New here and have a question

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gman123's picture
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Joined: 2006-08-22

Hi  everyone.  Ive been lurking a bit but haven't made any
post.I am glad that I found this place. So here is my question.  I
am 26 years old and thinking about being a Fin consultant.  I have
a college degree in economics.  I know that a degree doesn't mean
so much.  Ive always worked as a personal trainer (worked on
commissions).  Lately, Ive been doing internet marketing.  My
question is that how do I break into this field?  Since I don't
have any experience with this, would I have a chance of getting
in?  If I do, will I survive?
Thanks..

Indyone's picture
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Joined: 2005-05-31

Certainly with a college degree in economics and some unrelated sales experience, you have a very good chance of breaking into the business, assuming you do a reasonable job of presenting yourself.  Don't downplay the importance of a college degree, especially in a related field such as economics.  Some firms place a great deal of emphasis on having a college degree, and it may be impossible to get an interview without one.  The degree is important to give you a leg up on getting into the industry, and it's a tool that can be used to gain the confidence of some prospects later.  That said, it will have little bearing on how you do the job once you get there.
As far as success goes, I think you'll improve your odds by breaking into the business as an assistant to a successful advisor/team.  Getting people to give you large sums of money to manage by yourself can be no small feat, and I think it's a huge advantage to watch a successful veteran up close while you're paid a steady salary to assist.  You can also use this time to start gaining credentials that are relevant to this career, such as the CFP.  Once you hit your 30's with some industry experience and a CFP, and more credibility because of who you've worked for in the past, you'll havd a much better chance of success.  I share the opinion of many others that the reason the success rate in this industry is so low is that too many people try to do it by themselves too quickly, and they underestimate the effort required, especially if you appear to be very young and inexperienced.  It's one thing to let a rookie sell you a flat screen TV at Best Buy...it's a whole different matter to let him/her manage your million dollar 401(K) rollover.
Best of luck to you...let us know how things go...

gman123's picture
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Joined: 2006-08-22

Hi thanks for the quick reply.  In terms of being an assistant,
how would I go about that?  Im not sure what type of 
position that is officially called.  Also how would I find jobs
like that?
Thanks!

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gman123's picture
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Joined: 2006-08-22

Oh I forgot to mention one more thing.  I just did a quick search
over the internet and it seems that most  sales assistants, they
want series 7 and 63 and  a few years of experience.  How
would  I go about that?
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JimmytheRocker's picture
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Joined: 2006-06-27

Indyone wrote:
Certainly with a college degree in economics and some unrelated sales experience, you have a very good chance of breaking into the business, assuming you do a reasonable job of presenting yourself.  Don't downplay the importance of a college degree, especially in a related field such as economics.  Some firms place a great deal of emphasis on having a college degree, and it may be impossible to get an interview without one.  The degree is important to give you a leg up on getting into the industry, and it's a tool that can be used to gain the confidence of some prospects later.  That said, it will have little bearing on how you do the job once you get there.
As far as success goes, I think you'll improve your odds by breaking into the business as an assistant to a successful advisor/team.  Getting people to give you large sums of money to manage by yourself can be no small feat, and I think it's a huge advantage to watch a successful veteran up close while you're paid a steady salary to assist.  You can also use this time to start gaining credentials that are relevant to this career, such as the CFP.  Once you hit your 30's with some industry experience and a CFP, and more credibility because of who you've worked for in the past, you'll havd a much better chance of success.  I share the opinion of many others that the reason the success rate in this industry is so low is that too many people try to do it by themselves too quickly, and they underestimate the effort required, especially if you appear to be very young and inexperienced.  It's one thing to let a rookie sell you a flat screen TV at Best Buy...it's a whole different matter to let him/her manage your million dollar 401(K) rollover.
Best of luck to you...let us know how things go...

 
That's why a young guy shouldn't go after million dollar 401k roll over.  Not saying it is impossible, but there are easier ways of making money in your 20s.  Be a VL, VUL, UL junkie to your network of young professionals.  They may not have 100s of thousands of dollars to roll over, but certainly have hundred of dollars/month to invest.  Close 3 or 4 permanent policies/month at a $300/month minimum in premiums.  Life insurance paperwork is not worth if you're selling them something cheap.  Just like others set minimum in investible assets, I do the same for Life insurance.  If you're independent you can get 90% of target premium.  That's a hefty salary for a young 20 something year old.  As you grow older with your network and clients, your business will evolve into other products. It's unfortunate to look like I'm 21 when I'm nearing 30, but this has worked for me.

JimmytheRocker's picture
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Joined: 2006-06-27

gman123 wrote:Hi  everyone.  Ive been lurking a bit but haven't made any post.I am glad that I found this place. So here is my question.  I am 26 years old and thinking about being a Fin consultant.  I have a college degree in economics.  I know that a degree doesn't mean so much.  Ive always worked as a personal trainer (worked on commissions).  Lately, Ive been doing internet marketing.  My question is that how do I break into this field?  Since I don't have any experience with this, would I have a chance of getting in?  If I do, will I survive?Thanks..

