Story time Sunday
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Topic: Story time Sunday
Posted By: Dr Pearls
Subject: Story time Sunday
Date Posted: Nov/30/2020 at 12:44am
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Hello,
I am a newly registered member here in need of advice/insight from a community
of experienced FAs and in general probably way smarter than average people.
This might turn out to be a lot longer than needed but I feel like the more
context I provide the more specific the advice will be to me. This is also how I
would explain my situation to a newly met friend if I had one. I’m
29, live with my gf, and work as a PC insurance sales agent for a large broker.
I quit college at age 20 because once I got a job in sales I was immediately
amongst the best rankings and started making more money than most people I knew with a 4
year bachelors degree & 50K in student loans. Currently, I pay the mortgage
and she only pays a about 20% in household bills because I am having her
accelerate in paying off her debt. I also make quite a bit more than her
currently. I have been in the top 10% of producers in my company for 5 plus
straight years and used to making about 70-100k a year with great benefits.
It’s also work from home, super laid back, all inbound calls, and very easy work for
the most part to be honest. The thing is I absolutely hate it because the
conversations I’m having with people are just mind numbing. I feel like I’m
wasting my natural talent and I know I’m a total dead end here. I know a lot of
people that would be grateful to have my job and I truly am thankful for it especially where’s it taken me thus far, but I feel like I could do so much more. I’ve
always been on the hunt to “make a million” or “become rich”. My parents
brought us here from Europe in 97’ from middle of a war and terrible things
happening with 500$ in their pockets, 3 little kids w them, and none of us
which speak English. My parents have worked retail and small labor jobs to now
having their mortgage paid off, cars paid off, and living totally debt free
which still only making 20$ bucks an hour. They are actual living proof of hard
work pays off and I’ve developed a mentality from them that I’d say is
priceless. Anyway,
ever since I was 16 and working/learning about money and economics, I’ve always
had a very strong desire to one day make a million plus dollars. I’d retire my
parents and enable them to live the last quarter of their life in total
pleasure, while also being generous to a ton of other family back home in
desperate need of it. I definitely have a natural passion for helping others
and a soft spot for those in need. I’d love to be able to make a difference
one day. Back
to the main story- on the side for the last 4-5 years I’ve been learning how to
trade stocks and options. Mostly been focused on trading options for the last 3
years. One time towards the beginning of learning options, I made 120k in 4
days off 700$ bucks then lost it all going all in. Must have been beginners
luck. I’ve had streaks where I’ve made 40-50k off very little then lost it all
again. Most recently this year I started a new Ameritrade account with 300$,
made 23k as of July, then lost it all from August to September. Looking back,
it was mostly revenge trading and just very stupid decisions. Another thing I
should mention about my current job is one thing I do LOVE about it is that I
can trade from market open till close while still working my full time job. I
can be on my phone for hours without anyone knowing about it because its WFM
and in general it’s pretty slow work where I can do both at the same time. So,
for several years now I’ve had the idea that I will become rich and make a
million plus off trading options by myself. I have slowly been losing hope in that
thought unfortunately. I am currently -20K net in the hole with all the trading
I've done since day one. So I’ve looked at other jobs over the past year and
things I can do, but nothing really seems to really poke out at me as “That’s it,
that’s for me!” type thing. Its all either a big paycut and sucks, or small
paycut and still about something I have very little passion for. Two
weeks ago, I messaged a friend who’s family owns an Ameriprise financial firm
for a referral I wanted to send them. Most of my friends know I do some investing so
they reach out to me for who they can go to for a FA from time to time. I sent
over the referral and just out of curiosity asked what it takes to be a FA for them.
She tells me they’re actually looking to hire someone kind of as an assistant
that can learn the ins/outs of it and learn to be a FA eventually. I
interviewed with her and the owner, with is her mother. Both were solid 7s in
their primes btw boys. Nothing exciting, but could pass through. I know this
will come up as a question as I’ve went through some of the other threads lol.
