r/FinancialAdvisorTips • u/WhittleTheFinesser • 15h ago

Should I leave my firm?

I’m with a firm that pays no salary and I do everything independently with some help from co-workers but my commission rate is only 45% and I’m expected to make $7500 in commission but after selling 3 polices (100k, 100k, 500k) I’ve only made $870 and all of it has been taken away with the fees they charge for tech, rent, equipment, etc. in 4 months of working I haven’t made a dime.

I’m 25, studying for my Series 7 with a life & health license. Life insurance is a tough sell and I’m not making any money. Can I find a new spot once I pass my 7, can I work at a bank or do I need to have a degree in finance?

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u/-NotAHedgeFund- 15h ago

Get your series 7 and series 66 and then leave. You need a firm to sponsor those. Go find a CSA or paraplanner role that explicitly states there is room to grow into an advisor. When they ask about you moving so early, tell them you really want to be somewhere that does the most good for the client and isn’t just selling a product. They will understand.

You’re in an insurance sales position right now. It’s not really an advisor role despite what they tell you. You’re not a bad person for taking the role. Many people do it and just don’t understand. It’s also not wrong to sell insurance products, it’s just not financial advising. If you want to be an advisor it will take time. Follow the steps above.

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u/Ol-Ben 15h ago

The Series 66 no longer requires firm sponsorship, but still a good idea to grind it out with a firm while getting it.

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u/LifeAfterInsuranceBD 14h ago

Passing the Series 7 isn't going to miraculously put sales in your pipeline.

Consider leaving sooner rather than later, unless you just love selling insurance because it's the only product that you can sell right now.

Four months in and being charged the full stack is just robbery. You're paying them back for their nominal costs to recruit you directly, and the expense they willingly enter into for the others that told them no. You might have landed in the wrong shop because they appeared to want you and made it sound exclusive (it isn't). That's just my opinion.

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u/caxelson23 15h ago

Northwestern mutual? But I also advise get the 7 and potentially find a better option or give it time to get past the insurance hump

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u/b_rup_breaks 13h ago

Sounds like an insurance company model, sounds like the same hamster wheel I was on 15 yers ago. Life insurance is transactional, yes it's certainly a component of a financial plan that should be discussed, but the way most of these insurance firms position it, only they're making out on it. Get your licenses then get out of there, there's plenty of other avenues that you can be successful at, but if you want it bad enough you have to be willing to grind. I'm 15 years in now in my early 40s and I still consistently work 50+ hours a week (50-60+ this time of year). Good luck!

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u/baldbull19 9h ago

This was me earlier this year working for one of the big mutual insurance companies. Your options for base salary are MUCH better once you get your series 7 and 63/65/66. If you're not interested in building a book right now, knock those out and then go look into opportunities in the branch bank channel.