Pros
-Flexible hours because your running your own practice -Being able to create your own business from the ground up an learning the industry from seasoned veterans in the field -"sky is the limit" -Helping people (really only on the insurance front of financial planning) -one of the best insurance companies in the industry -learned interposal, cold calling, language, networking, prospecting skills and become more extroverted and becoming accountable for your success. -If you been there for 4/5 years and leave, employers LOVE to see that given how hard this business truly is. -You can really make a ton of money if you sell big WL cases but those are tough to come by and you need to sit down with the right people.
Cons
-If you can breathe and talk they will hire you. -Will show you an income projection for your first year, typically 85-100k, but not very realistic. Most people without a network will be at 35-50k. No pay, this job is solely based on commission. First year 85%,Second 75%, Third is 65% and after your fourth it is fixed at a 50% rate of any insurance products you sell (life, disability, LTC, annuities) -Managing is absolutely terrible (depends on your office), they care about PREMIUM, PREMIUM, PREMIUM! -They say that your looking at ones financial picture "holistically" and you do run models on tax implications, retirement planning, asset allocation but really for the first 5-7 years they only care about life insurance. -If your looking to be a well rounded Advisor, this is not the place you want to be. -VERY micromanaged, felt like I wasn't even running my own business sometimes as they track everything and make you follow a system. -"eat a sh*t sandwich for 5 years" to make it -you MUST cold call if you don't have a network which can be taunting to some people who dont have that skill and this will set you back from making income if you don't sell constantly -Project 100, of 100 people you know and call them to set up meetings. -Business can be very draining as you need to be good a following up and organize. Some cases can take 2 weeks, 6 months or 2 + years to close really depends on the person. -ALOT of activity in the pipeline to make your comp worth it in the end game -If you do joint work with another advisor (especially when your new and learning) be prepared that the spilt is 50/50. -in the insurance world business is not done until the 13th month, meaning during that period clients can cancel polices which will negativity effect your income. You will have to pay back the income your earned on the case at a prorated basis based on the month the client canceled the policy. -Per above if you have someone go into UW for any insurance product (besides annuities) if they are unhealthy or smoke, rates will drastically increase which if they prepaid the policy to go into UW and they don't take the new rates, you will need to pay back all the money you received from that case. -NM HATES when you sell outside business even if it is the right product for the client, there greed is insane.