She didn't say a ton about the job duties except things like assistant duties,
learning paperwork, working under her and one of her main FAs, getting
licensed, sitting in on their meetings, etc. Basically it would be starting from ground floor. They
both seemed very genuine and honest the whole time. They seem like they have a
great team at the firm and I would trust their process in teaching me exactly
how they do everything to set me up for success to either become a FA for them
one day, go to a different firm, or open my own. What wasn’t exactly clear to
me is how the process would work as I progressed, how long before I start
making the real money? Example- if I got series 66 and 7 within a year can I
start selling immediately after or would they want me to keep learning for
another year without a pay bump. Or should I expect to make 100k within a year
or two of getting licensed? She also mentioned once I’m licensed I could go
full commiss and “get” clients from them so I have a livable earning wage from
day one of going full comiss. Idk how that part works but I don’t think I’d be
able to afford to ‘buy” clients off of them. Is that a common practice people do in these situations? Here
are some additional key details. The pay for this role would be 45k a year. The
benefits suck and are very minimal. Basically just a 5% 401k match. It would be
8-5 M-F in an office setting, where I have to dress up every day. Not sure I am
going to enjoy it or not. Currently I WFM and sometimes don’t even brush my
teeth/shower till noon. I can watch TV, do whatever, and have plenty of time to
trade my options while still working. Don’t know how busy I’m going to be at
the new place and if “looking at my phone to trade” will be highly frowned
upon as it looks like I'm being a shitty employee. I will also have to learn a crap load of new stuff, I know the series 66
and 7 are not easy to pass. I am a pretty good test taker though and definitely willing to challenge myself. Things I do know: Currently I’m making 70-80K a year (most recently), have great benefits, and an easy ass job that I have plenty of free time with. I know that I also HATE my current job and I am at a dead end. I know that I hate the industry that I’m in. I know that I want so much more out of life and I want to be somewhat rich one day (or close enough to it) & to retire early. I know I want to be looked up to. I know that my passion lies somewhere within the financial industry and making a lot of money. I know that I was told by the firm owner that I could be making 5-10X what I make right now in 5-10 years. I know that they have a great team there and will most likely train me from A-Z about everything I need to do. I also know I am willing to lose the benefits because I can get on my girlfriends employer benefits as a “domestic partner”. I am also willing to lose the “easiness" factor of my current job and I am willing to study to get licensed. I know I will end up being a lot more “valuable” employee with these licenses even if I don’t stay at her firm and probably can land a better similar job than I have now. I know that I will almost be living paycheck to paycheck with my current expenses off a 45K a year annual salary. I think there’s room in there to save 300-400 a month if I’m real frugal, and I know I can ask more out of my gf for a little while too. I know we also want to start a family pretty soon. As I mentioned I’m 29 and she is 26. So Idk if this is great timing, or bad timing to start the path of becoming a FA. Also, I could be wrong but there is a pretty decent population of my culture where I live here and I bet 98% of them don't have any kind of FA. It might be a good little niche I could gain a lot of clients from potentially. Things
I don’t know: If I should do this or not. Idk if I'll hate my life even more making 45k a year and not being shit. Idk how long that pay will last for. Idk how much I should realistically expect
to make in 2 years, 4 years, 6 years, 8 years, 10 years. If I'm making 70K year two then 80K year 3 and slowly up from there that is way better than making 45k a year for 5 years straight. Idk if I could survive off that for that long. Idk if I’ll enjoy
working in an office not being able to jerk off middle of the day (joking plz don’t ban me), and dressing up in slacks every day. (side note, the
front desk receptionist was definitely a solid 9.5 so that’s a major plus). Idk
if let's say even if I don’t take this will I figure something else out or perhaps make
it trading stocks one day like I dream to? Idk I should believe the firm owner
telling me I will be making 5-10X what I make now in 5-10 years? I don’t really
know the process along the way or how long it’ll take either. What should I believe and expect every year along the way? If
you were me and knowing what you guys know about how much you guys make, the industry, what
to expect in reality, etc, what would you guys do? What would you do now, how would you do it, is there any smarter way to do it?
