1st Job - Financial Services Representative - NEED YOUR OPINIONS

C

cks316

Despite my love for the market, I simply do not have enough capital (actually I'm in debt) to start trading. After considering my best skills, I believe I will be most successful selling financial services.

I narrowed my company search down to: Prudential Financial, and Northwestern Mutual. Both companies are interested in me and I believe I have a realistic chance to get hired by either one.

Prudential has a starting salary of $30,000/year + commision the first two years, while Northwestern Mutual has an accerated commision structure for the first 3 years.

Any advice?????????/
 
cks - I was a broker, while not at one of the 2 firms you have narrowed your search down to, but in my opinion Northwestern is mainly a life insurance shop, regardless of what they tell you. Prudential will be a little more balanced in product offerings; although neither is a powerhouse in the planning field.

If you want to focus on life insurance, Northwestern is the best option. If you want to sell a variety of products, Pru would be better of the two.

I would suggest you check out www.rrmag.com as well. They have a forum area that is mainly used by brokers that could help you better than here.
 
If you have a Merrill Lynch office I would go there. When you're in retail it's good to have a top brand name.

I worked at MER and MS in the 1990's so if you have any questions feel free to send me a PM.
 
Thanks for the advice!!

ML asks for experience in financial services, and believe me if I wasn't fresh out of school that would be my first choice.

Has anyone here actually worked or knew someone who worked for Prudential or Northwestern?

I have been looking online and Northwestern Mutual is ranked in the top five for insurance groups while Prudential is not.

Any other input is welcome!
 
I have know several people that have come and gone from Northwestern Mutual and they all hated it.


Quote from cks316:

Thanks for the advice!!

ML asks for experience in financial services, and believe me if I wasn't fresh out of school that would be my first choice.

Has anyone here actually worked or knew someone who worked for Prudential or Northwestern?

I have been looking online and Northwestern Mutual is ranked in the top five for insurance groups while Prudential is not.

Any other input is welcome!
More...
 
Northwestern is one of those you can make a ton of money or not type firms in my experience. Since the focus is on life insurance, it's not the easiest firm to work at. For those that make it however, it can be lucrative, esp as you move up the ladder and eventually get your own practice.

Just keep in mind that Northwestern is mainly a life insurance shop. And if that interests you, I would add New York Life to the mix as well.

As for the main brokerages out there, I would also consider AG Edwards (just bought out though), Edward Jones, Ameriprise, etc... I'm not endorsing any of these firms, but just b/c Merrill or Morgan want more experience does not mean they all do. You should also contact any local LPL and Raymond James offices as well. Those are the larger independents. Pay might suck at first, but payouts much better if you stick around. And you could possibly land some sort of assistant position as well.
 
Have you looked into Goldman Sachs or Lehman Brothers? If anyone has worked for those firms, what is the retail commission payout?

What about institutional sales? What are the current commission rates and average commission payouts for stock trades for institutions?
 
Your story sounds similiar to mine.

I wouldn't go the broker route, they don't give a shit about you and the 30k will run out quick.

Get a job as an institutional sales assistant with a top firm, they aren't hard jobs to get.

Learn the accounting, settlements and make friends with your sales rep and the others on the desk.

You will learn enough there. Fixed income would be the place to be as the sell side is still in tact. Equities is dead and done.

PM me if you want more info.
 
Quote from sputdr:

[Get a job as an institutional sales assistant with a top firm, they aren't hard jobs to get.
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Yes they are.

They are tough to get, unless you are a really hot woman, or have good connections.

And the "top" firms, only like to hire "top" school (usually MBA's) for thier programs.

Especially these days, with more customers using ECN's, less sales positions exist. Arent bonds also going to trade electronically?

I thought i heard that somewhere.
 
Quote from Vinny1:

Have you looked into Goldman Sachs or Lehman Brothers? If anyone has worked for those firms, what is the retail commission payout?

More...

GS and LB are not retail brokerage firms. They don't want your business unless you have $25m or so to play with.
 
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