scary stuff

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pman's picture
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Joined: 2005-10-18

I must say that after reading these boards I am scared as hell to enter
this field. It seems like there is little support for young advisors
tying to get started in the business. Do your firms provide any
business building support or are you guys completley on your own from
day one. I have recieved offers from various companies all promising
great training and support. But if that were the case then why are so
many people floundering and relying on cold calling.

indytwo's picture
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Joined: 2005-06-02

pman
You should be scared as hell! This is not a walk in the park.  Your going to fail a whole lot during your first few years.  Get used to people saying NO!  Keep picking youself up by the bootstraps and keep at it.  Your going to doubt yourself more than once through this process.  You'll have to fight through these things. 
The great news is that once you cut your teeth this is the best Damn  Job in the world! 

indytwo's picture
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Joined: 2005-06-02

All firms are going to tell you they will give you support.  Be very careful with that empty promise.  I started in the bank channel before I went indy.  Made a little money and had referrals.  Cut down on the cold calling-walking.  I would also make sure to talk to the other reps at the firms your looking at.  Ask them some questions.  You want to find out how helpful they will be.   Your going to need help from an experienced rep(its very helpful to bounce ideas off someone whose been through the battles).
I cant believe im going to say this but maybe you should look at Edward Jones.  They do a great job with newbies.  Just dont drink the _____. 
 
Anyway good luck!

moneyadvisor's picture
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Joined: 2005-08-02

 P Man, For what it's worth......Go to Jones. they have a very step by step training program. Most other firms throw you in the water, and pile a ton of information and product on you. NOTHING will give you the insight to make the choices that are right for you,  other than 3-5 years in the business!........That's just the way it is. You can read posts all day long, you have to live it, to understand.

Greenbacks's picture
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Joined: 2004-12-21

I suggest find an indy and be an apprentice for him/her for a couple of years. This may save you a hell of a lot of headaches and save some clients a lot of money!
Remember all wirehouses and insurance companies will not tell you but the firm comes first, the client comes second and you come in last if at all   . Go INDY!

moneyadvisor's picture
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Joined: 2005-08-02

PMan - ignore Greenbacks - that's the most paranoid thing i've ever heard. I bet most indy's on here would tell you to cut your teeth at a firm, where there is more than one person responsible for your education.

Duke#1's picture
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Joined: 2004-12-06

moneyadvisor wrote:PMan - ignore Greenbacks - that's the most paranoid thing i've ever heard. I bet most indy's on here would tell you to cut your teeth at a firm, where there is more than one person responsible for your education.
Agreed!  I'm indy, love it, it's right for me & I wouldn't do anything else.  But, I've told my kids that if they ever wanted to be in this business to first go the traditional route, get good formal training, build a book, and once established THEN make the decision if indy is right for them. 

troll's picture
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Joined: 2004-11-29

pman wrote:I must say that after reading these boards I am scared as hell to enter this field. It seems like there is little support for young advisors tying to get started in the business. Do your firms provide any business building support or are you guys completley on your own from day one. I have recieved offers from various companies all promising great training and support. But if that were the case then why are so many people floundering and relying on cold calling.
No firm is going to hire you, pay to get you through the exams and other training and then give you zero "support". The support may well come in forms you don't like or yet appreciate, like having a name out front that potential clients recognize, or by offering a wide range of products and services, or just showing you where to get potential clients, but it's there.
In most every place I've heard of you'll get al least basic info on how to gather a book and conduct business, BUT, if by "support" you mean feeding you accounts, giving you networks to work and generally giving you business, you're going to be disappointed. If they had large amounts of business to hand out they wouldn't need you, and they certainly wouldn't pay successful reps what the're paid.
 
 
 

Starka's picture
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Joined: 2004-11-30

Well put, Mike, and exactly right.

executivejock's picture
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Joined: 2005-06-29

True dat! As a late 20 something I am in the middle.... I do believe this industry is extremly challenging if one does not have a diverse background (life experiences), solid network and strong communication skills.
The people here for the most part are realists when it comes to this business/career/industry. The failure rate is extremly high and people do get burnt out, but the rewards are unique and large!
I'm going the INDI junior partner route, but aware its going to be a challenge. The good thing is I have a long term established relationship with my partner and we both are bulls with integrity. Most important we both love money (just kidding). Also I know I bring the bullets mentioned above so I will kick some butt! 

maybeeeeeeee's picture
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Joined: 2005-02-24

People say this job is sooooo hard.  What kind of jobs have they had before?  This job is hard if you don't have a good work ethic and the personality to do sales.  Everyone in our office who is "miserable" and hates their job - -doesn't put in any hours and won't prospect.  I wish they would just QUIT.
Great industry and I love RayJay.

troll's picture
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Joined: 2004-11-29

maybeeeeeeee wrote:
People say this job is sooooo hard.  What kind of jobs have they had before?  This job is hard if you don't have a good work ethic and the personality to do sales.  Everyone in our office who is "miserable" and hates their job - -doesn't put in any hours and won't prospect.  I wish they would just QUIT.
Great industry and I love RayJay.

Agreed. It ain't easy to start a book, but for crying out loud it's indoor work with no heavy lifting. Bitching about it as "hard" is an insult to people who grunt and sweat everyday for a much smaller check and much less opportunity. Be thankful.

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