I realize this was a lot for where we're just supposed to post intros only but I have to make a decision rather quickly if I want to take the job or not. I also apologize if you thought the story sucked or if this was too long. Please feel free to share any insights, or advice at all. I would appreciate any input whether you’re a long term vet, or a rookie a year or two into the process. I would also appreciate answering the things you can that I am unclear on like how much I should expect to make next year, the year after, in 5 years, in 10 etc. I would also very much appreciate if there is a better way perhaps of becoming a FA, like ex. if Edward Jones starts people off at 55K with no experience but still teach me all these things as well. Every bit of knowledge you guys have to share, it all helps. Thank you.
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Replies:
Posted By: Iamlegend
Date Posted: Nov/30/2020 at 6:51am
| You wouldn’t be able to trade options for sure and that is a bad idea anyway based on your track record. I would say if you want to be in the business, try to get hired at EJ. The problem with the assistant role is you could get stuck there and not progress. |
Posted By: Guests
Date Posted: Nov/30/2020 at 8:03am
I just want to make sure you know I appreciate this - although I am disappointed in the lack of pics. Everybody lives paycheck to paycheck starting out (unless you start this as a side business, or you inherit some major assets). If your girlfriend is willing to wait 5 years and support you while you build this, she can have a really nice life. Just don't cock it up.
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Dr Pearls wrote:Posted By: Hacksaw
Date Posted: Nov/30/2020 at 8:34am
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8-10x what you are currently making in 10 years is possible. Also a 80% chance you won’t be in the business 3 years from now. If they haven’t told you your pathway other than vague statements, they don’t have a pathway for you. They need an assistant and are hiring for that. Are you happy with that? Should you bring over some accounts and then quit, that’s even better for them. It’s a family office, and you aren’t family. Don’t expect them to take care of you. They might say they are wanting to give you accounts, but that’s literally money out of their pocket - why would they? Oh and you won’t be able to trade away from Ameriprise. Your accounts will be moved there, and they will see your trades. If you want to be in this business, look somewhere with a defined training program. You can always go join the Ameriprise folks later.
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Posted By: WarPig
Date Posted: Nov/30/2020 at 9:16am
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I left a career making six figures when I started as an advisor. It's a grind but I never really struggled. Think I had one flat month which can be tied back to the amount of pussy I was bringing in that month. Eye on the prize, always, after that. I think Hacksaw said it well. 1. Don't join Ameriprise 2. Join a firm with a training program. I started at Jones and think it's a fine place to start. Although Covid Jones would suck. There are lots of RIAs out there that need hungry advisors. I'd suggest that as well.
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Posted By: Wet_Blanket
Date Posted: Nov/30/2020 at 9:50am
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Wow, a greenhorn that does their research. 1. Gives "ratings" on females in story, unsolicited. 2. Someone who traded options and "didn't just break even". Holy shit, that is a UNICORN on this board! Avoid option trading, unless it is just fun money. It is very addicting and worse than a drug addiction. ------------- The true 🤡 was the Biden voter all along. |
Posted By: luvindy
Date Posted: Nov/30/2020 at 10:26am
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Plus one here appreciating the commentary on the chicks from the new guy. ------------- 8/31/12,Sportsfreak: "If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
Posted By: Dr Pearls
Date Posted: Nov/30/2020 at 10:37am
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So it’s some legal rule where you can’t trade on your own firm w the broker of your choice (I use TD and Rh) while working at a firm? God damn that kills me. I love trading bcs of the huge potential. Takes 10 double ups to make a million from 1k. 10 gap ups is all it takes. Anyway, I appreciate the feedback so far. Most of you are saying don’t do it because doesn’t sound like a clear pathway. Whilst I agree w that, I’ve also read having a great team to learn from is clutch. Everything the firm owner did/does to get to where she’s at, I can learn and mirror, and that might be worth it in itself. I can sense out people’s intentions and emotions pretty well and it genuinely felt like they’d lead me to success. Maybe not 300+K a year success but maybe like maybe 130k a year in 2-3 years from now working directly for her and having a pretty easy job for the most part. I understand to earn the Big Big bucks is mostly on you and your hard work. Plus remember the front desk chick is a solid 9.5 and she was talking me up heavy so I think she wants the business. On the other hand at Ed Jones I get partnered with some old fart that doesn’t give a shit about my success and I have to figure out 90% of it myself. Plus no hot chicks. Further thoughts?
