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What to Expect from Dealer

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RichardSATX View Drop Down
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    Posted: Jun/18/2018 at 2:32pm
Hello, I registered with a Firm late last year. I had passed my Series 6 and 63 a bit before that. I am getting into the industry to start doing some financial planning work, part time.

To get started, I called a Trustee I had worked with before to get set up, and learned that though this Trustee allows Representatives and Dealer Firm employees to be exempt from sales charges on investments of their own funds, the Dealer Firm that I am registered with specifically disallows this exemption. That is, I would pay the same sales charge that a member of the general public would pay to invest their money, and I would receive the same proportion as income.

A selling point that the Dealer Firm that I am registered with likes to boast is that they provide the entire Company site, including the Morning Star component for a low fee each month. Additionally, they have a great life insurance line. I was happy with my choice until I learned this.

I'm looking for your thoughts on this. Is it common business practice for Dealer Firms to prevent their representatives from obtaining this benefit? What should I expect from the Dealer Firm I am registered with? What are your thoughts?

Thank you
Richard

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howyougo View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote howyougo Quote  Post ReplyReply Direct Link To This Post Posted: Jun/18/2018 at 2:44pm
From my experience, Edward Jones, Merrill Lynch and my current independent b/d all have employee pricing, ie, NAV mutual fund purchases and lower ticket charges.
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Hacksaw View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hacksaw Quote  Post ReplyReply Direct Link To This Post Posted: Jun/19/2018 at 9:31am
If you choose the firm you work with based on this, you should quit now.
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Spaceman Spiff View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Spaceman Spiff Quote  Post ReplyReply Direct Link To This Post Posted: Jun/19/2018 at 9:42am
Originally posted by Hacksaw Hacksaw wrote:

If you choose the firm you work with based on this, you should quit now.
Agreed.  If you got into this side of the business because you get NAV mutual fund or discounted stock trades, you're doing it wrong. 
 
Richard - Do yourself and the general public a favor and go find a different part time job.  There's way too much at stake for your clients to only be doing this part time.  Don't screw around with people's future.
 
If you're dead set on doing this, give Primerica a try.  Dead...I think I just threw up in my mouth just a little bit.   
 
 
 
 


Edited by Spaceman Spiff - Jun/19/2018 at 9:47am
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RichardSATX View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RichardSATX Quote  Post ReplyReply Direct Link To This Post Posted: Jun/19/2018 at 2:31pm
Thank you for your thoughts on this issue. I definitely did not sit for my 6 and 63 only to avoid sales charges and do not want to choose my firm only based on this.

Since I am new to the industry, I am open to any additional information/suggestions. I will, however pass on this opportunity to defend the existence of part time Representatives.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote PEACH_cm Quote  Post ReplyReply Direct Link To This Post Posted: Jun/19/2018 at 2:43pm
With a 6 and 63 being part time you do not have to defend a position that you will no longer be in 12 months from now.
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bagua View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bagua Quote  Post ReplyReply Direct Link To This Post Posted: Jun/20/2018 at 10:37am
I think there is some minimum number of "at bats" in this business. For a lot of components. There's prospecting effectively. Hopefully, you are better at your pitch the 20th time you give it. There's explaining your investment process and beliefs. Explaining how and why life insurance might be appropriate. And many more. Trying to do this job "part-time" means it will take you much longer to hit those milestones.
 This is just my opinion, but this process works better if you are having multiple conversations in a short time. 3 meetings a day has a much better effect on growth compared to one a month. 

Just my dos centavos.

Bagua
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