need help

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trisyn's picture
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I am currently interviewing for positions at Ameriprise, Northwestern and a local firm called IMG having already turned down First Investors (sounded kinda fishy).  What is the best fit for an about to be grad with no sales experience and limited network?

Soothsayer's picture
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Have you tried waiting tables or delivering pizzas?  How about Foot Locker--I heard they're hiring. 

troll's picture
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Soothsayer wrote:Have you tried waiting tables or delivering pizzas?  How about Foot Locker--I heard they're hiring.  Would you like some fries with that shake?

trisyn's picture
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ok i should've known i was gonna get some smarta$$ replies. Any real advice from people who actually use this site to do good rather than morons who have nothing else better to do in their lives?

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One of the unknowns in this business is if Ameriprise has changed their ways from their AEFA and earlier incarnations.  They are a boot camp of sorts in the financial services industry--normally very rigid in their demands and expectations.  Their sales management is molded along the lines of the drill instructor with a soft heart if you know how to find it.
Northwestern Mutual is a big insurance company that owns a brokerage firm called Robert W. Baird.  As I understand it, if you're on the NWM side you share commissions and fees on your account's investment transactions with a guy at Baird.
IMG?  Could you mean ING?  If so, huge insurance outfit and you're actually talking to a local general agency.  Many of them are very professional.
You too should not let the nimrods on this forum get to you--the world is filled with masses of asses.

Philo Kvetch's picture
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NASD Newbie wrote:
-the world is filled with masses of asses.

And YOU, Putsy, are their king.

anonymous's picture
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There is absolutely no reason to think that Ameriprise is any different than it has been.  A name change does not change a company.  If UBS changed names tomorrow to UBZ, it would still be the same. 
Baird is not the B/D for NWM.  It was in the past.  Commissions did not get split with Baird guys.

brothaK's picture
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If you have a good degree from a good school, go for the wirehouses, if not go to Edward Jones. From what I hear Edward Jones is probably 100 times better than Ameriprise.

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brothaK wrote:If you have a good degree from a good school, go for the wirehouses, if not go to Edward Jones. From what I hear Edward Jones is probably 100 times better than Ameriprise.
Brother, have you ever been hired by an NASD member firm?

Shmer33's picture
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Yet again it happens.  We have people giving advice who have no idea what they are talking about. 
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brothaK's picture
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Am i right or wrong?

Shmer33's picture
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Trysin:
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This is a very good business.  It is also a very hard business. In fact, most can’t make it- I am only a rookie so it remains to seen if I have got what it takes. 
 
It you come from a predominant and wealthy family go to a wirehouse: MS, Merrill, SB, etc..  Your family should be able to give you some good contacts and provide you with a few accounts to get you started.    
 
If not, look at companies like Edward Jones, AXA, or a bank program.  Just stay away from First Investors..      
 
The best thing for you to do is talk to people.  This forum can be an awesome source of information.  There are some people on here who can give you reliable, accurate, and concrete answers. 
 
Good luck and pm me if I can help.
 
Shmer 33   

troll's picture
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trisyn wrote:ok i should've known i was gonna get some smarta$$ replies. Any real advice from people who actually use this site to do good rather than morons who have nothing else better to do in their lives?Get over yourself.  You'll never succeed in this business if your skin is that think!

Indyone's picture
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Joined: 2005-05-30

Joe means thin...as in you get your feelings easily hurt or you are easily perturbed...and he's right...it's tough to succeed unless you have the ability to let a lot of crap roll off your back.  If you can work through some initial disappointments and aggravations, this is a great business to be in.
If IMG is actually ING, that's a good-sized firm with name recognition, although I can't say that their tech is all that good.  I worked with their bank subsidiary, and I would label it's platform as OK, but not great.  Probably several steps ahead of Edward Jones, which is generally said to have a pretty low-tech setup.
Also, if AG Edwards has an office close by, they would be worth looking into.  I don't see a lot of negatives on these boards about them, and I have some friends in the business that work for them and like them very well...after several years with them.

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trisyn wrote:
I am currently interviewing for positions at Ameriprise, Northwestern and a local firm called IMG having already turned down First Investors (sounded kinda fishy).  What is the best fit for an about to be grad with no sales experience and limited network?

