I thank you for this board and the opportunity to talk to others.  My biggest concern right now is how obviously how to attract high-end clients.  I am in the middle of the interview process with a few firms and love the possibilities but fear those numbers.  Looking for people with $50,000 or $100,000 lying around won't be easy.

What has worked for you guys? 

Initially I thought I would be targeting anyone willing to invest anything.  Hadn't thought about the fact that I would be working my tail off for accounts that don't put much money in my pocket.  So now I am switching my mindset and trying to figure out ways to get high-end clients.  I understand their motto is door-knocking and I have as much physical and mental stamina as is needed for that.

However, there has to be more to finding people who have $200k just laying in a CD that they would like to invest I would think.  I am very psyched about this possible opportunity but scared I won't meet my numbers. 

If you are married and your wife is a career teacher (average income, high stability, good benefits and pension), this could be a perfect career. It's my experience that having a spouse as a teacher or nurse is one of the best complements to this career.

The hot kind, or the fat diabetic with mustache kind?

If you "make it" as an FA, you will destroy your current income. In fact, if you make it long enough, you will make $45K at Jones after a year or two (or the first year easily).

But have a contingency plan. You could get canned after a few months or a year or two. And "working hard" is absolutely no guarantee of success. I know tons of hard-workers that failed miserably because they were just not very good at selling (you know it's a 99% sales job, right?).

Fair question.

They fire me.

Is my licensing still good to use at another company for this type of career with another company?

Yes, but you could likely find a job at a bank, credit union, or possibly a wirehouse if they just wanted someone that is licensed.

Most firms understand that hurdles are tough. In some cases, this is a good thing for a wirehosue because they already know that you know how hard it is, another firm has already paid to license and train you, all they need to do is hire you and let you go at it.

 

TIAA CREF

Please answer

I guess Rich Mexican stating I would possible be better at a analyst position.  My feeling is I don't know for sure until I try.  So if I get my series 7/66 and don't sell enough to meet my quota wouldn't that show a firm with an analyst position that I am good at researching portfolios but struggle with knocking on people's doors and asking them to invest in them?

My wife is not fat, diabetic, and doesn't have a mustache.  

Ummm, no. I don't know why you would be good as an analyst. Ignore Rich Mexican. He's...Mexican.

In order to be an analyst, you need specific education and most likely the CFA. So get that one out of your head for now.

Focus on what you need to do to be a successful FA. Teachers can be very good at it.

LuvIndy is going to ask for pics in 3...2...1...

If he works at Jones (and makes it), I don't think his income will go down much from what he's making now. He's making $45K. I think I made close to that my first (full) year like 8 years ago, and I did average. And the new-hire compensation is better now than it was then.

If you make much less than $40K your first year, it probably means you won't make it.

Is there any negotiation of first year salary or is it set in stone?  Not until I talked to the regional manager yesterday did I have these fears.  I don't know if it was his intent to tear me down but I felt bad.

My whole thing was in the beginning if I knock on the doors and they only have $2,000 to invest I take it so I can build up clients and referrals.  He told me not to waste my time when them and that I need to go for the big fish.  I get that eventually, but in the beginning don't I want to add whatever numbers I can?  

I understand that eventually I would be overworking myself if I add 200 households who only bring $1,000 a piece.  He also told me I need to think outside the box and how to get clients but every FA I talked to told me to just stick to the Edward Jones motto because that is what works.  Basically he told me the exact opposite of what everyone else told me and I am now somewhat concerned and confused. 

Also, sorry I can't get my love for the market out of my head.  I have to be passionate about what I am selling. 

I have a disdain for "the market." I am passionate about putting people in a position that they don't have to worry about it.

Pics or you're a liar.

Regional leaders are never morons. They are pillars of investment and business development knowledge, and should never be disparaged. Also, they never have mustaches. 

 

Believe me, I was on the same boat as you going in. But in my first year I was making less money than I did back when I was a freshman in college, and there were many nights when I went to bed angry and somewhat depressed. It wasn't the "love for the market" that got me going at that point tho. I had a gameplan going into this career, and with the help of many people (family, mentors, this board) along with a extreme attitude of "failure is not an option", I kept going and luckily the money started trickling in.

 

Not trying to discourage you or anything. Just be REALLY prepared (financially and mentally) and have a solid business plan on how you're going to succeed.    

That's just it, I thought I did.  Everyone I talked to said, "follow the Edward Jones motto."  I assumed that to be my plan.  Be coach-able.....do what I am told.....listen to all advice from people who made it and don't try to reinvent the wheel.

