Aflac......

[sman]

this. I will be charging a 1% fee for Assets under management for each year billed quarterly. My job will be to bring in 500,000 my first year and increasing 500,000 each year thereafter. I was impressed because they told me it would take up to 5 years to build 250,000 in residuals, that they have a ten year plan for new reps. I'm excited because the guy who will be my manager confidently said "I believe that if you can't make it here, you can't make it anywhere." So there you go. I'm fully prepared to work 18 hours a days for my first 500+ days. Door knocking, getting referrals, etc. cold calling and cold walking. I'm the cream of the crop not the cream of the crap and I know it. My work ethic in the past has shown it and I'm fully ready to commit to for the right fit. As for costs, I don't know what they will charge me. As long as I am supporting myself and my family. As long as I am getting the support I need then I don't see a problem with earning a 55% commission when I am getting letterhead and the support of a top 10 team? I'll be in touch but I do know that I need to separate myself from some on this forum because no matter what I decide, there are naysayers. There should be one choice you tell newbies like me, but there isn't one distinct choice, you all beat around the bush! I will be independent with a firm that represents 60% massmutual. Ok. I'm new and I need to learn and this is my chance. From what I know I can still join Ed Jones later in my career. At this point is seems logical to ask you, I havent signed a contract with midsouth or edward jones. I am moving forward with midsouth on monday and possibly edward jones too so that means I have two choices. Edward Jones -or- midsouth (a massmutual company, but I will independent) What do you think I should do, knowing how much you all know of me so far?

I love your enthusiasm, but it is clouding your ability to think clearly. Take for example your statement regarding bringing in 500k in the first year and increasing that by 500k every year. Let's look at the math (we'll assume the market stays flat to make the math easy).

Year 1 - 500k = $5k in GDC

Year 2 - 1 million = $10k in GDC, plus the $5k from year 1 = $15k

Year 3 - 1.5 million = $15k in GDC, plus the $15k from years 1&2 = $30k

Year 4 - 2 million = $20k in GDC, plus $30k from years 1-3 = $50k

Year 5 - 2.5 million = $25k in GDC, plus $50k from years 1-4 = $75k

So there you go, after 5 years of acquiring $500k in managed money and increasing it by $500k each year you'd have $7.5 million in AUM which would generate $75,000 in GDC. What is your payout from their broker dealer? Let's assume that it's 80% (I have no idea what their payouts are), that's $60,000 in income after 5 years. Where is the other $190,000 going to come from?

Also, what's your plan to get people to allow you to invest their money? Assume I'm a prospect, what compelling reason do you have that I should let you invest my money over someone else?

I realize you have to start somewhere, but you need the come down from the clouds and listen to some of the wisdom others are trying to share with you. Nobody is saying you shouldn't try to make it in this business. But the reality is there is a very high failure rate and very few make $250k per year. I can say that it took me a lot longer than 5 years to get to that income number. In part because I wasn't focused enough in one area and had no real plan.

Who knows, maybe MM is a perfect fit for you and you'll be great at gathering clients and assets. But I'd recommend being realistic about your expectations. And yes, I'm saying you are being unrealistic right now.

Best of luck to you.

 

[bboman23]

Oh I'm definitely saying he shouldn't start in this business.

Can't you see him writing up an app on a client and an Colonial Penn commercial comes on while he is doing it? Oh wait Mary, we should just call them. Alex says it's the best plan! Colonial Penn better hope they get all the info from Mary before an AARP commercial pops up because he will change his mind again.

 

[Newby]

Crap on a stick. This is terrible, the whole darn thread. Why...why for the love of God are you guys trying to give this guy advice. He's wasting everyone's time...I'll give $100 to the first person who responds to me if this guy ever writes over $50k in commissions in a year. Caveat...if you pm me to take the bet..you owe me $100 dollars if he doesn't do it in the next 3 years. Yeah that's one-sided of me, but hey...I'm pretty much offering a free $100

Does managing a team of salesmen selling French fries count? I might want some of that action.

 

[DavidHill76]

I love your enthusiasm, but it is clouding your ability to think clearly. Take for example your statement regarding bringing in 500k in the first year and increasing that by 500k every year. Let's look at the math (we'll assume the market stays flat to make the math easy).