What sounded "fishy" at First Investors?

vbrainy's picture
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Joined: 2006-07-26

Stay away from Ameriprise.
If you have no experience and no contacts try growing at a bank.
You have to know people with big money and they have to be willing to invest with you to make it at a wirehouse.

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vbrainy wrote:
Stay away from Ameriprise.
If you have no experience and no contacts try growing at a bank.
You have to know people with big money and they have to be willing to invest with you to make it at a wirehouse.

Nonsense.
You have to have a great work ethic and be about 35 years old.  You'll get great support and have the potential for unlimited income.
The bank channel is going to morph into a salaried position as the decision makers come to realize that there is no need to reward "advisors" who are actually little more than talkng heads--"Why Mrs. Jones what you need is a variable annuity."  That can be taught with a brochure that Mrs. Jones receives in her monthly statement.

JCadieux's picture
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Joined: 2005-01-23

Shmer33 wrote:
It you come from a predominant and wealthy family go to a wirehouse: MS, Merrill, SB, etc..  Your family should be able to give you some good contacts and provide you with a few accounts to get you started.     Go to the best firm that you can.  Forget the predominant and wealthy family thing.  Just apply to the best firms you can find and then go with one if they accept you.Failing an offer from a firm on your "Tier One" list, then focus on the "Tier Two" list.

Mike Damone's picture
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Joined: 2004-12-01

NASD Newbie wrote:vbrainy wrote:
Stay away from Ameriprise.
If you have no experience and no contacts try growing at a bank.
You have to know people with big money and they have to be willing to invest with you to make it at a wirehouse.

The bank channel is going to morph into a salaried position as the decision makers come to realize that there is no need to reward "advisors" who are actually little more than talkng heads--"Why Mrs. Jones what you need is a variable annuity."  That can be taught with a brochure that Mrs. Jones receives in her monthly statement.

I don't believe that one bit.  This is a sales job.  Bank customer's are not lining up at the door wanting to buy a mutual fund or annuity.
 

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JCadieux wrote:Go to the best firm that you can.  Forget the predominant and wealthy family thing.  Just apply to the best firms you can find and then go with one if they accept you.Failing an offer from a firm on your "Tier One" list, then focus on the "Tier Two" list.
As always that is sound advice.  I would add that there comes a point where you want to stop lowering your sights because there are firms that will actually ruin a decent person's chances of making it into the business.
Don't go to work for First Investors--nothing good can come of that.  Whatever you do don't go to work for a chop shop, your career opportunities would be better served if you spent time in jail.
Often all you need to do is wait a few years--when you're older you have more to offer a hiring manager.

peanutbroker's picture
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Joined: 2006-04-06

If I had to choose between the firms you mentioned in your post:

#1 Ameriprise...Eee Gad! I can't believe I ranked them #1. Their proprietary funds are absolutely garbage, and so are their VAs, and other insurance products. Oh, and they strongly encourage the sale of their own line products. At least they did until the SEC jumped their stuff. But you can do just about anything you want their, just good luck getting around selling "their" stuff in the early years.

#2 NWMF: Strong Insurance company, but hear it is rough goings early for new guys. Poor investments side/brokerage side of the business. It is insurance company first then do investments second. Again, they want you to sell their line of products, at least the insurance products are far superior to AMP.

#3 First Investors....everything is proprietary, poor name recognition, don't know anything else other than the funds have performed almost as bad as AMP.

peanutbroker's picture
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Joined: 2006-04-06

I am sure you can get interviewed by Jones if you have got interviews with all these outfits. Look into it.

trisyn's picture
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Joined: 2006-08-25

Thanks for all the helpful replies. By the way, I should clarify, its not ING but IMG a subsidiary of Securian which I am not very familiar with either. 

trisyn's picture
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Joined: 2006-08-25

Oh by the way I have looked into EJ but got turned off by the whole door knocking thing. I live in TX and the idea of going door to door in 100+ degree heat in a suit doesnt seem all that appealing.  Does EJ make you do this or is it just suggested?

peanutbroker's picture
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Joined: 2006-04-06

Jones does make you do this. If I were you I would look at a bank that will train you. You don't have to prospect there.

brothaK's picture
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Joined: 2006-04-18

trisyn, if you are already in that mentality it's probably best not to
even become a FA. This is no walk in the park..(probably walking in the
park doesn't seem all that appealing either for you)on a side question: if there are more than one, for example, Smith Barneys in your town, could a potential FA apply to both Smith Barney branches?

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