This thread is long enough, no need for further comments, thank you
Hello all! This will be my first introduction to this new forum. I have heard many positive things about the people and resources on this site, so I look forward to being impressed again and again by members here. The long story short is I look forward to giving whatever I can to this site. Im grateful to have found another resource to continue my journey for knowledge. If you're not much of a story reader, this is where the post ends, but if you care to read what I'm currently going through, I'd very much appreciate any effort to help me out.
My background story is a bit silly, but I managed to keep things together on the edge. I figure being transparent and honest is the right choice, so here we go, no sugar coats. I got out of high school (3.0GPA), not too concerned over college (nothing special). I wanted a CC but my parents persuaded me (well not really), to get into CSUS since its just right down the street from my house. GE classes absolutely killed my GPA, and I have yet to start upper division classes until next fall semester. Really, I just couldn't find the motivation to pay attention in cultural classes, or history classes. I learn more of this stuff on my own, and I'm already a world traveler to 3 continents.
In the big picture of things with college, my parents made a lot of right moves for me. There were struggles, but I'm no longer stubborn with them which was a good step in maturation.
Moving on, I held a job as a valet at a high end restaurant for 3 years. So casually talking to people of all types and making fun conversation was subconsciously engraved in my skull. I can say I am above average in the craft of conversation, and in precious moments it has helped me tremendously. I was the first person and the last person a customer saw, and I certainly added value to the restaurant's customer service high ratings. I then held a job working for the state as an IT tech intern, just doing basic computer/network stuff somebody at geek squad would do, but I had a whole building at my fingertips. Again, I received more praise for my customer service skills and how well I can handle situations that involve communication. Made a few friends in the building, but the CA budget cuts meant that I (and every other intern) had to leave. I've been unemployed since this summer when the state cuts all happened....and no, I will never take unemployment checks even though Im perfectly eligible. (I don't need it)
On top of the part time jobs I've been working with a 'hidden' finance company on the side, and this is the chapter in life where I begin to focus on finance. I use the word hidden, because I had never heard of this company until a recruiter emailed me off craigslist. I signed on with Primerica, which to a lot of people Im sure will turn your stomach upside down by just hearing that company name, but hear me out! I paid $100 in, and $450 in monthly payments since I first started in summer 2010. Here's a long story short, 1) I had no clue what the language/terminology of finance was 2) I had no prior experience in any finance field. This was a gold mine for me because I never sold a policy, and I never recruited a friend of mine. All I did was ride this company for their education, which I got plenty of, and now I'm ready to take on something larger. I currently hold a life/health/accident insurance license along with a series 6 and a series 63. I'm at the point where I'm just beginning to grasp all the concepts of financial advising as if it was 2nd nature. Just like in golf, when a part of your swing becomes second nature, you begin to think about more advanced plans for the next shot. That's where I am, thinking about more advanced plans now that the foundation is leveled off. Time to build.
I'm 22 years old with 3 professional licenses. A small town, small college underdog who's hungry to face competition. The more knowledge and experience I can refine, the closer I become to mastery. I spend friday and saturday nights researching finance instead of bar hopping (I got a whole rant on that topic, but not now). I frequently hear my parents telling me to take breaks from this 'research' I do, but I'm too hungry to stop. If you can help add to this feeding frenzy of my mind, I'd love to listen to everything you have to share.
My future is pointing towards Transamerica. I personally think it's an upgraded version of Primerica. Same mental idea, same attitude, but better products and a longer track record (not to mention a pyramid building ha). Its an idea for now, anything can change, but it seems like a pretty solid company from what I've looked into so far (maybe 4-5 days of research). My next part time job will be a teller or a clerk somewhere just to earn small change. I'm still wondering what direction I should take for this part time job to supplement my career path in financial advising. Any ideas in this area would be helpful.
End game plan for my life: CFP, Real estate investor (buy, hold, rent), private investor. Residual income is the bullseye target Im after, and being an agent is how ill get started on my path to get there.
