[quote=Bubblehead][quote=Bubblehead]

Are there respectable firms out there that have programs tailored for someone of my background?

Let’s presume I do pursue finance.  I am tired of this engineering thing after all, and really do like the idea of Financial Advising.  Where should I start?  I think my eventual goal is to be an independent in a small city or suburb.  What is the best approach to getting there?  If not Edward Jones, then where? Thanks,

Bh

[/quote] [/quote]

Ooops, fat fingered the keys......

Regarding my earlier questions, does anyone know of any programs tailored for career changers?  I understand the previous opinions posted on this thread, are there any others?

Bh

I think most of the big names are and they love people with more maturity, a record of success AND a fat book of people within their network.

Starting independent is tough, so most either go brokerage firm or insurance company.   Brokerage is great if you prefer more of an investment focus, insurance is better if you either want to master insurance sales (some of the highest paid humans in this country are insurance reps) OR you want to master the more lucrative aspects of financial planning.

Once you get your feet on the ground, you can go indy if you want.  Also..easier to go indy from an insurance start - there isn't so much of a battle over your book, especially investment clients.

After re-reading your initial post, I actually think Edward Jones would be fine for a second/final career. You will get the best training for a newbie and you likely will have a few other folks just like you- and around your age doing the same thing.

It's a great place to start and see if you really like the career. And I have seen many military people do well. It's the discipline. I am guessing you might be around 50? maybe a little less? Doesn't really matter but since you already have a retirement coming from career one, EDJ is really a good fit. And likely you will do your clients a great service. You may only want to work another 10-15 years? And if you DO make it at Jones, you have the trips twice a year - (they aren't FREE- you will pay for them) but the numbers to get them are obtainable.

So though I am certainly no long term Jones fan, I think it would be  a good fit for you. If you like, PM me I'll give you names of former Military folks to talk to that are at Jones.

[quote=munytalks]

After re-reading your initial post, I actually think Edward Jones would be fine for a second/final career. You will get the best training for a newbie and you likely will have a few other folks just like you- and around your age doing the same thing.

It's a great place to start and see if you really like the career. And I have seen many military people do well. It's the discipline. I am guessing you might be around 50? maybe a little less? Doesn't really matter but since you already have a retirement coming from career one, EDJ is really a good fit. And likely you will do your clients a great service. You may only want to work another 10-15 years? And if you DO make it at Jones, you have the trips twice a year - (they aren't FREE- you will pay for them) but the numbers to get them are obtainable.

So though I am certainly no long term Jones fan, I think it would be  a good fit for you. If you like, PM me I'll give you names of former Military folks to talk to that are at Jones.

[/quote]

munytalks,

I am 43 now and will be 45 to 47 when I retire from the Navy.  My thoughts are to work hard for the first 3-7 years and then begin working  more reasonable hours.  Hopefully by the ten year point (Age 55-57) I can scale my hours back to 30-35 a week, and take some vacations while still keeping the office alive. This includes a potential shift to INDY at the 4-6 year point.  (As soon as feasible).  Does all of this sound reasonable?

Here is a new question though.  Many people imply that "My Network" will be valuable.  Does everyone understand that my network is scattered all over the globe?  Is the network going to want to give their money to an old friend who is new to the business, and thousands of miles away to manage?  (I wouldnt)  I know many of you will tell me thats why they call it a sales job....right? 

Another concern regarding networking.  The premise seems to be that a Newbie starts their business/in an office/ etc in an area he/she has ties to.  In my case that is not my intent.  I want to relocate to "My Ideal Location"  (Yet to be determined) and it is almost certianly a place I have no ties to.  How much will this handicap me?

[quote=Bubblehead]

I am 43 now and will be 45 to 47 when I retire from the Navy.  My thoughts are to work hard for the first 3-7 years and then begin working  more reasonable hours.  Hopefully by the ten year point (Age 55-57) I can scale my hours back to 30-35 a week, and take some vacations while still keeping the office alive. This includes a potential shift to INDY at the 4-6 year point.  (As soon as feasible).  Does all of this sound reasonable?

[/quote]

The current issue of On Wall Street focuses almost exclusively on "Going Indy."

There is a stat in there that is telling, actually two of them.  Probably a lot more, I have not read it yet, just editor's notes at the first.

In those notes she says that industry executives say that 20% of their reps are carrying the other 80%.  It is common knowledge among those who are impartial that the "siren song" of the independent channel is the significantly higher payout.

It has presented itself in this forum as part of the prickly exchanges as the last gasp of a broker who is behind in their mortgage because they're not earning enough.  40% payout at a wirehouse versus much much more as an indy.

