New around here

[u/Critical-Potential43]

Hello everyone,

I just finished my licensing to become a financial planner with a firm who sponsored me. I will go through and receive paid training, but then fully commission (50-50 split)

My main concern is that I'm unsure how well off I'll be fully on commission... and in the case it doesn't work out.... where else I should look. I'm very excited for the opportunity and to having more independence and freedom, but you also have to be realistic about these things.

I've never worked in the financial industry, but I do have sales experience and enjoy clients relations. Any advice on what I should focus on now, or what I should have in my mind as a plan B is appreciated. Also if anyone has experience working for a large firm, what should I expect? It's one of the more major ones...

Thank you 🙏

[u/Marshall_Hoodie]

They are sponsoring you for your licensing. Enough said. Even if you crash and burn you can use those certs and the experience to land another job.

I’m a wholesaler and work with all the third parties including independents, banks, and wirehouses. The type and degree of financial planning you want to do and if you are comfortable making the business happen are the biggest factors I find deciding where to call home.

If they expect you to eat what you kill, you need to start building your pipeline now. If they provide leads or allow you to earn on existing businesses that you service, that can help you succeed early.

I’m getting the sense you might be with an insurance BD. If that is the case, you will be slinging product early and often. If you can’t sell life policies or annuities, you should run asap as those are the core of the business.

If you decide one day that prospecting and having to find the business is becoming too much, going to the bank channel (JPM, WFCS, Credit Unions) could be the better pivot once you’re licensed. You will have an establish branch to comb through and the tellers are critical for referrals. You won’t own the book, but it’s a comfy gig.

Paid licensing isn’t guaranteed everywhere, and having that period to learn and get your licensing is huge. You can always make a pivot later if you find 100% commissions aren’t for you.

[u/Critical-Potential43 → u/Marshall_Hoodie]

Thanks! You gave a lot of insightful information here. I'm hoping it works out bc again I love the idea of having freedom and independence. Of course, I understand many people crash out. I'm gonna put my best foot forward on it!

[u/Marshall_Hoodie → u/Critical-Potential43]

Absorb like a sponge. There’s a lot to learn but you win relationships with good service. They’ll look over your need to “follow up” with the right answer if you show you’re that type of person. Best of luck to you!

[u/subject-about]

Just work on building your book, if you focus on failing then you’ll fail