Wirehouse vs. Insurance Agency

3 replies [Last post]
anonymous's picture
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Joined: 2005-09-29

Advantages of Wirehouse over Insurance Agency*
1)Prestige of the name2)Starting salary
Advantages of Insurance Agency over Wirehouse:
1)Someone in their 20's can succeed2)It is much easier to make money in the early years3)Higher payout on grid for investments4)Insurance sales don't through grid5)Because of insurance sales, the advisor gets to really be an advisor and not an asset gatherer.6)Because of the personal nature of insurance sales, closer relationships are formed with clients.7)It's much easier for someone with an insurance agency to make 7 figures than in a wirehouse.8)Money can be made working with just about anybody who has a decent job and cares about their family as opposed to just people who have $100,000+ to invest.
*This is only true if we're talking about a top insurance agency and I'm not talking about P & C.  There's no question that most insurance agencies are not very good.  However, every city has one or two that are outstanding.  Get in with one of these and you'll make more money and make more of a difference in people's lives.

NASD Newbie's picture
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Joined: 2005-08-01

This message brought you by the guy who presents not taking profits in the stock market as a tax strategy--"Mr. Johnson, it would be foolish to take that gain when you can wait till later and take a loss."
It is to laugh.
That said, I also think that starting at a top drawer insurance company is a better choice than starting at a wirehouse, or anywhere else, where your very existence depends on finding people willing to trust you with hundreds of thousands of dollars.
You have to figure that if this joker can get a job with an insurance agency anybody can--so go get one of them and when you're 33 apply at Smith Barney.  By then you'll have the selling skills, the maturity, and the network.
If you're going to fail, fail at Mass Mutual rather than Smith Barney.  A manager at Merrill is going to be far more accepting of your excuse for failing at an insurance company then he or she would be if your failure occured at another wirehouse.
You're playing a chess game--you have to make your moves with the next move in mind.

dude's picture
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Joined: 2005-11-15

Again NASD has harsh words laden with some good advice.  Listen up.
Thanks for the post Anonymous.

Rugby's picture
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Joined: 2006-06-06

NASD Newbie wrote:
That said, I also think that starting at a top drawer insurance company is a better choice than starting at a wirehouse, or anywhere else, where your very existence depends on finding people willing to trust you with hundreds of thousands of dollars.
You have to figure that if this joker can get a job with an insurance agency anybody can--so go get one of them and when you're 33 apply at Smith Barney.  By then you'll have the selling skills, the maturity, and the network.
If you're going to fail, fail at Mass Mutual rather than Smith Barney.  A manager at Merrill is going to be far more accepting of your excuse for failing at an insurance company then he or she would be if your failure occurred at another wirehouse.
You're playing a chess game--you have to make your moves with the next move in mind.

Anybody else wish NASD Newbie was doling out advice as an actual former producer with actual  real life/real job experience as a producer?
While he is obviously well-versed and sharp tongued, his posts may come across as good advice...but it is like taking flying lessons from a very knowledgeable aviation enthusiast who has never taken the controls of a plane.  Does that make sense?  
According to Newbie's recent posts those who wish for vacation in the securities industry are "drones", while he bragged of being given the benefit of (6) weeks vacation. (I'd argue on the backs of producers at his former firm).  Lets take his posts with a grain of salt.  The man is a conundrum.

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