Year 1 - 500k = $5k in GDC

Year 2 - 1 million = $10k in GDC, plus the $5k from year 1 = $15k

Year 3 - 1.5 million = $15k in GDC, plus the $15k from years 1&2 = $30k

Year 4 - 2 million = $20k in GDC, plus $30k from years 1-3 = $50k

Year 5 - 2.5 million = $25k in GDC, plus $50k from years 1-4 = $75k

So there you go, after 5 years of acquiring $500k in managed money and increasing it by $500k each year you'd have $7.5 million in AUM which would generate $75,000 in GDC. What is your payout from their broker dealer? Let's assume that it's 80% (I have no idea what their payouts are), that's $60,000 in income after 5 years. Where is the other $190,000 going to come from?

Also, what's your plan to get people to allow you to invest their money? Assume I'm a prospect, what compelling reason do you have that I should let you invest my money over someone else?

I realize you have to start somewhere, but you need the come down from the clouds and listen to some of the wisdom others are trying to share with you. Nobody is saying you shouldn't try to make it in this business. But the reality is there is a very high failure rate and very few make $250k per year. I can say that it took me a lot longer than 5 years to get to that income number. In part because I wasn't focused enough in one area and had no real plan.

Who knows, maybe MM is a perfect fit for you and you'll be great at gathering clients and assets. But I'd recommend being realistic about your expectations. And yes, I'm saying you are being unrealistic right now.

Best of luck to you.

Thanks for the realistic view. If I were doing this for the money, then I'd.. well I dont know what I'd do because I'm doing this because ever since I was 19, I wanted to help people with their finances and investing. Insurance is a BIG part of that, in fact I do believe in certain Whole Life products as an end to that means.

Most of the naysayers are correct, I dont know exactly what I am doing, but none of you have actually spoken with me, aside from Twilight and WinoBlues. I would love to hear from anyone on this forum today and tomorrow, PM me and we can set up a phone call or a skype conversation.

Just because I don't have a clearly defined 10 year business plan doesn't mean I won't get the experience as I continue to move forward.

Yup, I may be all over the place over where to decide, but I have been interviewing with most of the places listed, and I'm trying to make a decision. I have analysis paralysis more often than not, and no one has given me a definite answer, in fact with some of you, it seems that once I make a decision at your urging you then turn around and sing a different song.

I admit my biggest mistake was not pursuing training with Mr. Boman. But he has made the decision for me that I am not fit for FE only.

Sympathize with me please that whoever I choose is a decision that I am sticking with for 10 years or more. From what everyone is telling me, Edward Jones would be great for the training, but after much deliberation I do not think that Ed Jones would be the best fit for me and that's what's important right? What gives me the best feeling that will transfer to my clients?

For instance with Edward Jones I would be based out of an area. If I were to move, I wouldn't be able to take my clients with me, I'd need to start over. With this MassMutual group, they have offices all over the southeast and I could move anywhere, and my book goes with me, even if I leave the firm since I will be independent. That is much more important for me in 1 years time, let alone 10 years. I am in Memphis, and I just moved here as of January, and as most of you know it's not exactly the ideal city... I grew up in Nashville and miss it dearly.

Of those of you who are actually and actively trying to help me, I thank you with the utmost regards.

 

[rousemark]

David.. You have been posting about this on the forum for 1 1/2 months and still have made no decision.. For goodness sakes! .. Make a decision, live with it and move on. Otherwise, a year from now you are going to still be living off the generosity of your folks.

 

[goillini52]

David.. You have been posting about this on the forum for 1 1/2 months and still have made no decision.. For goodness sakes! .. Make a decision, live with it and move on. Otherwise, a year from now you are going to still be living off the generosity of your folks.

He's not in it for the money.

" If I were doing this for the money, then I'd.. well I dont know what I'd do because I'm doing this because ever since I was 19, I wanted to help people with their finances and investing."

 

[bigfrie]

This whole thread has given me the biggest headache. The OP is all over the place. My advice would be to start with the easiest product to sell. Which is, life insurance. And just focus on that.

 

[DavidHill76]

He's not in it for the money.

" If I were doing this for the money, then I'd.. well I dont know what I'd do because I'm doing this because ever since I was 19, I wanted to help people with their finances and investing."

I'm not. I have everything I could ever want or need, except fulfillment in a career. That's all I'm looking forward to

 

[bboman23]

I'm not. I have everything I could ever want or need, except fulfillment in a career. That's all I'm looking forward to

You said you were broke. But now you don't need money? Hit the lottery over night?

 

[Norwayguy]

You said you were broke. But now you don't need money? Hit the lottery over night?

He is a kept man...