Is it impossible for me to become a broker?

Question

I am 22 years old with some college experience (no degree) I want to become a financial representative for any company. I applied with edward jones, smith barney and was rejected both times. I am self motivated and very driven to succeed. I have been selling insurance for the past for months but i'm not passionate about it. Any suggestions of companies that would give me a look or anyother advice would be greatly appreciated.

Answer 1

I've been a broker for 15 years with 3 different firms and I have seen a lot of people come and go thru the companies I've worked for. A college degree is not required but I would say on average a person with a college degree is more well rounded than someone without a degree. Broker's are salesman first and foremost. One of the most important aspects in successful sales is being able to relate to and understand the needs of your customer. The more life experience you have, the easier it is to relate to and understand your customer. If this is something that you really want to do you will not listen to those companies that you interviewd with and you'll keep looking until you find the company who will give you a chance. I'll tell you that it is easier to get hired at a company that pays commission only and doesn't cover the costs of you getting licensed. They hire a lot of people because they tend to have a high attrition ratio. I started with a company like that. It went by a different name at the time but the current name is Ameriprise financial. There are a ton of companies that are structured like this. Companies like Smith barney are looking more for people with proven experience in the business. Your insurance experience would be valuable with a company like Amerprise as well since their reps sell insurance in addition to investments. Good luck to you. I hope this was helpful.

Answer 2

Hi --

Do you specifically want to be a broker? or a Financial advisor/Planner?

As a Financial advisor myself, I would recommend sticking to the insurance industry so you have a good understanding of the product and how people can benefit from it. As boring as insurance is... 1) it is the foundation of any financial plan (everyone that has someone they care about needs it) and 2) you get paid decent to very well depending on what insurance they decide on.

Personally, please do not enter this industry expecting to make a quick buck, or to be a "salesman". You will not last.

As far as getting in the industry...Since you are now licensed to sell insurance, looking into insurance companies that also sell investments (mutual funds, annuities, etc) Most of the larger firms do it now, so it shouldn't be too hard.

Good luck

Answer 3

You have to understand that Edward Jones and Smith Barney are old-line retail brokerages. Their prime customers are past 40, and have no patience for young stockbrokers.

Keep on selling insurance; try to get into annuity sales. This will require you to get a securities license. Onec you have the securities license and a few years of experience selling annuities, try joining Merril Lynch or UBS as an exerienced advisor, rather than a trainee.

Answer 4

My advise is to keep trying the same firms and other firms. I worked for a while as a stockbroker and believe me the way you get hired is by showing the firm you will not give up. They want people who can handle rejection and how better for them to find that person than by rejecting him or her several times. You simply have to keep on applying, keep asking for an interview, then ask for an interview again and again. It seems unlikely, but that really is how brokerage firms look at it. Good luck and remember that if you do not give up you will likely find a position.

Answer 5

A broker is a salesperson. You need to be more specific than 'financial representative'. Maybe business analyst, CFP, or CFA?

Answer 6

Did you ask them why you were turned down? Truth is, a college degree is pretty basic now. Get that ticket and things will get easier.