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luvindy
Moderator Joined: May/17/2010 Status: Online Points: 25771 |
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Here is my advise:
It's spelled advice. |
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8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
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B24
Moderator Joined: Mar/09/2010 Status: Online Points: 25753 |
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I think you need to explore why you can't get any job offers. Almost anyone with a pulse gets hired in our industry. Not joking. You don't want to waste your time and money getting the CFP if it won't make a difference.
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CFP can't help you. Plus, you have to have 3 years of experience in financial services in order to obtain the CFP. Many firms hire career changers. Your problem is that you put the cart (owning your book) before the horse (training to learn what you are doing). Owning your book is the LOWEST priority for you right now. So, what can you do? 1) Who do you know in your life that works for one or more of these firms? Can they give you a recommendation? 2) Have you checked out Waddell & Reed? 3) Heck, you might have to tuck your tail between your legs and join an insurance company with their broker/dealer. Once you get an offer, you put the blinders on and get to work. Don't look around for about 3 years.
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Moraen
Admin Group Resident Sage Joined: Mar/09/2010 Status: Offline Points: 30786 |
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CFP can help you with a salaried job. Which might be what you are destined for.
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I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis
Fiduciary as Fuck - iMo |
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B24
Moderator Joined: Mar/09/2010 Status: Online Points: 25753 |
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I still think he should have stayed at Jones (if he wasn't fired). I know many Jones FA's that relocated. In most instances, they were given top priority for vacant offices, and in some cases, they ended up with better offices than they had vacated. But I think you hit the nail on the head..."Your problem is that you put the cart (owning your book) before the horse (training to learn what you are doing). Owning your book is the LOWEST priority for you right now." |
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SometimesNowhere
Gold Member Joined: Mar/11/2010 Status: Offline Points: 13989 |
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I actually relocated. It wasn't really a big deal. The only issue was that to open a new office in an area without an FA they wanted me to do it with no salary (think starting 'new new' with no salary), so I had to take an existing office.
That said, the transition was pretty seamless, something that Jones actually did very well.
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SometimesNowhere
Gold Member Joined: Mar/11/2010 Status: Offline Points: 13989 |
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Oh, and for some advise (sic) to the OP, at this point if you want to stay in this career you're likely looking at a lower level shop (Waddell and Reed, TBBCR) or an insurance shop (Northwestern Mutual, Mass Mutual, etc). OP isn't going to get a look from anyone at a wirehouse or likely even at an indy shop with an existing business. He's a nobody.
The good news is, however, there are very successful advisors at most firms and if he really wants to make it, he can do it at one of those places. He's just going to have to suck it up and deal with what he's offered humbly. And learn to fucking spell.
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City1134
Senior Member Joined: Jul/16/2011 Location: California Status: Offline Points: 3066 |
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I can't believe that no one pointed out this guy was making 200k, then quit to go to Edward Jones and then quit again. WTF? Can't you start some sort of construction consulting company where you "own" it? Chances are you will never make 200k in this industry. Maybe I've just never had a job that I've truly despised or maybe I'm not old enough, but I just don't get it.
Edited by City1134 - Mar/04/2016 at 9:04am |
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PRAJ
Rookie Joined: Mar/01/2016 Status: Offline Points: 7 |
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Thanks for all the information.
As for the construction or any job, if you hate work it's not worth any salary. I would have left at 1mm salary. (spelling checked...lol) |
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PRAJ
Rookie Joined: Mar/01/2016 Status: Offline Points: 7 |
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....and I can see the IQ level is way higher than my past cohort.
I'd be willing to bet ANY AMOUNT not 1 construction manager would notice the spelling mistake. |
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B24
Moderator Joined: Mar/09/2010 Status: Online Points: 25753 |
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So you got fired from your construction job AND your Edward Jones job?
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wiredup
Platinum Member Joined: Mar/11/2010 Status: Offline Points: 22776 |
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You have to ask yourself what the perfect job is for you.... Some hate their job but make sick bank so they put up with shit. Some like their jobs and don't make shit but love the intern pool of young dumb blondes and make $40k but could care less. But you had the job that made good coin but you disliked. Then you had the job that you want to do, but feeling as though because you wouldn't own the book, you were irrational and quit on a dime. Ideally you should have done some research before you left because NO ONE in this industry (that stays in it) lets go of one branch before grabbing on to the next. You lasted less than a year at EDJ which throws up red flags to everyone on here and frankly anyone that would be looking to hire you. Like someone said, there's got to be a reason you left because firms always are willing to hire a drone to do something so odds are you should have a job by now. If you were fired for something, obviously it changes things but places still hire people after that as well. And if so, we might be able to still help you. You have some options, go to an insurance shop and start there. Look into starting your own shop with some of the money you hopefully saved from construction. Go to the bank nearest you for a licensed banker position to eventually move up to a bank FA position.... The problem is you started at EDJ and left in under a year. Wires, honestly, look at EDJ like kid born of 2 people who happen to be brother and sister, so not making it there makes everything after that much harder. Had you started at a wire, other wires would give you a shot and you'd have a job quickly, but the other way around is much harder. I'm not sure what to tell you, I'd say bank or insurance agency might be the easiest way to get back in, but if you tried that already there's got to be something on your background check that you need to clear up, or if your name is the same as a terrorist on a worldwide watch list... |
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jtp
Senior Member Joined: Aug/10/2014 Location: U.S. Status: Offline Points: 963 |
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You don't even qualify for a CFP right now. Are you aware of that?
Completing the class work might help you with Indy firms. At least that's how it seems in my area. If talking about the "don't know the difference between a stock and bond" people from your KYC class makes you feel better great. Some of them are probably successful FAs right now though. And you're not. You think too much. Get an FA job and prospect or go work at a bank and prospect less. It's really that simple. |
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knock knock. who's there? you're new financial advisor
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RIArules
Platinum Member Joined: Mar/15/2010 Status: Offline Points: 36498 |
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If you have some money saved up and/or you can live off your spouse's salary for a while, you can form your own RIA.
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FPGuy
Rookie Joined: Mar/24/2016 Location: Ottawa, ON Status: Offline Points: 13 |
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I agree! Start your own firm so then you'll own your book once you build one.
CFP is great to have, but it really means nothing to clients. Plus you need clients first to be able to do planning for. Find an independant dealer, get lots of clients then CFP. Your age and time with Jones doesn't matter. It's about forming relationships with clients. Go for it! |
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brome90
Member Joined: Mar/12/2014 Status: Offline Points: 420 |
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But he needs to have clients to start his own firm...
I guess maybe there is some B/D that would let you start with no revenue and pay them some monthly or annual fee? But then you have negative cash flow right off the bat, until you have a crazy awesome first month. CFP can help with a salaried job as someone mentioned, at least for right now in your position. Unfortunately a CFP doesn't make you a better salesperson, and most people don't know what a CFP is or how it differs from their current advisor who isn't a CFP.
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