Financial consultants?

[95NSXT]

Any consultants/planners out there? What are you experiences with starting up? Anyone tried and failed.

I have two job offers to be a financial consultant. All commision. But the potential to make money is unlimited. A little background is I am graduating (in like one week ) from IU's Kelley school of business with a degree in management and looking for a full time job. I'd prefer a nice salary, but I don't know. Thoughts?

 

[redshift]

Dude, salary is way overrated until you get to the quarter million mark... IMO if this will be your only income stream then you'd be limiting yourself if you didn't go for the uncapped profit potential option.

Best of luck, and congrats on your graduation! :biggrin:

 

[mickeylex]

Dude, salary is way overrated until you get to the quarter million mark... IMO if this will be your only income stream then you'd be limiting yourself if you didn't go for the uncapped profit potential option.

Best of luck, and congrats on your graduation! :biggrin:

I agree. If you can budget for an unpredictable income (initially at least), go for full commission. If are young(er) and have no wife, kids, house, etc yet, take the chance at making some big bucks now while you can. You can always fall back on a salaried job somewhere if this doesn't work out.

Congrats on your graduation.

 

[druby]

While I am not a financial consultant I started in the life insurance field and now only do employee benefits. To me personally commission only was very hard the first 5-6 years. It became much easier after that and I love the business. My best advice is that if you always feel you are underpaid then commission if the way to go. Remember even salary is ultimately commission based as if you don't earn enough to justify the salary you are fired. Good luck to you and all I can say is if you can last the first 5 years you will never regret it.

 

[SilverStone05]

It's tough, man. You'll be struggling to build your practice for a couple years. However, you'll learn the ins and outs of the business. Best of luck.

 

[DDankew]

I am a FC and have been for 14 years - commissions only. Best job I ever had and most money I ever made. That being said, if you're just getting out of school, it is tough to break into the market. Most Brokers will only hire seasoned vets or mid life job changers (ie Account, Lawyer, Doctor or Business man who know a lot people).

My advice is to work as an Assitant to a FC or get an additional degree MBA, CFP CFA etc. I got my MBA first and then went job hunting....at 30!

Cold Called 10 hours a day at $ 5 bucks an hour. But once you break through man it is sweet. Watch "Boiler Room" for inspiration or "Wall Street".


For tonight's game...GO WARRIORS !!!!!

 

[Dtrigg]

Watch "Boiler Room" for inspiration or "Wall Street".

I am a former FC as well. I hope you're joking. Please tell me you are.

 

[DDankew]

That's to get the kid pumped up

Actually the script they used and the terminalogy all was pretty common stuff at the (smaller) wire houses in the 80's and 90's.

 

[95NSXT]

Yeah this was the kind of responses I was expecting. I don't know. I'm still torn on what to do...

 

[NsXMas]

What are your 5 year plans? Do you have family or are you single and can afford to take the risk with a commission only job?

Also, call in the yellow pages and contact some financial consultants. Take them out to lunch, find out if they were in your shoes, what they would suggest you do.

Life's not certain but that's the best part - nice surprises can really occur when you least expect it.

Best of luck on your decision.

 

[NsXMas]

...
For tonight's game...GO WARRIORS !!!!!

That's right, as a Suns fan, GO WARRIORS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :biggrin: :biggrin:

 

[95NSXT]

What are your 5 year plans? Do you have family or are you single and can afford to take the risk with a commission only job?

Also, call in the yellow pages and contact some financial consultants. Take them out to lunch, find out if they were in your shoes, what they would suggest you do.

Life's not certain but that's the best part - nice surprises can really occur when you least expect it.

Best of luck on your decision.

5 year plan is to be in a job i like and being happy with how much i am compensated. no family yet. i could afford the risk, but i think im gonna pass on these two offers and go for a salary job instead at least for my first job to get some money in the bank

 

[redshift]

5 year plan is to be in a job i like and being happy with how much i am compensated. no family yet. i could afford the risk, but i think im gonna pass on these two offers and go for a salary job instead at least for my first job to get some money in the bank

IMO, not taking risks is the riskiest route of all. You'll have a really hard time getting rich by playing it safe. That said, it is absolutely no sin to take a salaried job - you'll probably cut out a huge part of the learning curve if a strong mentor is part of the package. Just keep it in your head that your salary is minuscule in comparison to your potential income... don't forget that. It is very easy to get caught up in the middle-class life model laid out by the masses, but you really don't have to be confined to that if you don't want to. You'll do great as long as you don't limit yourself. :biggrin:

Best of luck with your new career!!!!!!!!!!!!!!!!!!!!!!