That all came tumbling down a little bit when I spoke to a regional manager and he not only told me that following their motto was not the end all/be all to being successful and then told me exactly the opposite of what all the researching with other financial advisors has gotten me.

-They told me take any households I can get in the beginning and he told me not to.

-They told me just stick with the Edward Jones motto and don't deviate with other plans (card-drops, community activities like booths at the fair, purchasing cold-call lists) and he told me to be more creative and come up with my own ideas.

-They told me just rely on the training and do what I am told and I will succeed as long as I am charismatic, trustworthy, and willing to share my knowledge with others even if they only have $1,000.  He told me to come up with my own ideas and go after the big fish.

Those are some huge contradictions and I just want to make sure I know what I am getting myself into.  I will do whatever works and do it well.  That's just how I am at every job I have ever had.   

I appreciate your opinion.  I understand this is a sales job and am prepared for that.  As far as not liking my job, well I already hate what I do anyways.  I enjoy teaching others and think that will transfer over but other parts of my job have forced me to look elsewhere.  It's not like I am leaving a job I love anyways.

I am a bit shaken I admit because of the contradictions in talking with separate entities of the same corporation.

I have never been bad at a job.  Every job I have ever had I have been promoted at least once within the three years within the company, usually earlier.  I think my love for numbers is important in my own finances so I can't give up on the passion for the market, I am making money off of that aspect even if it doesn't carry over in a financial advisor position.

I will take the rest of your suggestions under consideration though.  I appreciate it!

 

You're right that that you'll get contradicting advice since there are many different ways to succeed in this role. I think the key is finding which of those methods fits you, and whether you can execute those methods consistently. 

 

Break it down in micro terms: Understand how much you get paid for whatever product you'll sell, and find out how you're going to find the people to sell those products to. Think of the methods and actions you will take to close the sale with those people. Will you be able to repeat those methods day in, day out (even if the success ratio is maybe 10%)? Unfortunately there is no silver bullet but the right attitude and an informed gameplan goes a long way.  

This might be one of the most BS free zones you will ever encounter. Not kidding.

I was a little confused that's all and talking to you guys along with other further research has helped clear it up.  I like that everyone involved in the company isn't just painting this perfect picture.  I know it will be hard work....6 and sometimes 7 days a week..........10-12 hours a day.

As a teacher and former accountant I have no issues with hard work and long hours.  My only worry was those numbers and making sure I meet my quota.  Any more advice would be welcomed. 

I worked as an Investor Accountant for years.  Hired in the mailroom, when one of the VP's saw how good I was with crunching numbers he hired me in the Investor Accounting department for FNMA.  Never got my CPA though.

JTP, that was my plan all along.  Good to know others feel the same way.  Please keep me updated on how you enjoy it. 

You're going to hear different shit from different people, and you're confused by that?  You should probably just keep your safe job.

I said all of the same stuff and spent 3/4 of my first year watching Cosby Show re-runs from 12-3 every day because I couldn't get off my ass to go be rejected.

I think he's around $450-500mm.

Keep in mind, these are solo guys that generally serve the mass-affluent.

In the 2013 ranking in Forbes, he was #1 FA in North Dakota with $430mm. 

Less than 1,000

Oh, and I think he's under 40.

His dad also sent all of his life insurance clients to him.

Ha, my buddy at ML had a list of his clients that he forwarded to the managing director to credit their accounts $600 since they are all receiving the latest Edge promo and its being sent to all his current clients. The mood at old ML is pretty shitty and I think they all hate the call center pukes.

a "wealth planning" analyst (A term they coined, I believe).  I don't think it would be a job at all like a financial analyst, more like a planning-specific role.  

Although I'm not really sure what a financial analyst does anyway.  

That said, I think UBS is the best way to start in the business from scratch if you can get a spot there.  They coddle you for a full 2 years before you have to begin producing.  Anywhere else is something like ~7 months if I'm not mistaken.

Thank you so much, I really appreciate all of your help.  I have already started prospecting and don't even have the job yet.

Thanks to you guys:

I realize this training won't be perfect (none will) but will prepare me for the licensing and sales portion which is very important to someone like myself.

I know with my educational background how to persevere, ability to adapt to the situation, and how to talk to people in an honest way while persuading them into something that will benefit them in the long-run.  Realizing rejection is hard, but letting down my family is even harder I believe I can succeed at this on a grand scale.