Thank You

Profound wrote: B24 wrote: Profound wrote: So let's say I get the position, work by butt off, do everything that is asked of me.  After earning my series 7/66 I can't meet the numbers. 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. 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?

You know who else would be a good analyst? Way more people than the industry will pay to do it.

City1134 wrote: Get the "love the market" thing out of your head. If you do it right it will be five years until your actually adding value by your market knowledge. Go for this because you are accepting of what the lifestyle will look like, if you make it but more importantly those first five years where you'll likely not make much, burn through whatever savings you may have and miss a lot of family time. If you're truly okay with that, and so is your wife, then go for it. If you're not up for the risk you're probably better off getting a masters or something and try to go into administration.

B24 wrote: City1134 wrote: Get the "love the market" thing out of your head. If you do it right it will be five years until your actually adding value by your market knowledge. Go for this because you are accepting of what the lifestyle will look like, if you make it but more importantly those first five years where you'll likely not make much, burn through whatever savings you may have and miss a lot of family time. If you're truly okay with that, and so is your wife, then go for it. If you're not up for the risk you're probably better off getting a masters or something and try to go into administration. 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.

Edited by Profound - May/13/2015 at 3:56pm

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

jtp wrote: Profound wrote: B24 wrote: City1134 wrote: Get the "love the market" thing out of your head. If you do it right it will be five years until your actually adding value by your market knowledge. Go for this because you are accepting of what the lifestyle will look like, if you make it but more importantly those first five years where you'll likely not make much, burn through whatever savings you may have and miss a lot of family time. If you're truly okay with that, and so is your wife, then go for it. If you're not up for the risk you're probably better off getting a masters or something and try to go into administration. 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.  You don't go for big accounts. You go for accounts, some might end up being large. The guy you talked to is a moron. The market has almost nothing to do with what you are signing up for.

Profound, you don't seem so far to be a good fit for this job. You disregard advice regarding the market (this is SALES, PERIOD!), you are already intimidated, and you are a teacher.

This is a recipe for ruining your life. Find a local independent firm that will train you over the SUMMER and let you go part time for awhile. Work afternoons/evenings, and Saturdays and balls to the wall in the summer.

Quit teaching after you build a client base. Or more likely, quit being an FA when you realize you hate it, which I think you will (but you will still have your tenure and pension if you do it my way).

I don't mean to offrnd you. I have 300 teachers as clients. My wife is a teacher. My mom and mother inlaw were teachers.

They would all hate this job.

helado wrote: Profound, you don't seem so far to be a good fit for this job. You disregard advice regarding the market (this is SALES, PERIOD!), you are already intimidated, and you are a teacher.

If you can ignore your clients while you spend time on a message board the same way you are ignoring the kids whose parents think are getting an education I think you are a great fit for this business.

Thank you guys for the advice and opinions.  I really appreciate just different point of views on everything and it has helped me see the bigger picture.

A regional leader doesn't typically take accounts from a failed newbie.