What to Expect from Dealer |
Post Reply |
Author | |
RichardSATX
Rookie Joined: Jun/15/2018 Status: Offline Points: 3 |
Post Options
Thanks(0)
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 |
|
howyougo
Member Joined: Apr/30/2012 Status: Offline Points: 153 |
Post Options
Thanks(0)
|
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.
|
|
Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31478 |
Post Options
Thanks(0)
|
If you choose the firm you work with based on this, you should quit now.
|
|
Spaceman Spiff
Gold Member Joined: Mar/11/2010 Status: Offline Points: 10546 |
Post Options
Thanks(0)
|
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. ...I think I just threw up in my mouth just a little bit. Edited by Spaceman Spiff - Jun/19/2018 at 9:47am |
|
RichardSATX
Rookie Joined: Jun/15/2018 Status: Offline Points: 3 |
Post Options
Thanks(0)
|
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.
|
|
PEACH_cm
Senior Member Joined: Jan/16/2013 Status: Offline Points: 7184 |
Post Options
Thanks(0)
|
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.
|
|
bagua
Member Joined: May/03/2011 Status: Offline Points: 268 |
Post Options
Thanks(0)
|
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
|
|
Post Reply | |
Tweet |
Forum Jump | Forum Permissions You cannot post new topics in this forum You cannot reply to topics in this forum You cannot delete your posts in this forum You cannot edit your posts in this forum You cannot create polls in this forum You cannot vote in polls in this forum |