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Numbers View Drop Down
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    Posted: Nov/09/2014 at 7:33pm
Hello all. I am currently not in the industry but I am possibly looking to get into it in the next year with the possibility of starting my own financial planning firm from scratch.  I'm in my early 20's, currently work with small businesses, and am very entrepreneurial. 

You're probably use to getting plenty of people thinking they can make it but eventually failing out in this industry. But, I'm prepared to live off of $1k/month and have a couple years savings for building a potential business. I also have a lot of experience with digital and social marketing that I think is underutilized with a lot of smaller firms. 

It looks like this place is a wealth of information for people in my shoes so I'm ready to learn. I'm looking to crunch some numbers on starting my own firm and figure out the latest prospecting and cold calling strategies.
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Welcome
You will have limited access since you are unlicensed
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pvchopra Quote  Post ReplyReply Direct Link To This Post Posted: Nov/17/2014 at 2:14am
There are many post on this forums that will help you out. Starting your own business is tough thing. It needs lots of patience and time. 

Look for a mentor who can help you out. We all need other people advice. Plan your marketing well. Get some education on marketing your business. There are many sources available on the web. 

Start networking with people who are successful , they will guide and will be your motivation to be in business. 

Overall , I wish you success in your venture
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TheStupidInvestor Quote  Post ReplyReply Direct Link To This Post Posted: Nov/17/2014 at 3:44am
Welcome Ilya
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Nov/17/2014 at 9:21am
Originally posted by TheStupidInvestor TheStupidInvestor wrote:

Welcome Ilya

I miss Ilya.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote City1134 Quote  Post ReplyReply Direct Link To This Post Posted: Nov/17/2014 at 9:58am
I'd suggest you not go out on your own from the start, you're young, you have zero experience and will therefore have zero knowledge and credibility. Go start somewhere that will train you and get you licensed. Take whatever salary you can get at first (but continue to live super cheap). Get some clients, learn the ropes a bit and then after you get fired go ahead and start your thing. You'll be in a thousand times better position to take a stab at it. Welcome and good luck.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Numbers Quote  Post ReplyReply Direct Link To This Post Posted: Nov/17/2014 at 11:30pm
Thanks for the advice guys. I think getting a mentor would be a great idea for me...and I will look into that. 

I've been looking into joining other firms as well. I certainly feel the experience from the larger firms would be big for me. Although, I have a few reservations with that at the moment. 1) I could possibly go part time at my current job and make $2,000 a month working just 20hrs/week.  I'd like to keep my foot in this as some insurance while getting my career going.  2) I run a side consultancy/online business and from my understanding this would be problematic with large broker compliance departments.

Has anyone had any success with smaller RIA firms? I've considered reaching out to all of these smaller firms in my area. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MichaelBurton Quote  Post ReplyReply Direct Link To This Post Posted: Nov/18/2014 at 1:06pm
Originally posted by Numbers Numbers wrote:

Thanks for the advice guys. I think getting a mentor would be a great idea for me...and I will look into that. 

I've been looking into joining other firms as well. I certainly feel the experience from the larger firms would be big for me. Although, I have a few reservations with that at the moment. 1) I could possibly go part time at my current job and make $2,000 a month working just 20hrs/week.  I'd like to keep my foot in this as some insurance while getting my career going.  2) I run a side consultancy/online business and from my understanding this would be problematic with large broker compliance departments.

Has anyone had any success with smaller RIA firms? I've considered reaching out to all of these smaller firms in my area. 

FANTASTIC IDEA.  

If you'll commit to actually doing this with no fewer than 10 firms, I will (seriously) help you with a script for making the call to the advisors and a list of questions to ask.  I am sure others around here will chip in their thoughts as well.

It will either confirm or reshape your approach to the business.  My guess is you'll also identify some less daunting (and more educational) points of entry to the business.

I don't think you have to limit these interviews to just small RIAs.  Although that is really a great place to start.



Edited by MichaelBurton - Nov/18/2014 at 1:07pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Numbers Quote  Post ReplyReply Direct Link To This Post Posted: Nov/18/2014 at 9:45pm
Thanks and thanks for the offer. I might take you up on that offer soon. Are there any nationwide firms that would let you get a 65 and essentially pay for your office, some training/education, and mentor-ship? Or am I just looking at smaller 1-5 man teams around town?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote noggin Quote  Post ReplyReply Direct Link To This Post Posted: Nov/18/2014 at 10:09pm
Sure I will sponsor you for the 65 and pay your 2000 a month salary and your office expenses....
When do you want to start PIKER???

What keeps us captive are our own fears.- Moraen
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Numbers Quote  Post ReplyReply Direct Link To This Post Posted: Nov/18/2014 at 11:09pm
Well I can get my 65 with $500 and a week of studying. I didn't mention anything about a salary. I got my living expenses covered.  And offices expenses...I just need a conference room to hold meetings in. 

And I've actually heard of setups like this...see the "Hired an Intern" thread in the prospecting section.  Thanks for the help.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Nov/19/2014 at 8:58am
Originally posted by noggin noggin wrote:

Sure I will sponsor you for the 65 and pay your 2000 a month salary and your office expenses....
When do you want to start PIKER???