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Posted By: Guests
Date Posted: Nov/30/2020 at 10:50am
| If you did start at jones, you’d learn the business, possibly fall into a good situation, and make the same as you make now. 70% or current pay in salary, plus the other 30% by working. Like warpig said, covid is making it tough to prospect. Not sure if that all goes away in a few mos or not. I would not take the Ameriprise job you’re being offered |
Posted By: BigCheese
Date Posted: Nov/30/2020 at 10:55am
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Go back to school and get your degree. You will need to show someone that you have done the work needed to finish what you start. Everyone hates the job in the beginning by the way. There are no free lunches whether you are at EDJ or Ameriprise or indy. You have to do the hard work of prospecting and being given any accounts to survive are just masking the reality... My .02...oh by the way since Luv forgot to mention the thread where Wolf chronicled his first year and his attitude...find it and read it several times... Luv...you are starting to age!
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Posted By: luvindy
Date Posted: Nov/30/2020 at 11:25am
If you're looking to hear something closer to what you want to hear...ask them what the path looks like to you making that kind of money. Then ask them how it will be benchmarked. Then ask them to put it in writing. You'll get your answer. Does your GF do threesomes or would you step out on her with the front desk chick? Either is acceptable here, we are a welcoming and professional community. PMing web sites to me also would be helpful just do some due diligence on this office you're looking into. ------------- 8/31/12,Sportsfreak: "If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
Posted By: missionshooter
Date Posted: Nov/30/2020 at 11:30am
| I like this guy. awaiting response to Luv.... |
Posted By: PEACH_cm
Date Posted: Nov/30/2020 at 11:32am
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1. Get a degree. 2. Realize you have not make $1m from option speculation and you probably will not. 3. Play your options while finishing your degree and working at your current P/C shop. 4. Create a strategic partnership with a RIA or independent to feed them your p/c clients with intent for you to eventually cross over. 5. Either have millions from option trading or a good book built and ready for you to cross over to this industry with a 4 year degree.
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Posted By: Mike Damone
Date Posted: Nov/30/2020 at 11:55am
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Excellent first post. I would have awarded you an A+ if you included pics. A few thoughts. 1) Stop fucking around with options. I know the potential is huge but you're going to hurt yourself. 2) I would consider EDJ as they have an excellent training program. 3) If you don't want to work at EDJ, I would only consider partnering with a well established Indy office or small bank or credit union. The small banks and credit unions typically provide referrals and a CD list for you to call. Avoid the Megabanks or large Regional Banks.
