Just a place with low quality control? I joined a financial consulting company and it was a total chop shop. We went through 2 weeks of training and things were so shady at the company I quit on my first day on the job. They flew us out to Chicago for training and then I was supposed to consult a machine shop in MO, but declined. Any stories?
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Based on previous WSO threads, there are indeed stories about experiences in chop shops. Here are some insights:
Chop-Shop Experience:
Notorious Investment Banking Groups:
Worst Work Experiences:
Bad Group Culture:
These stories highlight the challenges and negative experiences some individuals have faced in various financial and consulting environments.
Sources: https://www.wallstreetoasis.com/forum/real-estate/your-worst-work-experiences?customgpt=1, https://www.wallstreetoasis.com/forum/investment-banking/notorious-investment-banking-groups-and-war-stories?customgpt=1, Examples of a "bad" group culture and sweatshop or just "standard" in banking?, The Hedge Fund Experience - Good, Bad, Ugly, My Story: From Trading Floor at UBS To Entrepreneur on Kickstarter
I fell for a MLM like Cydcor early in my career. Spinoffs of that 'sketchy' MLM office are still around in my area. All of these guys still look broke AF and brainwashed. Kind of sad how many familiar faces still appear to be working there based on some social media pages of theirs.
Started at a DBA of a large insurance company back in the day. They sold the job as a way for non-target morons (which I was) to work in finance, be an entrepreneur, and make 6 figures right out of college. Was called a financial advisor. In reality, you were bringing a LI sleezebag to sell your grandma a variable annuity and whole life. Think their retention after 5 years was like 2%, and that was intentional. Was essentially a pyramid scheme where you milk new recruits for their family business, they fail, and 30% of that business stays with the firm. Genius, if not scummy, business model.
Yeah a lot of insurance companies are super shady like this.
Still crazy to me that people who do this are allowed to called themselves financial advisors. I guess technically you can call yourself whatever title you want, so how do you regulate that?
There was some regulation by the SEC recently I believe, but most of these people had their 7 and 66, so kind of pointless. Hard to regulate because they could “technically” manage investments and charge for financial plans.
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