When you've got a note saying your mortgage company called while you were at lunch it's easy to conclude that the solution to your problems is the higher payout.  So off you go.

Back to the magazine.  There was a comment--I don't have it handy so I can't quote it--to the effect that it is still true that very few "big hitters" leave the wirehouses, but that that is changing.  This was part of a presentation at SIAs independent contractor meeting in April.  That is boiler plate in such presentations--the facts still show that virtually no significant producers at the wirehouses find the lure of the independent track to be all that attractive.

No doubt some of it, perhaps most of it, is--what's the word for just wanting to maintain the status quo, being lazy because you're so content.  If you are not being motivated by the past due mortgage, and you are a big enough stud around the office you don't find yourself whining about heavy handed managers, too many compliance meetings and the like.  There is a hell of a lot to be said for having a business card that says:

Bob Broker
Senior Vice President
Merrill Lynch, Inc.

instead of

Bob Broker
Bob's Brokerage Firm
Securities offered through Raymond James Financial Services

My point is this.  Anybody who is able to get an offer from a premier firm has been honored--and EXTREME caution should be used before tossing that relationship aside.  Even if you're past due with your mortgage you will probably find the sledding is easier with the big name behind you.

It is my opinion--formed over more than thirty years of talking and thinking about this business--that the clients don't buy the idea that it doesn't matter where you are as much as we do.  With some firms, Merrill in particular, the clients (for some odd reason) actually consider themselves to be a cut above because a Merrill broker prospected them.

Don't go Indy without considering all of the things involved--all of them.  If you're talking to a place like LPL ask for the contact information for some of their least successful associates and call them.  You should do that while interviewing with a wirehouse too--ask to speak to a veteran who has yet to break out.  Don't say something stupid like, "I asked to speak to you because I asked to speak to a loser...." but do listen to what they've got to say.

They were just as confident of their abilities when they were hired, they probably passed the same tests you did, they may have been hired by the same guy.  If the manager made a mistake with them, how do you know he's not making the same mistake with you?

[quote=Bubblehead]

Here is a new question though.  Many people imply that "My Network" will be valuable.  Does everyone understand that my network is scattered all over the globe?  Is the network going to want to give their money to an old friend who is new to the business, and thousands of miles away to manage?  (I wouldnt)  I know many of you will tell me thats why they call it a sales job....right? 

[/quote]

There is validity in that concern.  Not so much due to the far flung nature of the individuals as the relative newness.

It has always been my advice to rookies to forget about your "natural market" for at least a year--and to intentionally limit contact with them for a year or so too.

The human brain is such that if you and I had not talked in awhile I will have no real feel for how long it's been.  So the "Damn it's good to hear from you...how's it going?" question can lead to a "Well, I've been enjoying my new career with Ajax brokerage.  It's a great transition from the Navy."  If you've been in touch recently you're likely to  hear, "Come on, don't bullschidt me you were on base six weeks ago..." but if it's been awhile since you talked to him there is no reason to even tell him how long it's been--let his impression rule, it will be a lot longer than reality.

Another "issue" is that a retired Navy guy is probably going to find other retired Navy guys are also prospecting the same network--maybe not as a wirehouse broker, but as an insurance agent.  That's where the salesmanship, and the strength of the previous relationship will matter.

Keep in mind that you're going to make mistakes--some of them hideous.  Make them on the strangers--wait till you're fairly comfortable in your own skin before grabbing that "Natural Market" list.  It's a marathon, not a sprint.

[quote=Bubblehead]

Another concern regarding networking.  The premise seems to be that a Newbie starts their business/in an office/ etc in an area he/she has ties to.  In my case that is not my intent.  I want to relocate to "My Ideal Location"  (Yet to be determined) and it is almost certianly a place I have no ties to.  How much will this handicap me?

[/quote]

It's not that you're going to experience a negative as much as you won't be as able to capitalize on what might have been a positive.

That said, if you do have contacts back home who you figure are about as sure a bet as there is--they'll do business over the phone.  Spend a week or so, after a year or so, back home making the same kind of calls you'd be making if you were there full time.

The business will come. I"m not sure that I'd even tell an old friend that you don't live there.  As with any interview never say something negative--NEVER.

If I ask you, "So, now that you're back where are you living" don't lie to me--but why in the world would I ask you that?  If I open an account there will be plenty of time to explain that you are living in God's Country, wherever that may be.

[quote=Big Easy Flood]My point is this.  Anybody who is able to get an offer from a premier firm has been honored[/quote]

That is such B.S.  Most firms will hire anyone that can fog a mirror, particularly when they are in expansion mode.  They all just throw sh** against the wall and see what sticks.  The only exception being Goldman Sachs.