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Posted By: Mike Damone
Date Posted: Nov/30/2020 at 11:56am
| Oh I didn't see you don't have a degree. Finish college first. |
Posted By: memphis
Date Posted: Nov/30/2020 at 12:01pm
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Sounds like you could finish your degree while working your current gig. Agree that's not a bad option. Your current gig will also potentially give you the experience requirement for CFP (CFP is not even close to necessary to succeed, but it's nice to have). If you pick the right program, your college degree could give you the educational requirement. |
Posted By: Spaceman Spiff
Date Posted: Nov/30/2020 at 12:29pm
| I don’t believe Jones is a viable option for him right now. We’ve slowed our hiring down in most areas around the country. We’re looking for people who already make $100K, have a solid background, or are a transfer broker. I think the days of Jones hiring anyone with a pulse are well in the rear view. Especially if he doesn’t have a degree. |
Posted By: Dr Pearls
Date Posted: Nov/30/2020 at 12:58pm
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With all due respect, I don't think finishing college is the right move at all. Like why? If it's not required to get these licenses, then for what reason? What will I gain except a piece of paper? I didn't even finish my associates and I hate my job so much I'm even considering buying a semi truck and make 100k a year driving cross country lol. Thats not who I want to be in 10 years though. At 29 years old, I think that would be adding a shit ton my my already shitty plate that I don't think would be worth it to do. Edward Jones was sounding like a great option, but it doesn't sound like Spaceman thinks there's a need for hiring right now. I'll look into it, and could maybe use some of your guys' personal recommendations if its enough to get me hired w/o a degree. To Peaches startegy- I couldn't switch the clients from PC to any other firm or anything. I work in a super corporate America type place in an inbound call center basically. Would be nice though. To Luv and everyone else- my gf does not do threesomes- I've asked several times. So Idk what would happen with the front desk lady but I have an open door policy. I was leaning towards taking the Ameriprise offer but now I'm having more second thoughts than before. Although I wasn't expecting these answers. I thought you guys would say it's a great thing to join a winning, successful team I can learn everything from the inside out. Isn't that the best way to become successful in this field? What exact questions should I ask the amerprise lady? Idk the right questions to ask, or how to word it to make sure there is a good path for me there and that I don't get screwed. Also, who does have a good defined training program and how do I find an RIA I can work with that'd be better than Ameriprise? Give me more advice on what career path to choose, how to get there specifically. Also How much you guys raking in every year? You guys making 500K plus? Please Sign me the F up. I want to be the man in 10 years not some guy selling insurance in a call center to total dipshits
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Posted By: Wet_Blanket
Date Posted: Nov/30/2020 at 1:02pm
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http://www.adviserinfo.sec.gov" rel="nofollow - www.adviserinfo.sec.gov Search by your zip code and avoid the "big firms" to find a local RIA. ------------- The true 🤡 was the Biden voter all along. |
Posted By: luvindy
Date Posted: Nov/30/2020 at 1:09pm
Is she also around 29 years old? If you aren't engaged yet, I'd keep my mind open on this situation. Younger chicks that are cool are open to a lot more these days. She may not be a keeper. ------------- 8/31/12,Sportsfreak: "If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
Posted By: Dr Pearls
Date Posted: Nov/30/2020 at 1:16pm
| She's 26 and had a hard life so I don't think I have the heart to leave her even if I wanted to. Unless it was like something bad bad. But she's an angel. Sent you a PM btw. |
Posted By: Dr Pearls
Date Posted: Nov/30/2020 at 1:23pm
| Didn't mean to reply twice lol |
Posted By: Guests
Date Posted: Nov/30/2020 at 1:28pm
| Spiff is right. EJ would be a no. Now and forever with no degree. They won’t come out and say a degree is req’d, but it’s obvious and they get plenty of applicants |
Posted By: Dr Pearls
Date Posted: Nov/30/2020 at 1:32pm
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So then does it make more sense to take this Ameriprise offer then? They’re willing to hire me at 45k a year, learn it from inside out; and set me up for success in 5 years. I don’t see any other way of doing getting into this industry besides A. Taking this or B. Getting a degree which I’m 98% leaning towards NOT doing. The list of RIAS on that website have 280+ pages of shit to look through and I don’t really know what to look for or do w that info anyway
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Posted By: Wet_Blanket
Date Posted: Nov/30/2020 at 1:38pm