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Funny.  I'm 28 now.  Was a personal trainer from 23-25.  I made more as a personal trainer my first year than I did as a financial consultant my rookie year.  What city are you in?

gman123's picture
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Joined: 2006-08-22

Hey Im in New York city,how bout yourself?
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tjc45's picture
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Joined: 2005-05-06

Indyone wrote:
Certainly with a college degree in economics and some unrelated sales experience, you have a very good chance of breaking into the business, assuming you do a reasonable job of presenting yourself.  Don't downplay the importance of a college degree, especially in a related field such as economics.  Some firms place a great deal of emphasis on having a college degree, and it may be impossible to get an interview without one.  The degree is important to give you a leg up on getting into the industry, and it's a tool that can be used to gain the confidence of some prospects later.  That said, it will have little bearing on how you do the job once you get there.
As far as success goes, I think you'll improve your odds by breaking into the business as an assistant to a successful advisor/team.  Getting people to give you large sums of money to manage by yourself can be no small feat, and I think it's a huge advantage to watch a successful veteran up close while you're paid a steady salary to assist.  You can also use this time to start gaining credentials that are relevant to this career, such as the CFP.  Once you hit your 30's with some industry experience and a CFP, and more credibility because of who you've worked for in the past, you'll havd a much better chance of success.  I share the opinion of many others that the reason the success rate in this industry is so low is that too many people try to do it by themselves too quickly, and they underestimate the effort required, especially if you appear to be very young and inexperienced.  It's one thing to let a rookie sell you a flat screen TV at Best Buy...it's a whole different matter to let him/her manage your million dollar 401(K) rollover.
Best of luck to you...let us know how things go...

Indy, good stuff! This must be our day to get the young candidates to stop acting like dogs sniffing logs in the Everglades. Some of those logs have big teeth. Not much of a future in that. I have to admit, your post gives a lot more useful direction than mine. So, everyone, under 25, Indy's post is required reading. Read my post on another thread if and only if you can't find a hammer to hit yourself in the knee with.

anonymous's picture
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Joined: 2005-09-29

I'm going to take the contrarian viewpoint.  I've seen some young people do very well.  However, they all did something in common...joint work.  They spent their time setting appointments with successful prospects.  When they made the appointment, they brought along an older, more experienced advisor and split the case.
I've seen this work in both wirehouse and insurance settings. 

troll's picture
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Joined: 2004-11-29

tjc45 wrote: Read my post on another thread if and only if you can't find a hammer to hit yourself in the knee with.

vbrainy's picture
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Joined: 2006-07-26

You must be sponsored by a company to take the Series 7 and 63.

JimmytheRocker's picture
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Joined: 2006-06-27

There is a lot of truth to what TJC45 is saying.  I put my main efforts with folks under the age of 40.  I develop rapport much more favorably with this group.  My appointment ratio is much higher.  It has just been more efficient this way for me.  I may think I get along with a 55 year old, but that may not necessarily be true the other way around.  Much quicker picking the low hanging fruit. 

Indyone's picture
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Joined: 2005-05-31

gman123 wrote:Oh I forgot to mention one more thing.  I just did a quick search over the internet and it seems that most  sales assistants, they want series 7 and 63 and  a few years of experience.  How would  I go about that?

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I'll have to plead ignorance on the hiring process for sales assistants, but perhaps one of the wireguys or recruiters can shed some light on this for you...anybody?

Philo Kvetch's picture
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Joined: 2005-05-17

Gee, I would have thought that Zippy the Pinhead would have chimed in before now!

troll's picture
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Joined: 2004-11-29

Indyone wrote:gman123 wrote:Oh I forgot to mention one more thing.  I just did a quick search over the internet and it seems that most  sales assistants, they want series 7 and 63 and  a few years of experience.  How would  I go about that?
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I'll have to plead ignorance on the hiring process for sales assistants, but perhaps one of the wireguys or recruiters can shed some light on this for you...anybody?Try cold calling the local branch managers, or just walk in one morning.  It will be good practice!

Shmer33's picture
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Joined: 2004-12-06

 I cold called branch managers.  They told me no.. So I called again and again..
 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Keep calling until they threaten to call their lawyer..  Then call a few more times. 
 You will at least get yourself an interview.  I promise.      

gman123's picture
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Joined: 2006-08-22

Oh I forgot to mention one thing.  I am not sure if it is a
related experience.  When I was 19 yrs old I worked inside the
booth of the NYSE  helping the floor broker write up transition
tickets.  I am not sure if that really helps!
Thx

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xbabygirlx's picture
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Joined: 2005-09-09

Hey all,
I think that young folks have a good chance if they start with the right people to work with and to learn from. I am 23 and been in this business for a little over year and I think its going pretty well. I do recommend starting as a sales assistant, which is what I am doing. Usually, the only advisors who have assistants are the top producers, so that is an advantage itself to be working with the top producers. I got fully licensed with my 7 and 66, so as an assistant, you will also have a firm to sponsor you to take the required exams, not to mention getting experience along the way.

anonymous's picture
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Joined: 2005-09-29

The problem with starting as a sales assistant is that you are learning the skills of a good secretary.  Even worse, the advisors are looking at you as a secretary.  Is your job as a sales assistant teaching you how to get in front of people on a favorable basis?  Are you learning to sell?  If the answer is "no", you really aren't making any inroads towards learning to be a financial advisor.

xbabygirlx's picture
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Joined: 2005-09-09

Well I dont know about other sales assistants, but I'm a selling sales assistant. So to answer your question, yes I do sell. I meet with clients while the advisor is with another.

anonymous's picture
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Joined: 2005-09-29

Are you meeting with clients are or you selling to prospects?  There is a world of difference.  Regardless, selling is secondary to finding prospects.

xbabygirlx's picture
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Joined: 2005-09-09

I do it all. As the assistant I prospect for new clients, work with our current book of business, set up the appointments, review their portfolios and sell.

anonymous's picture
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Joined: 2005-09-29

Great!  Just make sure that if you want to be an advisor that you are doing the things that will give you the proper skillset.

xbabygirlx's picture
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Joined: 2005-09-09

Thanks Anonymous!!! I think I'm on the right track so far. But if I have any doubts, I won't hesitate to ask for your opinion

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