[quote=lawsucks]

[quote=Big Easy Flood]My point is this.  Anybody who is able to get an offer from a premier firm has been honored[/quote]

That is such B.S.  Most firms will hire anyone that can fog a mirror, particularly when they are in expansion mode.  They all just throw sh** against the wall and see what sticks.  The only exception being Goldman Sachs.

[/quote]

Are you saying that a Merrill manager hires everybody who applies?

[quote=Big Easy Flood][quote=lawsucks]

[quote=Big Easy Flood]My point is this.  Anybody who is able to get an offer from a premier firm has been honored[/quote]

That is such B.S.  Most firms will hire anyone that can fog a mirror, particularly when they are in expansion mode.  They all just throw sh** against the wall and see what sticks.  The only exception being Goldman Sachs.

[/quote]

Are you saying that a Merrill manager hires everybody who applies?

[/quote]

Pretty damn close. 

Aren't you the one that is always pissing and moaning about how the industry has too many wet behind the ears college grads, or worse yet, college dropouts.  I've run into plenty of current and former ML brokers from the local branch - many of them fit into that category of brokers that you believe shouldn't be in the industry.

[quote=lawsucks][quote=Big Easy Flood]

Are you saying that a Merrill manager hires everybody who applies?

[/quote]

Pretty damn close. 

Aren't you the one that is always pissing and moaning about how the industry has too many wet behind the ears college grads, or worse yet, college dropouts.  I've run into plenty of current and former ML brokers from the local branch - many of them fit into that category of brokers that you believe shouldn't be in the industry.

[/quote]

The guy is a liar. He's not mistaken, he's a liar.  As I said people like this guy are as valuable to the industry as a cold sore.

Another concern regarding networking.  The premise seems to be that a Newbie starts their business/in an office/ etc in an area he/she has ties to.  In my case that is not my intent.  I want to relocate to "My Ideal Location"  (Yet to be determined) and it is almost certianly a place I have no ties to.  How much will this handicap me?

To bring the topic back on point:  I don't think that is as much of a handicap as it may seem.  If fact, many of the Jones offices are staffed by Reps who have moved to new areas.  While that is stressful on a family to move to new town and create new associations, I imagine that it is not a new thing for you or your spouse given your military career.   I don't think it would much of a problem.

Sometimes it can also be a good thing to be in unknown territory instead of your home town where like Cheers, everyone knows your name and any baggage you may have.  (Not to suggest you have baggage.)

Babs is right again- (she usually is!)

I still say Jones is the best start out place but one thing that puzzles me is why would you want to go Indy right before you cut back and prepare to Retire? You can set your hours at Jones- if you are above standard and your clients' don't complain.

Going Indy is a major step taken to take your practice to another level. It actually requires MANY more hours in the beginning- so it is like starting over. Plus the outlay of cash. Then you owe it to your clients' to watch out their money as though it were your own. So, I'm just saying this- to sum it up - Try Jones. If you like the career and want to work beyond 15 years, think Indy after 4-5.

Good Luck!

[quote=babbling looney]

Another concern regarding networking.  The premise seems to be that a Newbie starts their business/in an office/ etc in an area he/she has ties to.  In my case that is not my intent.  I want to relocate to "My Ideal Location"  (Yet to be determined) and it is almost certianly a place I have no ties to.  How much will this handicap me?

To bring the topic back on point:  I don't think that is as much of a handicap as it may seem.  If fact, many of the Jones offices are staffed by Reps who have moved to new areas.  While that is stressful on a family to move to new town and create new associations, I imagine that it is not a new thing for you or your spouse given your military career.   I don't think it would much of a problem.

Sometimes it can also be a good thing to be in unknown territory instead of your home town where like Cheers, everyone knows your name and any baggage you may have.  (Not to suggest you have baggage.)

[/quote]

Bl,

Thanks for steering this back on course.  I agree with your position regarding the stress associated with relocating.  As you noted, the wife and I are very familiar with it as well.  We have been relocating to new areas for the last 22 years. 

I also agree with the baggage comment, not the part about how I don't have any, but rather that they don't need to be aware of it.

Changing subjects a little, some parties are pointing out why going indy after a few years could pose more challenges. (Hard work, etc).  Until a few weeks ago (when I found these boards) I was convinced I was going EJ and would stay there forever.  You see I have actually been set on this for years and built this perfect vision of EJ as my next work place based on the one sided perspective of their firm based on their website and press releases.  It is only after reading this forum that I have come to the conclusion that I am looking for a stepping stone to an Independent Office.  Let me better define what I want to do when I retire from the Navy.