------------- The true 🤡 was the Biden voter all along. |
Posted By: Wet_Blanket
Date Posted: Nov/30/2020 at 1:40pm
I think the members are reluctant about Ameriprise because we've had an exhausting parade of people being strung along. ------------- The true 🤡 was the Biden voter all along. |
Posted By: missionshooter
Date Posted: Nov/30/2020 at 1:59pm
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This may help breh. I was right out of college and called some of the top Indy advisors in my area. Got interviews within a week with 3 of 10. Had offers from all 3. Did not fuck the secretary, because she was a born again Christian and her husband was actually an ok dude. She was a 40 yr old 7/10 though. I thought about it , no doubt. |
Posted By: apac
Date Posted: Nov/30/2020 at 2:03pm
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good luck Dr. Pearls the numbers will speak louder than words. The results that is. I hope you have the fortitude to grind the first 5 years and can prospect
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Posted By: Guests
Date Posted: Nov/30/2020 at 2:13pm
Great first post. I'm going to make this VERY easy for you. 1. The job at Ameriprise is to be a glorified assistant. These deals work out very rarely, especially when it's a family business. You'll be on the outside looking in. 2. There is no part of that job, beyond sitting in on meetings, that is of any value to you being successful as an advisor. 3. Stop trading options unless it's just for fun. 4. If you think this job even remotely resembles "trading," think again. Now for what you should do... 5. Tell Ameriprise you are going to start studying from home because you have the time, and your current income is higher. Have them sponsor you for the Series 7. Work with the owner about the terms of your deal once you have your licenses. 6. Save some money up, once you are licensed, you can then take the AMP deal if it's legit and in writing. If it's not, you're now licensed and can go wherever you want. There is no reason for you to take a huge pay cut just to do paperwork. Starting right now essentially guarantees failure. Cold prospecting is a huge FAIL during COVID and we are 6 months away from any type of normalcy. Use that time to get licensed, work a deal, save money, learn what you're doing, come up with a plan. Hit the ground running this summer. You may even find you can keep the current job and part-time your way into this career. That's what I did. For what it's worth, I was a relatively slow starter. I was not naturally good at sales, in fact, I was horrible. I did two full years while running another business. This enabled me to fee-base and trail EVERYTHING (read threads about renewal income, it's similar to renewals in the P&C world). My 3rd year (first year full time) I made about $30K. My 5th year (three years full time) I made about $80K. My 10th year (eight years full time) I made just over $500K. Keep your current income. Study from home. Get licensed. Fee/trail everything. |
Posted By: Dr Pearls
Date Posted: Nov/30/2020 at 2:43pm
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This sounds like good advice. I want to clarify a couple things. So tell Ameriprise I want to start working with them once I’m licensed and just be a full on FA for them from the get go? Also sorry for asking stupid questions but not sure what you mean by fee/trail everything. What I’m worried about is let’s say I do get licensed and have them sponsor me, I’m afraid I won’t know which produce to pitch in which scenario, what products to push, how to push them, etc. and that’s something I would learn by being as assistant there and sitting in on the meetings. She did also say I could move up there fairly quickly and I won’t be making 45k a year for long. By the time I learn a few things and get SIE license it’ll already by summer and covid will Hopefully be gone by then. The way she worded it sounded great and since they’re friends of the family I pretty much believe they would set me up for success. Still on the fence. One thing I do know is I want to make 500k a year in 10 years also. Would literally be a dream come true. Show me how
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Posted By: luvindy
Date Posted: Nov/30/2020 at 2:59pm
This is the same shit I would tell people I want to hire at 45k/yr. Without measurable benchmarks, it doesn't mean shit. ------------- 8/31/12,Sportsfreak: "If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
Posted By: luvindy
Date Posted: Nov/30/2020 at 2:59pm
You're such a woman. Take this shit to the Good Housekeeping board! ------------- 8/31/12,Sportsfreak: "If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
Posted By: Guests
Date Posted: Nov/30/2020 at 3:07pm
You need to finish your degree because you need to show that you can actually finish something. Also, if you ever want the CFP, you need a degree (you don't need the CFP to be successful). Ten years ago your chances of getting hired without a degree were ok, but they increasingly become more difficult. Also, it looks better if you have one to clients.