Thanks for reading! I know it might have taken a full coffee cup to get through it, but your efforts are appreciated. I'm grateful to have giving people as yourself to read through another member's life story.
tl;dr
You are 22 and still not out of college? More over, not out of college with a 3.0 GPA? Also, you said you paid to work there? Not sure if you meant to say you get paid. I dunno, don't want to be a dick but I think you are going to have a tough time to say the least.
If there's a question in here, it's buried. What do you want?
a tough time? I've heard worse from business men and women in San Fran, don't worry about being mean or dead real, my skin is tough, hit me where Im weak. To answer your college question, I've been having difficulties with registering for classes, some by bad luck, some by my own fault. I'm on my 3rd year of college which isn't terrible. As for my prerequisite business classes I've taken they are above 3.0, but these other GE 'filler' classes brought that average down..it sucks, but hey, I deal with my choices and move on.
As to what I want, I'd like to see from the eyes of someone who's already established, tell me what Im doing wrong, or tell me what you would do yourself instead if you were in my shoes. Be a critic, or even better..be a mentor. I'll pass on the good deed to someone my age when I grow old enough to pass on wisdom many years down the road. If the question is not clear enough, here's a direct question: I want to be an established certified financial advisor with an ethical company, how would you suggest I get there? and what would help separate me from the rest of the young adults my age pursuing the same path?
oh, and about the whole pay thing. For the cost of one of my college G.E. courses, I got more than my money's worth in finance education. The investment decision I made there is incredible, if you can't see the huge plus side Im talking about, ill explain further if needed. I'd pay again to go from where I started, to where I am now knowledge wise. The mentorship was incredible. Better than any college class, and hey! I got 3 state licenses for $600-700ish bucks? common, I think that's a pretty decent deal. I didn't sell anything (except a few auto policies) because I don't want to burn my 'warm market' on a company that sells overpriced term insurance. I want more options, better products, and a better system to sell to people before I go through 'my warm market list'.
OP, I strongly suggest you work your ass off to get a 4.0 in your remaining 4 semesters. You can point to this sharp improvement in your transcript as proof of your determination. Yeah, GE classes suck and are pointless (as are most college courses) but for better or worse our society has decided that college GPA is a very important criterion to judge job applicants, so get to it.
^Solid advise, appreciate your opinion and yes, I will.
Hi Dwall, why do you want the CFP? Most people that get this are looking to become financial planners. Having worked at MetLife with career agents that were selling MetLife financial products and now working at a private wealth management firm that manages about 200 million in assets, I can tell you there is a difference in working direct for a financial company and working at a independent firm like I do now. I am an assistant, but I work with two CFPs and two CPAs. One of the CFPs I work with is now a partner at the firm. He started out as an intern while in his finance program, once he graduated, he became an assistant financial planner, got his licensing and CFP and is now a vice president and partner at our firm. He has been with the firm about 10 years.
If you want to work directly for a company like Transamerica, there is nothing wrong with it, a lot of people do it and are very sucessful at it. I think a lot of CFPs I know prefer the independent investment firms because they can work with many fund companies and different types of investments and have more flexibility. You also get involved with more comprehensive financial planning, like tax planning, estate planning and investment portfolio management, so it is not just selling financial products, although that is an aspect of it.
I hope this helps. If you want to focus on selling investments and working with one line of financial products, then you might prefer working directly for a company and selling their products. If you want more flexibility and want to be more involved with investment management and financial planning, then I would look into doing some interships or entry-level positions with independent wealth management firms. They would also be able to point you in the direction of getting the CFP and maybe helping you with classes for that.
Angela thank you, that was an answer that I was looking for that you are on the same page as me. First, ill answer the CFP question.. the best reason I have: I want the CFP because achieving it will refine and further my finance knowledge (that much closer to mastery), and it will give me the social/educational status of a real professional. Everyone around me in my company says the title doesn't matter, but I don't believe in that rubbish. I would listen to a CFP over a company agent/representative any day if you put them side to side.
"If you want more flexibility and want to be more involved with investment management and financial planning, then I would look into doing some interships or entry-level positions with independent wealth management firms"
This is the reason why I'm leaving my current company, because other companies like Transamerica have more options and products to offer. But having seen from your point of view, going for an independent firm seems like the right way to go. I have a new spark of energy in me as I now start looking through independent firms here in my hometown. Thank you for your comment, it made a difference for me.