I think he was saying he can work part time at his current job and make 2k a month.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MichaelBurton Quote  Post ReplyReply Direct Link To This Post Posted: Nov/19/2014 at 3:18pm
Originally posted by Numbers Numbers wrote:

Thanks and thanks for the offer. I might take you up on that offer soon. Are there any nationwide firms that would let you get a 65 and essentially pay for your office, some training/education, and mentor-ship? Or am I just looking at smaller 1-5 man teams around town?


All of the nationwide firms will sponsor you eventually. The insurance firms might make you prove your mettle in sales before they do so. There will be some sort of proving ground for any firm that sponsors your training, with the exception (perhaps) of a small firm that offers a contingent match of the dollars you pay for yourself.

Go find the Business Journal for your city and look up the list for the top financial advisors in town. They should have a Top 25-50 . . . probably in a couple of different categories. Make your way through the list.

I would talk to ANYONE at ANY firm at this point. The people who are not actually in production (e.g. support staff, etc.) might actually be the ones to give you the most objective lay of the land for each firm.

You'd be a hit on the board if you used the board as a sort of blog/journal to report on your interviews. Just for kicks, do me a favor and start with New York Life, Mass Mutual, Northwestern Mutual, and Guardian. If you mention you know how to model financial plans using LEAP Systems, you'll be hired on the spot by a Guardian agent.

Edited by MichaelBurton - Nov/19/2014 at 4:15pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Nov/19/2014 at 3:20pm
The insurance b/ds would be my last choice unless I was getting into this business with a strong belief in, and desire to sell, life insurance as my lead product (and permanent life insurance at that).  
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MichaelBurton Quote  Post ReplyReply Direct Link To This Post Posted: Nov/19/2014 at 4:14pm
Originally posted by helado helado wrote:

The insurance b/ds would be my last choice unless I was getting into this business with a strong belief in, and desire to sell, life insurance as my lead product (and permanent life insurance at that).  


Truth.^
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Numbers Quote  Post ReplyReply Direct Link To This Post Posted: Nov/19/2014 at 5:54pm
Originally posted by MichaelBurton MichaelBurton wrote:

Originally posted by helado helado wrote:

The insurance b/ds would be my last choice unless I was getting into this business with a strong belief in, and desire to sell, life insurance as my lead product (and permanent life insurance at that).  


Truth.^

I'd have to agree. That would be a last resort for me. I spoke with and had some interest/offers from a few of those firms. I didn't like there sales tactics or the insurance they were slinging. I chose another career instead of trying con my friends and family into insurance they didn't need. I certainly like the AUM/Comprehensive Fee Financial Planning system.

I'll look into the business journal idea as well. That sounds like gold!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RipRock Quote  Post ReplyReply Direct Link To This Post Posted: Nov/19/2014 at 6:00pm
Originally posted by MichaelBurton MichaelBurton wrote:

Originally posted by Numbers Numbers wrote:

Thanks and thanks for the offer. I might take you up on that offer soon. Are there any nationwide firms that would let you get a 65 and essentially pay for your office, some training/education, and mentor-ship? Or am I just looking at smaller 1-5 man teams around town?


All of the nationwide firms will sponsor you eventually. The insurance firms might make you prove your mettle in sales before they do so. There will be some sort of proving ground for any firm that sponsors your training, with the exception (perhaps) of a small firm that offers a contingent match of the dollars you pay for yourself.

Go find the Business Journal for your city and look up the list for the top financial advisors in town. They should have a Top 25-50 . . . probably in a couple of different categories. Make your way through the list.

I would talk to ANYONE at ANY firm at this point. The people who are not actually in production (e.g. support staff, etc.) might actually be the ones to give you the most objective lay of the land for each firm.

You'd be a hit on the board if you used the board as a sort of blog/journal to report on your interviews. Just for kicks, do me a favor and start with New York Life, Mass Mutual, Northwestern Mutual, and Guardian. If you mention you know how to model financial plans using LEAP Systems, you'll be hired on the spot by a Guardian agent.


If you all send me $50 to my PayPal I will interview at every one of those and write about the experience. I am sure they would LOVE me.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Nov/19/2014 at 9:32pm
I would interview with them just for fun.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote noggin Quote  Post ReplyReply Direct Link To This Post Posted: Nov/19/2014 at 9:35pm
Originally posted by Moraen Moraen wrote:

Originally posted by noggin noggin wrote:

Sure I will sponsor you for the 65 and pay your 2000 a month salary and your office expenses....
When do you want to start PIKER???



I think he was saying he can work part time at his current job and make 2k a month.

My mistake.....oops....bad day...
What keeps us captive are our own fears.- Moraen
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Raging-Rak Quote  Post ReplyReply Direct Link To This Post Posted: Nov/20/2014 at 10:32am
Originally posted by Numbers Numbers wrote:

Has anyone had any success with smaller RIA firms? I've considered reaching out to all of these smaller firms in my area. 

I put a list together of around 25 firms, both b/d and RIA. I would call and ask for 15-20 minutes of their time, either on the phone or set up a face to face meeting, to talk about how they became an advisor and how their business worked and so on basically stroke the ego. If I couldn't get anyone on the phone I would email the highest ranking person I could find. I had 10 agree to a phone call at a later date and 3 firms agreed to a meeting in person. 

I asked some if they would want to take on a jr. advisor or something similar. Most all said they had no interest in taking on someone without a book and most likely didn't want the extra overhead. There was one that said possibly in the next year or so.

I think it is a great idea to contact as many as you can Numbers, if anything it gives you a good idea of who is out there and who knows, you might impress someone and get lucky with a job offer.   
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