I have an Engineer friend who would love you for making this comment.
Angry and Frustrated!!
- Thread starter jcrew
- Start date
I have an Engineer friend who would love you for making this comment.
- 7,790
The O/P has nothing to worry about, Obama will take care of him!
- 1,641
I think social sciences can be quite helpful for asked. Think cialdini.
Here is another way to go...
Get a job with a wirehouse (Merrill Lynch, Morgan Stanley, UBS, etc.). The interview process will be difficult (be prepared to sell yourself!), and the hurdles IF they hire you will be DAMN NEAR IMPOSSIBLE. But if you're looking for a salary while you get licensed and learn the ropes, that's the route you need to go.
You could also look at Edward Jones. But I would use them as my fall back because they are a bit less "Sophisticated" and they have lower hurdles. If you fail out of a wirehouse training program, EDJ will still take you into theirs. But if you fail out at EDJ, it's unlikely that Merrill is going to take you.
You can still sell life, disability, LTC, and annuities at all of those companies. And some day if you want, you can go independent (either with a b/d, or as an RIA, as well as do your insurance direct as an indy agent). But it's probably the only way you're going to get a "salaried" job in financial services.
Another alternative would be to look into a company like VALIC that may have an open territory where you inherit a book of business to work. Keep in mind though, if you inherit a book of business, there is a REASON for it. And that reason is, that business is so sticky, you're NEVER taking it with you (so you're very captive to that firm).
Bank FAs usually have it pretty easy in terms of prospecting and inheriting books of business, but banks usually want someone that's already licensed (at least, as far as I know).
Getting a home office job, or even a branch job with Schwab, Fidelity, Scottrade or something like that would provide you with a salary and licenses as well, but again, you're never going to take any clients with you if you leave (and it's not really the same type of selling as what "we" do).
I actually sympathize to a degree with what the OP is saying. With no safety net, and bills to pay, 100% commission is pretty ridiculous. A friend of mine that started with A.G. Edwards said he went there because he wasn't willing to start with a firm that wasn't willing to invest some money in his success (and he is now successful).
Then again, there is truth to what is being said here...this is an "eat what you kill" type of business. The "throw them in the shark tank from the start" mantra is probably doing you a favor. If you're going to fail out, you might as well fail quickly and move on with your life.
Either way, it is what it is, and all you can do is deal with it.
One other alternative might be to start with one of these companies that put you on 100% commission, and work part time while you learn the ropes.
Finally, you may want to look for an indy agent or FA that is looking for an apprentice to groom, and maybe they even give you a few "C" level clients to work and provide some income off the start.
Up to you. There is more than one way to skin a cat, but in the end the only person determining your success in this business, is you.
Get a job with a wirehouse (Merrill Lynch, Morgan Stanley, UBS, etc.). The interview process will be difficult (be prepared to sell yourself!), and the hurdles IF they hire you will be DAMN NEAR IMPOSSIBLE. But if you're looking for a salary while you get licensed and learn the ropes, that's the route you need to go.
You could also look at Edward Jones. But I would use them as my fall back because they are a bit less "Sophisticated" and they have lower hurdles. If you fail out of a wirehouse training program, EDJ will still take you into theirs. But if you fail out at EDJ, it's unlikely that Merrill is going to take you.
You can still sell life, disability, LTC, and annuities at all of those companies. And some day if you want, you can go independent (either with a b/d, or as an RIA, as well as do your insurance direct as an indy agent). But it's probably the only way you're going to get a "salaried" job in financial services.
Another alternative would be to look into a company like VALIC that may have an open territory where you inherit a book of business to work. Keep in mind though, if you inherit a book of business, there is a REASON for it. And that reason is, that business is so sticky, you're NEVER taking it with you (so you're very captive to that firm).
Bank FAs usually have it pretty easy in terms of prospecting and inheriting books of business, but banks usually want someone that's already licensed (at least, as far as I know).
Getting a home office job, or even a branch job with Schwab, Fidelity, Scottrade or something like that would provide you with a salary and licenses as well, but again, you're never going to take any clients with you if you leave (and it's not really the same type of selling as what "we" do).
I actually sympathize to a degree with what the OP is saying. With no safety net, and bills to pay, 100% commission is pretty ridiculous. A friend of mine that started with A.G. Edwards said he went there because he wasn't willing to start with a firm that wasn't willing to invest some money in his success (and he is now successful).
Then again, there is truth to what is being said here...this is an "eat what you kill" type of business. The "throw them in the shark tank from the start" mantra is probably doing you a favor. If you're going to fail out, you might as well fail quickly and move on with your life.
Either way, it is what it is, and all you can do is deal with it.
One other alternative might be to start with one of these companies that put you on 100% commission, and work part time while you learn the ropes.
Finally, you may want to look for an indy agent or FA that is looking for an apprentice to groom, and maybe they even give you a few "C" level clients to work and provide some income off the start.
