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yellowtail
Rookie Joined: Apr/14/2017 Status: Offline Points: 8 |
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Posted: Apr/14/2017 at 11:58am |
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Hello
In a nutshell, I have been sponsored by AXA equitable and am currently a pep employee in the RBG program. I'm not sure how well I'm going to like it. I read many horror stories about AXA but the big guys said that was just garbage posted from those who couldn't make it in the business. One of my first questions, do any of you know, if I were to contract with them and end up leaving, will AXA or most other firms have a rule stating if you leave, you are not allowed to go and work for another advisor company for a stated period of time? Thank you
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anonymous
Senior Member Joined: Oct/26/2010 Status: Offline Points: 3687 |
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AXA is a shit company. You're getting the handcuffs of having to sell proprietary products combined with the fact that the products are never the BEST option for a client. That doesn't mean that you can't make a lot of money there, just that it's going to be harder than at a lot of other firms.
You're going to sign a non-solicit with AXA that says you can't solicit AXA clients for some period of time after you leave. This could cause you some headaches when you leave the firm, but it won't prevent you from going to another place or even working with clients. |
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"Just do shit. It doesnt matter what as long as it gets you and your name in front of people" - Sportsfreak
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yellowtail
Rookie Joined: Apr/14/2017 Status: Offline Points: 8 |
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Anonymous, thank you.
Most info I've read in regards to the company follow your post. Not sure what you know of RBG, it stands for retirement benefits group. I spend my day driving all over the place going school to school (places I'm told we are a provider with the district) only to hear time after time, "we're happy with our provider or we've already told another one of your reps were not interested". If I'm lucky enough to get past that, most places tell me they can't make those decisions and defer me to the district office. Another hard part is that even though our "teammates" are suppose to be working together, everyone is territorial and they don't want the new guy going in "their schools", leaving only schools we don't have a relationship built with. When I'm able to get in the school and meet with the teachers face to face and explain to them why saving for retirement is important then I do well, but that rarely happens. There is a list of reasons I feel completely shaded out by my office: the people, the management, the "you don't need to know those things right now", the expenses, the 5+ hours of driving. I'm aggressively looking for independent advisor firms in the area, contacting them to see if they would be interested in adding any members to their team. A local one said if he had a spot, he would bring me on and provide a base of 40k-50k, have me service an existing book of business the first few years, then dependent upon my performance, have commission opportunity and eventually become a partner. Unfortunately he didn't have a spot open and every place I have spoke to since then either doesn't have a spot open or they say its purely commission. Do any of you think that starting off at a bank would be a good way to get my feet wet? I'm in a terrible about of debt from school loans and living off credit cards and I need to turn that around. Plus I'm kind of down because I feel like I'm getting a late start since I'm 30; needless to say this was a career change.
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anonymous
Senior Member Joined: Oct/26/2010 Status: Offline Points: 3687 |
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You're going to think this is harsh, but I don't think you should try coming into the industry right now (at least on the sales side). With a lot of debt, a desire for a salary, and feeling down before you start you're extremely unlikely to succeed.
30 isn't too late to start. One of our members didn't become an advisor until he was 60 years old and he's built a nice practice over the past 20 years. Get a job with a salary, pay off some debt and try in a couple of years. Ideally whatever job you get should be in sales. You're not going to find a financial advisor job that pays a salary and lets you grow.
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"Just do shit. It doesnt matter what as long as it gets you and your name in front of people" - Sportsfreak
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yellowtail
Rookie Joined: Apr/14/2017 Status: Offline Points: 8 |
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Any suggestions on what I could do salary wise that would lead a path into this career
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Be an assistant to an advisor.
Look for an internal wholesaler gig for a mutual fund or annuity company. Merrill Lynch, Morgan Stanley and a few others also offer a kind of 'salary', but it's only as good as you make your hurdles. Here are a few detailed links that may be helpful:
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EJ is now paying a salary for 4-5 yrs. Roughly 70% of current pay. Anonymous is probably right tho.
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missionshooter
Senior Member Joined: Feb/12/2014 Status: Offline Points: 6136 |
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I agree with anonymous.
I would email every Indy FA within an hr and ask about a salary job position and why you want to be in this field. Pay off your debt and get on your feet and out of the water. |
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Fitness1983
Senior Member Joined: Mar/06/2016 Status: Offline Points: 804 |
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Consider applying to Jones. Visit a few FAs in your area. Get a feel for your region and apply if you feel comfortable. Why not, right. Absolute minimum salary of $39k, or 70% of your current pay. Then $4 for each thousand you gather. If you're a go-getter you'll be good.
Feel free to message me if you have additional questions. |
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You trying to get that cheesy bull statue for your first hire? |
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yellowtail
Rookie Joined: Apr/14/2017 Status: Offline Points: 8 |
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Thank you everyone for your insight.
One question, I thought I recall reading somewhere that if you leave within a certain amount of time you are sent a big bill from EJ, like $60k, to reimburse them for expenses. Is this correct?
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anonymous
Senior Member Joined: Oct/26/2010 Status: Offline Points: 3687 |
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The contract you'd sign with EJ says that they can recoup $75k for training costs if you leave before you are there for 3 years. You really shouldn't be thinking about going somewhere and leaving in short order. It's brutal the first couple of years and you need to be ready to go hard for several years (and withstand some lean months of you're building your business correctly.) if you're dead set on coming into a sales role, you might look at discount brokers (TD, Fido, Schwab). They have sales jobs that are base salary plus bonus. You'll get experience making a lot of calls (though not cold calls). It's hard to take assets with you when you leave one of these places, but you can make decent money and get some experience. |
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"Just do shit. It doesnt matter what as long as it gets you and your name in front of people" - Sportsfreak
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yellowtail
Rookie Joined: Apr/14/2017 Status: Offline Points: 8 |
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How would this apply to someone who is already fully licensed
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Fitness1983
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Why are you looking for the exit in all situations before you start. Don't be a pussy
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Agree. Maybe get some sales experience from a good retail store like Sears
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PEACH_cm
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anonymous
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My experience is a little dated. If that's true then every noob should go to a discounter, make $100-$300k each of their first 5 years, then go Indy and have a comfortable BOB from their. |
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"Just do shit. It doesnt matter what as long as it gets you and your name in front of people" - Sportsfreak
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yellowtail
Rookie Joined: Apr/14/2017 Status: Offline Points: 8 |
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Valuable feedback. Not looking for an exit; I believe it simply makes sense to know what one is getting themselves involved in. If things were not to work out, I don't want to be in a similar situation of footing a $60k bill.
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Although it's in the contract, that bill never comes |
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PEACH_cm
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