm using the CFP to run some avoidance.
Issue is, that I wouldn't be bothering with at all now except for
1- I'd been laid off in a bad market and will be back in a year as it' coming up.  
2-They will pay the bill and income
3-The colleges offering the courses seem like good networking that could bring me a indy to be OSJ a junior position to handle someones lower end accounts that's some cash while I pound on doors or a mentor (or all 3)
4- They will give me $2 for every $1 I save towards starting a business. 200% guaranteed return to set up a expense fund, not bad.
I can hear the groans though.!!!!
If I'm not absolutly sure that all the above will fall into place and the program provides me the things Ice talked about, I will drop it and move on to a b/d for 2-3 years.
 
Yes, I should gone back out and done sales long ago, but I have done sales successfully in another occupation and had a few clients at last position. They were all clients that moved out of state and the firm thought they'd just want servicing, so to save money they registered only me in those states. Ending up turning the servicing calls into sales. About 400k sales on 4 clients while I was handleing all my other duties and I had to do the sales over the phone. Not enough production for a cricket to live on, but you know any other SA that turned service calls in to sales. All of which were over the phone, not face to face. And of couse while running the office. Maybe I'm full of it, but no one at the company even suggested I make these sales, I just did it.
 
Thanks again for the help. Hope you all get one of the execs with a parachute just drop by the office today.
 
 
Ok, I'll bite... if you had your mind made up why'd you even ask? It sounds like you have strong rebuttals to everyone's comments. For what it's worth, the more you type the more I just don't see it, I mean you were a back office guy for 13 years, right? And you used to fight people with baseball bats on the waterfront? Ugh, maybe I am just oppinionated but the whole business is upside down and the image you are painting it just sounds to me like you might not see it the way I see it, this is fine as we all have our opnions but to some degree I think "if it don't fit, don't force it", after 13 years a layoff is pushing you to take a stab at an advisor role maybe you should just try something else, it's a big world and I just think there's a lot more out there that is more interesting- I guess that depends though if you have any talents or other interests, maybe you are only motivated to take this next step to be an FA because it's will relatevely not be far from your area of expertise, afterall you already have the licenses etc...
 
I know that since my career change and leaving the financial industry it's been a hell of a challenge and a rocky road/f'ing rollercoaster with many many 90 hour weeks, just the hardest thing I have ever done but also I really feel like I am living- I am doing something for work I never dreamed I could get paid for, also becuase of this change I know I would never ever go back to working in a support role ever if I ever do go back to the financial field, which is doubtful but you never know, sometimes you need to break your shell to truely grow stronger. I look back at the roles I had and I now know that I would never need to go back to those types of roles, I was always afraid to not have a salary, now that I have truely been tested in every way possible I feel like my old jobs supporting others were a waste of time but I also feel without the challenge I have recently taken that I was weaker back then, support jobs are like sitting on someone else's shadow while the entire world turns around you, support roles are like pulling on slot machines while everyone else is playing craps. I don't want to get into great detail but I put in some massive hours and have more responsibility now than I ever expected I would and because of being thrown into this at warp speed, sink or swim being setup to fail but coming out on top, I know I am more capable and motivated than ever before, nothing else to say except going through with a drastic change has beat the crap out of me and then made me stronger than I would have been otherwise.
 
You live once, then you'll die and that's it, hopefully you'll never be laid off again, but I think you should use this time very wisely to really figure out what happened for the past few years and if this is what you want to do or just what you think you should do. I think a lot of people get so many years in one thing they get trapped into a "one industry" mentality, I just think after 13 years is a long time to be in support roles but I guess after baseball bat fights on the waterfront you've come a long way. I do think I sound like an ass but I just really don't get it, I will say that maybe you can bring a refreshing perspective, people are looking for change as they have clearly lost all faith in the current system. I'm not trying to give you career advice but like I said, I see some things we have in common and it makes me take a special interest to your posts, whatever you choose to do I wish you the best, my opnion is that you should really think outside the "logical next step" mentality, I don't think this market is a friendly one to go from SA to FA without a stop in between for a few years. It seems like you know that support roles are a dead end at this point and the logical next step is to take a crack at being an FA, I just like to see when people think outside the box more than that.

DCnew's picture
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Joined: 2007-11-28

Ok,
I guess i'll chime in. Let me praface this by saying that I'm an FA @ EDJ and still in my first year.  i'm exceeding my expectations and still broke. I agree with many others that you should do some serious soul searching and make SURE this is what you want to do. That being said, IF and only IF you are sure you know this is what you want to do, AND you are set on getting the CFP credentials. I would recconed considering entering the PASS program @ EDJ. Look it up online; but I can assure you that with your CFP and Jones' current desire to grow after completing the program and extensive sales training you would probably have the opportunity to take over a smallish office, and given your knowledge of the industry after successful completion you would probably be a strong candidate to a regional leader (basically EDJ's version of a BOM). Either way I fully agree that you will need some extensive sales training and mentoring to make a successful transition. Trust me, i'm still knocking on doors and this market is rough to be cold calling. Do yourself a favor and make sure this is what you want to do, and if so make sure you know and fully understand all your options.
Food for thought from a rookie in production,
Good luck!
http://careers.edwardjones.com/us/students/Full-TimeOpportunities/FinancialAdvisorTrainingPrograms/PASSProgram/index.html
 
Here's a link to more info on the pass program.

smokescreen agent's picture
Joined: 2008-08-19

I should also add, while the CFP deal he has going might seem smart while on unemployment, what if he can't cut it as an advisor in this market? I mean think about it, after 13 years as an assistant, then to go get the CFP prior to establishing a client base is really gambling a lot of time and effort, if it doesn't work out then you'd feel even more pigeon-holed into the industry because it would be one more credential that would be hard to walk away from, and at that point what's left, inside wholesaler? being an assistant again? My point is what good will a CFP be without clients? It's worthless without clients to service... I just don't see the value of getting a CFP prior to having clients unless you are being mentored while studying for it, getting the CFP garauntees nothing other than the fact you'll spend a lot of time studying for a non-transferrable title suffix.
 

Please take my comments with a grain of salt, you can do what you want but the current plan definitely has some holes in it, in retail finance the only thing that matters is sales, or at least that's the measure for success, and if you really want to sell then you'd be doing it now instead of milking unemployment while studying for a CFP. You've got all the licenses, right? Why not just start prospecting now and start selling?

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