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Posted By: Spaceman Spiff
Date Posted: Nov/30/2020 at 3:09pm
We really don’t do apprenticeships in this industry. We should, but we don’t. If there isn’t a well defined program the folks at Ameriprise follow, you’re at the mercy of that office. And what you’ll learn from them is what they do, which may or may not be the way you want to do things or even the right way. It’s just their way. I’ve got a very limited view of what the rest of the industry does to train their advisors, so I’ll let the others give you advice on other options. Search through these threads long enough and you’ll find most of us are veterans who are at $200K+ a year. Some of us are double or triple that. Some of the newer guys are probably making $50K a year because they’re just getting started. Oh, and making $500K a year doesn’t automatically make you “the man.” I know guys who make double that who are complete tools. Or rude, obnoxious jerks who think everything they say should be written down for the good of the industry as a whole. I hope you get to that level, but don’t be that guy. We have way too many of them in this industry.
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Posted By: Dr Pearls
Date Posted: Nov/30/2020 at 3:37pm
| What measureable benchmarks should I ask for them to agree to? Pass SIE, get a 1500$ bonus. Pass series 66 within 6 months another 1500$ bonus and salary of 50k at that point. Pass series 7 I get another 1500$ bonus and base pay of 70k a year now. Something like that? Then also what after that? You guys should Tell me EXACTLY what you’d ask for, during and after the licensing. I want to find a way to make this a good option to accept. I hate my job w a passion guys |
Posted By: B24
Date Posted: Nov/30/2020 at 3:42pm
You should tell them you want $100K once you start thinking for yourself. (oh, on this site, italics means sarcasm)
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Posted By: Hacksaw
Date Posted: Nov/30/2020 at 3:56pm
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Degree is just a piece of paper, but it is one people will judge you by - right or wrong. Like Luv said - if it is not a written down and defined path, there is none. "The road to hell is paved with the best of intentions". Get something written that not only pays you, but moves your forward. Achieve (goal), you get _____. Whether that's $, position, title, etc. Otherwise you will likely stay an assistant for a long time. I started in this business with a family friend. He was bringing me on to show me the business and I would take over for in in 5 years. Two months later, another guy started there who I found out was told the same thing. He treated me fairly, but I was never taught ANYTHING from him. He had his own book/business to run. I was in a large firm training program (for better or worse). |
Posted By: Nathan Explosion
Date Posted: Nov/30/2020 at 4:47pm
Doubt you’ll get in at EJ without a degree or a book.
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Posted By: Guests
Date Posted: Nov/30/2020 at 4:50pm
No. The only thing you care about is CLIENTS. There needs to be a clear, written path to you becoming an advisor, not an assistant. Your payout, and the progression of your payout needs to be in writing. If they are offering to give you lower end clients to cultivate, that needs to be in writing. Obviously you pitch this nicely and work up your deal as you're studying (and making $80K instead of $45k). I would pitch doing it this way because you need to know your job is SALES and PROSPECTING for the next 3-5 years. You can't really do much prospecting or meetings with COVID. The cards are stacked WAY against you until next year when this is behind us. So use that time to study (while getting paid $80K) and learning the answers to the questions you asked about products. Also coming up with a business plan (can be informal) about how you will acquire clients once you start. Truly, keep your current job, study, and be ready to roll next year. You can "sit in on meetings" in June. Not that you need to worry about this now, but Ameriprise is in the bottom half of the industry in terms of which firm you probably want to be with. They aren't awful. You can make a career there. But it wouldn't be in the top 10 places you'd want to. The more I think about this, I'd pitch it to them with 100% honesty. I'd just say, "I've given it some thought. I definitely want to make a career of being a financial advisor with your firm. I think the best move though is for me to get my studying done and tests taken on my dime. I don't think I can live on $45,000 per year and I have plenty of time to study while working my current job. The way I foresee my plan working out is being licensed within 6 months, which will coincide with mass distribution of the COVID vaccine, so I'll actually be able to prospect and hold meetings. I can start learning your systems and do some shadowing in the meantime, and we can work out the details as we go. I've already order the SIE book from Kaplan. Let's rock!" Or something like that.