 

[NsXMas]

IMO, not taking risks is the riskiest route of all. You'll have a really hard time getting rich by playing it safe. That said, it is absolutely no sin to take a salaried job - you'll probably cut out a huge part of the learning curve if a strong mentor is part of the package. Just keep it in your head that your salary is minuscule in comparison to your potential income... don't forget that. It is very easy to get caught up in the middle-class life model laid out by the masses, but you really don't have to be confined to that if you don't want to. You'll do great as long as you don't limit yourself. :biggrin:

Best of luck with your new career!!!!!!!!!!!!!!!!!!!!!!

Erin you are truly a master of wisdom. :biggrin:

 

[redshift]

Erin you are truly a master of wisdom. :biggrin:

Hehe, thanks Frank! I just turned the ripe old age of 28 in April... so it must be true that age begets wisdom. :biggrin:

 

[Ryanmcd2]

Not everyone is cut out for doing there own thing, some people don't like the risks and have a suck life because they live in fear all the time. It's what makes YOU happy, maybe he wants to be in great shape work 30 hour weeks and have a porn start wife you never know. The reason I say this is I have seen MANY people on both sides. I know someone worth over 600 million and he is never happy has 2 jets yada yada. I also have one other friend who makes 70k a year and is super happy and always fun to be around in great shape and his main concern is takeing care of his heath. I will say whatever you do reduce your stress by not going way over your head in debt, pay things off cars houses whatever. Be your own banker and don't live pay check to paycheck.

IMO, not taking risks is the riskiest route of all. You'll have a really hard time getting rich by playing it safe. That said, it is absolutely no sin to take a salaried job - you'll probably cut out a huge part of the learning curve if a strong mentor is part of the package. Just keep it in your head that your salary is minuscule in comparison to your potential income... don't forget that. It is very easy to get caught up in the middle-class life model laid out by the masses, but you really don't have to be confined to that if you don't want to. You'll do great as long as you don't limit yourself. :biggrin:

Best of luck with your new career!!!!!!!!!!!!!!!!!!!!!!

 

[redshift]

Not everyone is cut out for doing there own thing, some people don't like the risks and have a suck life because they live in fear all the time. It's what makes YOU happy, maybe he wants to be in great shape work 30 hour weeks and have a porn start wife you never know. The reason I say this is I have seen MANY people on both sides. I know someone worth over 600 million and he is never happy has 2 jets yada yada. I also have one other friend who makes 70k a year and is super happy and always fun to be around in great shape and his main concern is takeing care of his heath. I will say whatever you do reduce your stress by not going way over your head in debt, pay things off cars houses whatever. Be your own banker and don't live pay check to paycheck.

I completely agree that everybody needs to do what makes them happy - though I think that "happiness" is relative - many people would be happier with more means available to them... others might not be. No matter what 95NSXT does, he will undoubtably feel the "what if" urge at some point in his life - I think more happiness can be generated when we throw caution to the wind and follow that urge.

In my limited experience, I've noticed that most of my friends are relatively happy with the middle-class status quo. That is great for them, but then I hear them saying, "I wish I had this or that," or "I'll do that when I win the lotto," or some other generic phrase pointing to a desire to be or have more than their current situation. It is human nature to grow and desire bigger/better things and while complacency may beget comfort, it never leads us to our full potential. I'm not saying that everybody should do their own thing, but be a superstar in your life (i.e. do not settle for less if you want more).

Also note that health, wealth, and happiness are not mutually exclusive. While I am certainly not worth $600M, I do have a couple modest M's below my belt... I am not overworked, I am in extremely good health (I was even a fitness model in college), and I have a beautiful wife whom I love very deeply. I have nothing but gratitude for the things I have achieved and for life itself. I am fortunate in that my mind is not troubled with the mundane, but rather by the passion to reach my full potential... It is no crime for me to want everybody to feel that way.

 

[Ryanmcd2]

I completely agree that everybody needs to do what makes them happy - though I think that "happiness" is relative - many people would be happier with more means available to them... others might not be. No matter what 95NSXT does, he will undoubtably feel the "what if" urge at some point in his life - I think more happiness can be generated when we throw caution to the wind and follow that urge.

