State Farm/Edward Jones/Raymond James

[jcarring99]

Ok. I'm a teacher/coach making about 63k a year. I am considering an opportunity with State Farm right now, but I have always had a strong desire to be a Financial Advisor. I was leaning towards State Farm because of the thought that everyone needs car insurance and because of the name of State Farm. They also give you 60k in the first two years to help you start your business along with great training etc. However, after having researched this further I am reconsidering this option. I even had a team member at an agency to tell me that they would never consider doing it even after being "encouraged" by management to do so. That spoke volumes about the opportunity to me.

Edward Jones seems to be a good company to work for. I have my own persoanl investments with them. I don't mind the door knocking or anything else you have to do to be successful but I have heard that it is really hard to make it as a new/new.

I know very little about Raymond James and was hoping someone would be able to shed a little light on this opportunity. How much is the typical base? What is the success rate of their advisors? Do they initially market to their family? I prefer not to have to do that.

Any perspectives on all or one of the three ideas would be appreciated. I'm in my early 40's and can't afford to make a huge financial mistake at this point. However, finding something that I think that I can do through my 60's and 70's is important to me also.

 

[DHK]

Of the 3 choices, I'd pick Edward Jones. Their newby success rate is one of the highest in the industry. (It's not saying much, but it also shows you where everyone else stands in comparison.)

Raymond James is an independent financial advisor/investment advisory firm. They are not a major "trainer" of new people coming into the industry. But I could be wrong. Interview with them and find out.

With each company, assume NO base. It's a safer way to think. I know EJ will pay about $2k per month for the first 12 months. After that, no more base. (Better get good at obtaining referrals well before that point!)

If you decide to go with EJ, you are making a minimum of a 3 year commitment. If you leave before that AND go with another financial services firm, they will sue you to recover "training costs". If you leave after 3 years, nothing to worry about.

The forums on www.registeredrep.com have a LOT on Edward Jones. Lots of trashy posts, but lots of good information.

If you're wanting to be in the investment side of things, Edward Jones is a great place to get started... but I wouldn't want to stay there.

Have you considered some of the life insurance companies? MetLife would pay a salary for the 1st 19 weeks. Others to think of are Guardian, MassMutual, Northwestern Mutual, New York Life, Mutual of Omaha...

 

[Sales71]

Both are good u need to build the buiness and clients. I know of smith and Barney rep making 40k every 3 month no overhead. Also some agents make over 200k after 10 years or so.

 

[billberry12]

I'm going with Mutual of Omaha. Any comments. Age 61. Long term care specialist for 11 years. Need somewhere to hang my hat. Advice welcome. Just left Genworth Career LTCI.

 

[Guest]

decide what you want to do, be a financial planner or sell insurance, State Farm might do it all, but I believe there are very few people that can know everything about all of their products and be good at selling the right product in their scenerio.....too much for one person to know that much in my opinion.

 

[jcarring99]

I forgot to mention that was also one of the things that I liked about SF. The opportunity to banking products. Home loans, financial invstments etc. I do understand how it could be difficulty to master all things. That's why I wanted to concentrate on the banking and life side while I had someone else do P&C.
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I would like to have a decent base salary until I get going. I understand about the State Farm investment and any other for that matter, but ideally for me I would like a decent base for a coupld of years and then transisition to straight commission. I have a friend who works for Northwestern Mutual. They don't offer a base or any kind of income stream to do they to start out?
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What is the newby success rate for Edward Jones?

 

[Franz Kafka]

It will be a while until you can make 65K a year with a 3 months paid vacation and a pension. A tougher challenge for you may be to begin to view yourself like a self-employed person. Self-employed people don't expect things like a decent base salary to get them started. You've been spoon fed too long (no offense).

 

[LGilmore]

I agree with Franz on this one. Are you sure that you can give up the stability of a teaching position to have a job where some months you don't make any money..at all?

I have found most new agents who are greatly worried about their base.. don't make it.

Good luck and if you decide to go this route, keep working.

 

[xrac]

I agree with Franz on this one. Are you sure that you can give up the stability of a teaching position to have a job where some months you don't make any money..at all?

I have found most new agents who are greatly worried about their base.. don't make it.

Good luck and if you decide to go this route, keep working.

If one figures the value of things like vacation, holidays, sick days, comp time, personal days, retirement contributions, plus salary you will need almost $100,000 per year as a 1099 agent to equal what you make now.

 

[jcarring99]

Well I have also worked for a car dealership and a bank as a home loan consultant. I haven't always been spoon fed! I just know that in my current situation that I need some sort of income to come in. Doesn't have to be a lot, even if it's 2k a month. I like the Edward Jones opportunity. I don't know much about the Raymond James opportunity. It said something about being a trainee for 39 months. That's a while to be a trainee. I was wanting some more info on Raymond James if possible.