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Posted By: Guests
Date Posted: Nov/30/2020 at 4:53pm
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Oh and I disagree about the degree for your particular situation. If you become an FA, don't bother. Once you are licensed and have a book, the firms only care about production. If you have $50 million in assets, any firm in this country will suck your dick to come over even if all you had was a G.E.D. You can always go back to college for self fulfillment later in life, or if you want to get a CFP. All it would do for you right now is put you 3 years behind schedule. Now if you decide this career isn't for you, then hell yes I'd start taking online classes yesterday.
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Posted By: luvindy
Date Posted: Nov/30/2020 at 4:57pm
You could pitch it to them that "you're seeing things from their side" and they can save the salary while you study. Get them to hold an opening for you if they will, even if it's just mentally, but make no commitments to them. Meanwhile get the good looking chick's number to text just to stay in touch and see if you can make some hay with her while you get your exam study done. ------------- 8/31/12,Sportsfreak: "If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
Posted By: Guests
Date Posted: Nov/30/2020 at 4:59pm
| Yep. It's way better for them. If they balk, it's because they are actually looking for an assistant, not an advisor. |
Posted By: Dr Pearls
Date Posted: Nov/30/2020 at 7:03pm
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I think you said some really good things there. It sounds like a good idea. They also made it pretty clear that they need an assistant for now but “it’s a great way to become a FA from the inside out.” If I don’t take this offer, they WILL hire an assistant regardless. I think they’re willing to develop me because I showed them how successful I’ve been in PC sales thus far and they know me personally. What I’m worried about is them simply rejecting my offer and then I won’t have an in anymore perhaps. Also and more importantly worried about getting licensed but then not knowing what the hell I’m doing. Like get licensing done but then in reality selling products will be a bunch of mumbo jumbo. Also is it realistic to be able to get SIE, series 66, and 7 all within next 6 months? And also do I NEED a sponsor like is it a requirement to be able to take the series 7 for example? If so I’ll need to play my cards more carefully.
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Posted By: memphis
Date Posted: Nov/30/2020 at 7:24pm
You need a sponsor for 7, 63, and 66 (which is a combo of the 63 and 65). SIE and 65 don’t require sponsors. It’s more than realistic to pass your exams in 6 months, or even far less if you’re an excellent test-taker. But that’s the thing. There are very successful people who had to test multiple times to pass, and failures who studied and passed in less than a month.
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Posted By: WarPig
Date Posted: Nov/30/2020 at 7:29pm
What is he saying is she is a freak. ------------- If you invite me to lunch, I'll report you. |
Posted By: Guests
Date Posted: Nov/30/2020 at 8:32pm
If they are that good of family friends, you're good to go. If they aren't, there are a lot of indy guys out there that would take you on. There's no risk to them in my plan (barring you being Bernie Madoff). You would be offering to come on to make them money at no cost to them. But again, if these are "family friends" they will still take you on. This response makes me think they are really interest in an assistant, with the benefit of some upside (or a "carrot").
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Posted By: Hacksaw
Date Posted: Dec/01/2020 at 8:30am
Exactly. They NEED an assistant. They don’t NEED another advisor. Unless that timetable of transition is in writing, you have a high likelihood of not being happy. You might feel you’re ready a year from now, but they will still need an assistant
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Posted By: missionshooter
Date Posted: Dec/01/2020 at 9:11am
| You will be a service assistant AKA SERVICE admin Bitch. Offering you a salaried J-O-B with the FA carrot dangling in front of your face. |