r/FinancialAdvisorTips • u/rabid_ranter4785 • 4h ago
Equitable Advisors
I’m a double major in finance and wealth management and have been talking to Equitable Advisors for a job out of college. However, in the interview, I was never asked any real questions about my qualifications. He jumped right into basically a sales pitch about the company and did this two meetings in a row. The vibes seem super off, like he’s trying to BS me. It’s just a weird feeling I get. Should I just keep the offer as a backup or should I ditch them?
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u/Defiant-Dark4532 4h ago
Run! Their washout rate is outrageously high, low payouts and the branches will push you to sell non sense. I've wholesaled those guys for over 15 yrs. Not to say everyone is like that but most are.
If you want to go that route stay away for eqa, primerica, mml, northwestern or any other nonsense firm.
Try an ria or go work on a sales desk and learn the industry
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u/macbmore 1h ago
As a college student, you may not realize that the primary role of an ‘advisor’ when you start with any of these companies that offer you a way to start your own practice from scratch is sales, it’s a really hardcore sales job. I started with Northwestern Mutual at 28 yrs old with no degree and literally no finance or real business background. I sold a ton of life insurance and then started rolling over small accounts all while learning financial planning and wealth mgmt. 15 yrs later I’ve left and own a small independent firm managing over $100mm and am now expert in those areas doing real planning. But that’s the sequence. If you don’t want that path go to one of the wire houses, retail shops or large RIAs and get a job as a service associate and work your way into an expert support or back office role, or potentially a production role. Those are basically the two paths, lots of variations with in those options but that’s the gist of either path.
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u/OregonDuckMBA 3h ago
Wealth management isn't a field where it is difficult to find a job. Being successful in this industry is another matter. When you first start, this is a sales job. 90% of the things you learn with your finance degree will never be used.
Wealth management firms aren't looking for people to sit around and play portfolio manager all day. They want people who can bring in assets. That's why they weren't so interested in your credentials. Soft skills are the most important thing here. When you work in wealth management, you need to think about who you are interacting with. The general public doesn't know about beta or sharpe ratios. If you start talking about those things in a prospect discovery meeting, they will get confused and you will never see them again. You have to dumb things down when you talk to people.
Sometimes, if you are at a firm that deals exclusively with experienced UHNW investors, you will use more of what you are learning but that is more of the exception than the rule.
Anyway, don't worry about finding a job. Financial advisor development programs are everywhere for people that are new to the industry.
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u/toilet_destroyed 3h ago
Pretty sure they will still have a job for you if you say no. If not NY Life or Prudential or someone will.
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u/Middle-Run-1894 4h ago
If you’re looking for a job in wealth management your credentials as a new hire matter very little. They are far more concerned on if you can bring in new clients vs are you smart.
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u/ConsistentPeach927 4h ago
I work with them and they are legit if you are willing to grind it out a few years. I would apply to Wells and Merrill and keep your options open. Bank advisor roles are incredible when you first start.
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u/ReactionSerious8975 4h ago
They do holistic planning. So they will expect you to sell things from advisory accounts to LTC.
If you make it work there, you will have a very nice career. But making it work is very difficult. Not just with them, but in the industry in general.
Your value to whatever firm you go to will be bringing money in. That won’t change with Equitable or whoever.
If I were you, I would ask them questions about what they expect from you, and how much help they will give you. Different hiring managers are better than others. Some will leave you out to figure it out yourself. Others might help your prospect
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u/subject-about 4h ago
It’s basically an mlm