Fees and Expenses

[KG1188]

Hello everybody,

I'm just getting out of college and have looked at a few firms for financial advising. I've heard that some places (i.e. Northwestern Mutual) charge fees and other expenses for having a cubicle, office supplies, training, etc.

I am looking at MOO, NWM, and EDJ. If you guys have an idea, what are the various fees and expenses they charge you with?

 

[houcoogster]

Dude don't worry about all that stuff. Go with the one that has the hottest looking chicks and the nicest office. Don't they teach you guys anything in college?

 

[AgentJP]

Financial advising for someone straight out of college is going to be a tough gig simply because you're so young and that will be a problem for some people.

I'm not saying you can't do it or that others haven't but you're definately going to have some challenges based on your age to go with all the other challenges.

 

[KG1188]

I know, it's a problem that I've dealt with before. I sell home appliances, and one thing I always had to get past was convincing people that I knew my stuff.

It ended up not being a big problem though - I just had to prove to them that I knew what I was talking about (which I did). Obviously, this is a larger involvement in people's lives, but the idea is the same.

 

[Newby]

Now this refrigerator, Mrs. Smith is $600. It keeps your food cold...
Now Mrs. Smith let's roll your $600,000 over to this easy-cheezy mutual fund and you trust your entire lifestyle to me who ain't got two nickels and a financed car...

Yeah, you're right. It might be a little more difficult.

It can be done though.

 

[Clint]

Come on Newby, Cold Cash is cold cash, whether it's in a fridge or locked up in a multitude of financial instruments; but the ideas is the same.

 

[HarryRenard]

Now this refrigerator, Mrs. Smith is $600. It keeps your food cold...
Now Mrs. Smith let's roll your $600,000 over to this easy-cheezy mutual fund and you trust your entire lifestyle to me who ain't got two nickels and a financed car...

Yeah, you're right. It might be a little more difficult.

It can be done though.

I think some do more research and put more effort into the fridge then their insurance and MF's.

 

[Newby]

I think this is a DateLine undercover story about high pressure refrigerator salesmen.

 

[lifesettlementadvisor]

You should ask each one how many recent grads they hire each year and what the churn rate for them are.

 

[KG1188]

The fridge analogy may be a bit disingenuous, but that's ok.

@lifesettlementadvisor Thank you, I'll be sure to ask them that. I am interested in retention rates for each company I look at based upon my age and other variables.

So, does anyone have any information regarding fees for each of these companies?