I got a 83 on the 7 while being blindfolded and both hands behind my back using my nose to press the keys. The NASD said it was the highest score ever with the exception of the chimp that took the test with pregoman......

My initial training class there was a guy from Kansas who got a 98 on the 7. He flamed out in a week but then again he was from Kansas.......

You're right on, iceman. There are far too many rookie FAs out there gathering assets who have no idea what to do with the money when people start showing up at their offices with statements in hand.

I can only speak for Jones, but I'm amazed at the minute amount of time they spend teaching money management compared to the time spent on teaching new FAs how to convince people to roll over their $1 million 401ks and essentially put their lives in the hands of a guy who was selling tractors for a living four months ago.      

[quote=Borker Boy] I’d say that Jones’s training is 95%-5% sales training versus investment training, and I think that’s why I still have such a problem with charging people as much as we do for the services we provide.

The vast majority of my investment knowledge has come from my own self-study (books, the internet, etc.), and I sit behind a desk and call myself an investment professional. It’s comical, actually!







Jones has tried recently–due to constant requests from the field–to implement more product-oriented training classes, but after an hour or so, the classes always drift back to selling and prospecting.







I shudder at the thought of some of the portfolios I put together my first couple of weeks in the business. I literally had no clue as to what I was doing. Now, thanks to the internet, I know enough to realize that passing my clients’ money on to a good mutual fund company is the only real chance they’ll have at making any money.[/quote]

Got an MBA in late 2003 from one of the top schools in the region.  I went straight through from undergrad without any work experience with a 3.8 GPA. 

  Got offered a job at Axa and contemplated taking it and I even paid for my own Series 7 fees even though they sponsored it; got a 91.  I found out that it seemed to be a lot about product pushing and I didn't get the feeling they really even wanted to teach me anything about the business.   They were real excited about my natural market.   The one thing my MBA taught me was to RUN away from that type of situation and get your foot into the door of a company that is interested in my abilities and not to exploit me and churn me out.  I got some good advice from a mentor to go work on the phones of an investment company for a few years.  He said you would learn much more doing that to start than anything because you have to answer calls from brokers and clients all day.   I took a job making 32k per year at a retirement plan company which was quite a humbling experience given my background.   I did learn SO much taking this route and I did have to give up a lot of potential income but I got a lot back in return with regard to training and knowledge.  My training allowed me to get product and industry knowledge so I could speak intelligently about the products and was not geared for selling or prospecting.  My salary has now more than  increase 100% since that time, thankfully.   I think the reason that so many people wash out in this business is that they don't have the background or the knowledge to really provide a valuable service.  The other reason is that they can't prospect and relate to clients.  While I had an MBA and I wasn't affraid to prospect, having an MBA by itself still didn't make me qualified or confident regarding what I would be selling.    It is a bit scary that a HS dropout who is a good salesman can be successful in this business even if they don't have any skills or education.  I really think that some of these people give our profession a bad name.  The horde of kids fresh out of college swarming like locusts on your town after every new training class really is my impression of some firms in this industry.  There are too many inexperienced people out there pushing product.  I really think that it would be great if some of these companies would have a development program where the trainee could spend 18 months in a back office/support role on a salary and then slowly transition into being the face of the company after they actully know what they are doing and have obtained all their licenses, etc.  Would so many people wash out of this business if they were properly trained?   I do know that prospecting is key to success but I think many large account are not going to be impressed by someone where this is their first real work out of college.  Am I wrong to say that success will determined by tenacity + knowledge (or at least the preception of the advisor having knowledge)?   Anyhow, not that I am totally qualified to pass judgment on what it takes to be a professional FA since I am currently thinking of moving over to being a FA after being with a retirement plan recordkeeper in a service role, but that is my take on the industry from a quasi-insider.    Anyone have any good suggestions on a firm for me?  I am probably going to avoid Edward Jones, Primerica, Axa, Ameriprise.   I need to make sure that I can offer products through all the major 401k vendors--I think that is going to be one of the primary determinants.  I am used to dealing with plan sponsors that have anywhere from $1-100 million in assets. I need a good base salary to start.  Gotta pay the mortgage!