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| *Ostroff, Fair and Company>>>Financial Services |
What is the best Financial Advisor firm to work for? I have my series 6 and 63.? |
What is the best Financial Advisor firm to work for? I have my series 6 and 63.? With a series 6 and 63 combination, your options are limited. You will need to acquire a 7 (at least) to work for the brokerage/"Big Wall Street" firms or Ameriprise. With your current licensing, you will find most success seeking employment with insurance agencies that also sell annuities and variable insurance products and maybe a few banks/credit unions that don't offer full securities services, but do have some proprietary mutual funds and insurance. In any case, you will likely have to acquire the life insurance licenses at a minimum, but these insurance licenses are much easier to get (usually a few days' class, like a weekend or 3 day seminar) in comparison to the series 7 which is considerably more advanced than a series 6. In any case, if you are looking for employment, I recommend contacting the insurance companies. As an investment company representative/sales associate/etc. (they will have various titles for basically what is a person who sells insurance, mutual funds, and annuities is called), you will want to work for someone who offers a payout system that gives you a jump on your first year commissions/earnings and a salary base. You also want a company that has a well recognized name and aggressive and effective marketing. As a new professional, you will need to generate a client base and all that you will have is your winning smile and your business card with the company's name and reputation behind you. Actually, the company name is in front of you, as this will be what gives you credibility in the beginning. The leading insurance companies vary widely in terms of their compensation techniques, but the one thing that they have in common is this--a name you recognize. So, MetLife, Prudential, Hartford, NY Life, Northwestern Mutual, etc. are all great places. The best package will also include assigning you existing accounts "to maintain." That is, they will assign you existing policies that upon renewal become yours. If one of the major companies offers you (1) increased 1st-2nd year commission payout; (2) base salary (usually a draw); and (3) existing accounts to maintain, then you are likely in a good position and should consider accepting. Meanwhile, consider getting the 7 if you want to work in a brokerage type firm, or adding property/casualty insurance if you want to work for an insurance company like Allstate or State Farm that offers these products. As far as working directly for a mutual fund company is concerned, while this is possible, it is a bit more of a long shot, or shall I say nicely "competitive." The thing is that most mutual fund companies sell to brokers/financial advisors and others who advise people. That is, the financial professional prepares a plan for or makes a suggestion regarding mutual funds to the client. In other words, if you look on most mutual fund marketing webpages, they will say that in order to invest, consult your financial advisor or something similar. So, I don't think this approach of contacting mutual fund companies is worth pursuing unless that is what you really want to do and you don't mind looking for that needle in a haystack. In any case, the insurance companies will be EXCITED to see you, assuming you have the requisite educational criteria and can put on a good shirt and tie and a great smile. Trust me on this one. Good luck on your new career. Source(s): Personal experience in the business. There are so many. First Investor, Amerprise I may not understand your question. But with a 6 and 63 you're going to work in Mutual Funds and Variable Annuities - the 63 is the blue sky exam and is not required in all positions. ... Look up Mutual Fund companies. There's a lot of them globally - but you're going to have to determine what firms there are where you live or if you are willing to relocate. It's about impossible to suggest what companies to apply at with no idea if you live in an area where a given firm has offices or if you are willing to relocate. For the most part firms are not going to pay relocation costs for a Series 6 and 63 level qualifications. So if you apply, interview and get hired with a firm that requires you relocate somewhere you'll likely bear most or all relocation costs. Good luck. |
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