I want to work in a capacity helping and advising people with finances.  Sales does not scare me, although I respect it as a challenge.  I am confident I will succeed at whatever I choose to do.  Not arrogant, confident.  I like the idea of the one man office and my dedicated assistant (BOA).  I dont want to be in a big office with constant pressure to fit "the mold".  I want the opportunity to do things without the hassle of constantly answering to authority for my every action.  (You see I have been doing that long enough).

Make no mistake, I am not so naive to think that in this industry I wont be answering to higher authority.  I realize there is pressure to fit the mold, do it the proven way, etc.  In fact I want that.  I need the recipe for success, as my work history and cultural climate has made that philosophy work for me.  I need that to be in my comfort zone.  What I dont need is constant supervision.  If I need to work 60-80 hours a week, so be it.  I just don't want to be reminded of it constantly.  Tell me what to do and I will do it.  Thats my philosophy.  Like I tell my people "I am not going to tell you how to suck, eggs, I am just going to tell you to suck eggs".   

That being said, I think EJ is the right fit.  If I feel bridled after a few years, I like the idea that I may be set up to go Indy.  If not, I may very well be content staying with them.  Thoughts?

One more change of subject:  Regarding the EJ Goodnight program, I am coming to believe that the outgoing broker determines who takes over his/her office.  Or at the very least has a lot of influence on who it is.  If that is the case, then I can assume that by relocating to a new area, I stand no chance of obtaining a Goodnight office?  If that is not the case, are there things I can do to make myself a better candidate for one of these offices?  Is this a good idea. 

Bl advised earlier, possible persuit of CFP prior to entering the field.  I have looked at thaat, and will be persuing that.  I would like to get it all done with the exception of the 3 years experience prior to entering the field and hopefully it will give me a little bit of a leg up.  I also plan on reading many of the recommended books I have been advised to read.  What else can I do to make myself a better candidate for a goodnight program, or a prospective hire for some of the other guys.  (AGE, etc)  As always Thanks for all of the feedback.

Bubblehead

That being said, I think EJ is the right fit.  If I feel bridled after a few years, I like the idea that I may be set up to go Indy.  If not, I may very well be content staying with them.  Thoughts?

Leaving your options open is a very good idea.  It may be that you and EDJ are a good fit and you will not want to leave.  It can happen   If it turns out that you decide to move later, you will have had years of experience that you would not otherwise have been able to obtain.

One more change of subject:  Regarding the EJ Goodnight program, I am coming to believe that the outgoing broker determines who takes over his/her office.  Or at the very least has a lot of influence on who it is.  If that is the case, then I can assume that by relocating to a new area, I stand no chance of obtaining a Goodnight office?  If that is not the case, are there things I can do to make myself a better candidate for one of these offices?  Is this a good idea. 

From what I have seen of the Goodnight program, it does help to have a personal relationship or be acquainted with either the broker who is going to be dividing his/her office or with the Regional Leader.  I would contact the offices and RL in the area you are planning to relocate to, before you even begin the process of applying to EDJ. Scout them out and see if there is even a Goodnight candidate office.  There isn't always one and sometimes the broker has to be coerced by the RL to divest his business. Introduce yourself and sell yourself to the decision maker. 

You should also be aware that the recruiting broker gets points towards their diversification trip when they recruit a successful hire.  If they feel that you are gung ho and are going to be an asset to their region, they will push for you to be hired and get an office.

[quote=babbling looney]

You should also be aware that the recruiting broker gets points towards their diversification trip when they recruit a successful hire.  If they feel that you are gung ho and are going to be an asset to their region, they will push for you to be hired and get an office.

[/quote]

Bl,  I picked up somewhere along the way the part about how the recruiting broker gets credit for recruiting.  I think I read it on one of these threads.   Who gets credit for me if I start inquiring early and often?  Is it the first rep to drop my name?  As of now I have not walked into an EJ office and expressed an interest.  I am considering canvasing as many reps as possible.  That could include many different regions, as I could see them while on travel. 

If the first to drop my name gets the credit, then I should modify my strategy accordingly, I would suppose. 

Bh.

I haven’t seen any more feedback here from 

Put  I mean BEF, lately.  Did he doze off?

[quote=Bubblehead]I haven’t seen any more feedback here from 

Put  I mean BEF, lately.  Did he doze off?

[/quote]

He's been cashiered.  Again.  As usual.

I believe he is reincarnated as NASD Newbie.

Folks,

I have focused most of my questions on this thread toward EJ experiences.  Can any of you AG Edwards reps or people in the Know about AG Edwards share with me what kind of fit I will be in their organization?

It would appear that to get in a specific office at AGE I need to interview with that particular office.  Is it possible to qualify and interview for an office that is in another part of the country?  Does their HR department maintain a list of positions and locations?  The website job locates does not seem to be very detailed.

Thanks Bh