Up to you. There is more than one way to skin a cat, but in the end the only person determining your success in this business, is you.
- 292
Reply #33 is pretty good, but I wonder about the OP's original intention since he's not posted anything else since the first rant.
Isn't it hard for people coming into sales to accept the fact that at any given moment we're worth exactly what we're earning?
And coming into this industry with no training and yet expecting to be paid on potential is quite a hard concept to accept, as if they'll be the exception to all the wash-outs that have come and gone.
I get the impression the OP has a big company mentality, thinking he should get paid for the big company's training program when in reality its the big company taking all the risk. So then, don't they have the right to interview and test a few times to get the best probability of return on their training expense?
Insurance sales is really a small-company mentality. Regardless of where we work, we're on our own to develop our own business.
Given the OPs difficult employment situation with which I sympathize, I would hope his second post would be something humble like "this is all good advice and I see the attitude adjustment I need to make, thanks."
That would be a good start in the business, and in this forum.
Isn't it hard for people coming into sales to accept the fact that at any given moment we're worth exactly what we're earning?
And coming into this industry with no training and yet expecting to be paid on potential is quite a hard concept to accept, as if they'll be the exception to all the wash-outs that have come and gone.
I get the impression the OP has a big company mentality, thinking he should get paid for the big company's training program when in reality its the big company taking all the risk. So then, don't they have the right to interview and test a few times to get the best probability of return on their training expense?
Insurance sales is really a small-company mentality. Regardless of where we work, we're on our own to develop our own business.
Given the OPs difficult employment situation with which I sympathize, I would hope his second post would be something humble like "this is all good advice and I see the attitude adjustment I need to make, thanks."
That would be a good start in the business, and in this forum.
- 717
Maybe you picked the wrong school district.....
in our school district, the average pay was $96k according to our recent school budget, with 75% earning the max pay of 106k per year....summers off, pension, etc...11% copay on health benefits. not a bad job if you can get it!!!
in our school district, the average pay was $96k according to our recent school budget, with 75% earning the max pay of 106k per year....summers off, pension, etc...11% copay on health benefits. not a bad job if you can get it!!!
- 4,132
What school district? I'd like to look up. What was the average level of experience your district has?
Teachers usually make middle class wages relative to the districts they teach in. Most all districts require a masters degree and a higher level of additional education credit hours along the way.
While I know it is the new "thing" to hate on teachers, let's be honest, it has more to do with defunding democratic party donations than improving education.
Because the root problem for business is with better educated employees, Ya gotta pay them. That doesn't fit the business model of companies that back and fund teacher bashing. Those companies aren't known for their highly paid employees.
Public education is a lot like this industry. Opportunity is there for the taking, you've just got to put the work in. Some succeed tremendously, some fail. If you're b itching because your kids didn't take full use of the opportunity of a public education, how are you any different than this original poster? He's complaining because he doesn't want to take advantage of the opportuinity in front of him. He doesn't want to do the work. Education, just like this business, rewards those who work at it, and those that don't, you know quite possibly get what they deserve.
Teachers usually make middle class wages relative to the districts they teach in. Most all districts require a masters degree and a higher level of additional education credit hours along the way.
While I know it is the new "thing" to hate on teachers, let's be honest, it has more to do with defunding democratic party donations than improving education.
Because the root problem for business is with better educated employees, Ya gotta pay them. That doesn't fit the business model of companies that back and fund teacher bashing. Those companies aren't known for their highly paid employees.
Public education is a lot like this industry. Opportunity is there for the taking, you've just got to put the work in. Some succeed tremendously, some fail. If you're b itching because your kids didn't take full use of the opportunity of a public education, how are you any different than this original poster? He's complaining because he doesn't want to take advantage of the opportuinity in front of him. He doesn't want to do the work. Education, just like this business, rewards those who work at it, and those that don't, you know quite possibly get what they deserve.
- 7,790
Hey, jcrew, Walmart is hiring!
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To those reacting to his angry post with anger and condemnation, what makes you any different than he if that's how you respond?
That aside, maybe the company does 4 interviews and tests to reduce the failure rate (if possible) which is large because people think this is a field they can jump right into and do well at with little or no effort other than the desire to make money (rather than earn it).
Here's some advice, have you ever thought to look out of your state for a job? Although many say, "I'll do whatever it takes" they really only want to do whatever is within their comfort zone without inconveniencing themselves much. You have an amazing opportunity to start a new life, create a second career or do something you love so go for it!
Best of luck to you!
That aside, maybe the company does 4 interviews and tests to reduce the failure rate (if possible) which is large because people think this is a field they can jump right into and do well at with little or no effort other than the desire to make money (rather than earn it).
Here's some advice, have you ever thought to look out of your state for a job? Although many say, "I'll do whatever it takes" they really only want to do whatever is within their comfort zone without inconveniencing themselves much. You have an amazing opportunity to start a new life, create a second career or do something you love so go for it!
Best of luck to you!
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- #40
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