In my limited experience, I've noticed that most of my friends are relatively happy with the middle-class status quo. That is great for them, but then I hear them saying, "I wish I had this or that," or "I'll do that when I win the lotto," or some other generic phrase pointing to a desire to be or have more than their current situation. It is human nature to grow and desire bigger/better things and while complacency may beget comfort, it never leads us to our full potential. I'm not saying that everybody should do their own thing, but be a superstar in your life (i.e. do not settle for less if you want more).

Also note that health, wealth, and happiness are not mutually exclusive. While I am certainly not worth $600M, I do have a couple modest M's below my belt... I am not overworked, I am in extremely good health (I was even a fitness model in college), and I have a beautiful wife whom I love very deeply. I have nothing but gratitude for the things I have achieved and for life itself. I am fortunate in that my mind is not troubled with the mundane, but rather by the passion to reach my full potential... It is no crime for me to want everybody to feel that way.

Very true and good post. I just hate to see some fat out of shape person making huge money only to see them in bad health / unhappy. As you know if you are in good health you can work hard / take on more stress then if you are not. Also congrats on the wealth, my goal was to get a Ferrari @ 25, I had the money but sold my nsx and got something that costs a lot less Do you do a 3-5 year plan still?

 

[Factor X Motorsports]

Not everyone is cut out for doing there own thing, some people don't like the risks and have a suck life because they live in fear all the time. It's what makes YOU happy, maybe he wants to be in great shape work 30 hour weeks and have a porn start wife you never know. The reason I say this is I have seen MANY people on both sides. I know someone worth over 600 million and he is never happy has 2 jets yada yada. I also have one other friend who makes 70k a year and is super happy and always fun to be around in great shape and his main concern is takeing care of his heath. I will say whatever you do reduce your stress by not going way over your head in debt, pay things off cars houses whatever. Be your own banker and don't live pay check to paycheck.

Very well said, I have similar friends and I live by the same mantra.

 

[redshift]

Very true and good post. I just hate to see some fat out of shape person making huge money only to see them in bad health / unhappy. As you know if you are in good health you can work hard / take on more stress then if you are not. Also congrats on the wealth, my goal was to get a Ferrari @ 25, I had the money but sold my nsx and got something that costs a lot less Do you do a 3-5 year plan still?

I totally agree. I really believe that good health amplifies every nuance of personal success. Without health and happiness, monetary wealth is nearly meaningless (cliche but true).

I most certainly do have a 3-5 year plan - I still have a lot of work to do and a lot of life to live :smile:. I think that knowing where you're going is not only vital to financial success, but also brings tremendous emotional fulfillment. Without purpose we're all just treading water, but the presence of purpose builds passion and gives you the drive to evolve. As far as the specifics of my near term plan... kids. :biggrin:

 

[Ryanmcd2]

I totally agree. I really believe that good health amplifies every nuance of personal success. Without health and happiness, monetary wealth is nearly meaningless (cliche but true).

I most certainly do have a 3-5 year plan - I still have a lot of work to do and a lot of life to live :smile:. I think that knowing where you're going is not only vital to financial success, but also brings tremendous emotional fulfillment. Without purpose we're all just treading water, but the presence of purpose builds passion and gives you the drive to evolve. As far as the specifics of my near term plan... kids. :biggrin:

Ahhh the fun part practice makes perfect lol

 

[DDankew]

Great advice from everyone. Money and career is not the most important things in life...happiness and health are. But as youngeters we are constatly told to go to school, get great grades, get a job and marry /raise a family, just to fit in. And how many people get stuck in the wrong profession, spouse, or school just to please others?

Are they happy?

 

[Duffer]

There have been many good replies, but let me add my 2 cents. I have been in technology sales for 23 years and I think sales is a great profession - for the right people. Make no mistake about it, financial consultants are salespeople. So, do you like sales? Are you EXTREMELY competitive? Do you never give up? Are you VERY money motivated? Do you need to be challenged daily to bring out your best? If you can answer yes to all of these questions, then you might make it in sales. There is a reason why salespeople make so much money. It is because they produce results, without bullshit excuses. I have seen many a salesperson who was basically a poser. If you can rise above the level of sales mediocrity, then the sky is the limit. I wish you luck.

Any consultants/planners out there? What are you experiences with starting up? Anyone tried and failed.

I have two job offers to be a financial consultant. All commision. But the potential to make money is unlimited. A little background is I am graduating (in like one week ) from IU's Kelley school of business with a degree in management and looking for a full time job. I'd prefer a nice salary, but I don't know. Thoughts?