You sound enthusiastic, determined, and amiable. Sounds like me when I was a junior in college Transamerica/life insurance sales are deadly however. When you go in to interview with one of these firms, please keep two things in mind:
The firm (Transamerica, NY Life, etc) will essentially give a sales pitch during "your" interview. They will undoubtedly tell you that XYZ has a Corvette, all the sales reps will be wearing Rolex's, the MD will be high energy, etc. Keep in mind that they are professional salespeople and a good portion of their job is convincing gullible/desperate kids to work for free, pay for their licenses/expenses, and get no leads/training.
You will not make a career unless you have a good network of people willing to buy from you. Before you take this job, make a list of 100+ people that you would be comfortable calling and asking to sell them something. What else are you willing to do? Are you willing to knock on doors? Cold call? Invest $1000+ into leads/travel?
I have seen the dark side of the life insurance business. I managed to get lucky with some good contacts which put money in my pocket. I'm here now because I realize that it's a dead end career. Take a look at the colleges (if any at all) resumes, and hometowns (as mean as that sounds) of the advisors. Most people are there because they had no options (came from the ghetto, didnt go to college, slew of failures from other jobs.)
If I were you, I would do less of whatever "financial" research you are doing and start looking at other careers being discussed on this website. Go for the gold. You are still young, look at other careers, apply and interview for salaried jobs. If you REALLY like financial advising, a better place to start is as a retail banker. Less commissions, but a more stable sales job with a salary.
Dude, if a career in life insurance sales is your destiny/ticket to wealth and riches, IT WILL ALWAYS BE THERE. I promise you there will never be a point in your life where you can't get a job selling insurance/securities. Try some things out, and if Trans is really for you, then go for it afterwards!
ResidentPatient that was a very good message, I like the ideas you have because I agree with a lot of them. Here is where I am as of today:
I have come to the realization that I've been naive. So naive its almost an embarrassment...and my naiveness probably wont end until a few more months/years. There so much social intelligence I have yet to learn about manipulation, deception, and fake personas...but at least I have the right idea now.
The game plan for me will be quite selfish, but I feel I have to be defensive for my own good or ill get burned by a shark looking for more leads and then throw me away. Ive seen it happen to 5 kids my age in the past 4 months. Searching for a mentor that isn't money hungry will be a challenge, but I feel professors in college will be my next move to learning more, and when Im of a higher level of experience ill move back to a mentor in the sales field...this next mentor will have a title of CFP, MBA or a similar level.. no more of this "you don't need credentials/titles to sell insurance" bull.. that phrase makes me mad because there's nothing wrong with a better education.
This month I will apply for a job as a teller at a bank. Just to get my foot in the door in banking and it will probably look good on my resume. The 3 series licenses, and my previous contacts from my last state job (CA Dept. of mental health) will help me land a position in a bank. I feel confident in this simple task.
Next I will study for a real estate license, because I truly want to be a real estate investor/accumulator and getting licensed in the field is a good way to get basic knowledge with how that game works. Plus, if my friends know Im an agent, they will come to me later in life. I have a few aces up my sleeve on how to separate myself from the rest of the agents in this field. Its not a blind shot in the dark.
Ill find myself an independent brokerage to sell a wide variety of insurance so that I can sell the best product to my warm market. This next company will be able to sell auto and home insurance which will work nicely with the real estate license.
The game plan: Steady income with a banking job. Additional income with the two sales jobs on the side. If I sell a house, ill double the sale and sell them insurance with it too. If I do a good job with both, ill most likely be able to sell them securities too because they trust me. win win win. After a few years of that, I will have built up a nice pile of money. With this money I will then enter the life of an investor and begin my journey to creating a system that will eventually pay me in my sleep.
As a back up plan, ill always have a banking job (heck maybe ill be a manger) just for the steady income and basic hours. I'll ride this steady income corporate job until I retire.
Its a lot of effort on my part, but heck.. the real world is about survival and Im willing to climb a few mountains to survive. Its a strange plan, I haven't heard of anyone doing this before, but I think its a good one so far. Maybe one day ill be a jack of many trades
You need to focus.
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