Herbert Said:

I want to begin a new career in financial services - where can I get some advice on appropriate quals & career

We Answered:

what is financial services?? today, does that mean advice only for a fee?? if so, i feel that is rather limited in its reality.. i started out as a CPA-then felt i liked people more than paperwork-although accounting has both..i went into life insurance sales- straight commission , essentially..i felt life ins. is a great tool for protection, savings, disability, and tax advantages--it is most usefull in financial & estate planning, yet most people are never asked to buy any by anyone !!all most people have is group life at work !!this is a great way to start building a clientele-not easy, yet a real challenge & women are very security concious and can be good savers!! women like to deal with other women, so if you have good people skills, you would be a very good candidate for this !! insurance allows you to make your own hours after you are established, and work from home with flexibility-i went to all my childrens events at their schools-priceless , you bet !! after learning all my basic skills from my first company- i became an independent insurance broker-representing many different cos at the same time- studied and became an LUTCF-life underwriter training council fellow-3 yrs of study & exams-learned a lot!! much later became a CFP only to prove that i knew what i was doing, if the initials were important to folks-the world did not beat apath to my door after i became a CFP and you still need MUCH practical experience to go with those letters before you really know what you are doing !! if you could start part-time with a life ins co-that would be ideal to get a taste to see if you like it- otherwise it would be a big jump to change full-time yet it might be a solution to ALL your mentioned goals !! i am a retired Independent Insurance Broker for life, health,disability, and annuities and a retired CPA, CFP, & LUTCF...GOOD LUCK TO YOU- HOLLER BACK AT ME IF I CAN BE OF FURTHER HELP TO YOU-i spent over 23 yrs in insurance sales and loved doing it- helping others & really making a difference in peoples lives !!!!

Clifford Said:

Career as a Financial Services Rep?

We Answered:

Testify,
become an independent financial service rep rather than work for a big company if:
a. you want to be rewarded for outstanding performance
b. want to be proficient rather than have an agenda that is company driven
c. want to have clients that respect you

William Said:

How can an engineer get into the financial services industry?

We Answered:

That's the story of my life too.

I'd say you have too routes:

1. you like sales and negotiation - then go for an account executive, rep, business developer, whatever-they-wanna-call-a-salesperson job, specially with a lender.

Yahoo Hot Jobs, Monster, all those sites have plenty of offers

It may be a lender associated with a bank or not, e.g. Countrywide or, these days, most commercial real estate lender.

If you choose to go with a brokerage firm, it's good too, but the road is narrower and harder.

Financial industry loves engineeres because we are good with numbers and have structured thinking, so we are always confortable presenting the products.
The money is terrific - it's very common to break the 250K/year mark.

I've personally worked with many folks making over 1 million/year

2 - if you don't like the business side of the business - then you may start as assistant manager or a numbers-cruncher, but the opportunities are not so many and the money will always be average.

The companies looking for employees publicize the offers, but I may need an insider to help you get him.
Also, you'll be at the will of the so-called superiors to evaluate your performance because it's a subjective evaluation.

In the business side of the business, you either make money or not - the evaluation is very, very objective, what, for me, is a source of confort, I don't need anyone to tell or judge me - I know I'm doing great.
Or not...

I've worked both sides - selling and cruching numbers, and I guess I don't need to tell which one I prefer and which one is easier to get in.

Have fun and make it a great day !

Marc Said:

What software/IT should I familiarize myself if I want to pursue a career in the financial services industry?

We Answered:

Microsoft Excel is probably the most important and complicated thing you need to learn.

You will live almost completely in Excel.

Emily Said:

Does filing BK hurt your career in the financial services industry (particularly money management)?

We Answered:

Do anything you can to avoid bankruptcy, imho. See if you can negotiate your debts down, work a short sale on your home or whatever. Get yourself on a written budget as quickly as possible. Spend every dollar on paper on purpose before it comes into your home. That made the biggest difference for us with our finances.

Now about the financial services industry/money management. Yep, that will affect you big time. Companies are going to run a credit check not only to assess your responsibility level and to see if you're a risk financially to them...but also if bonding is required, you won't be able to be bonded or get clearances you might need if your credit isn't where it needs to be.

When someone is dealing with other folks' money & they're in a hardship position...that's when a person might be most tempted to short cut or flat out steal. They're more susceptible to temptation and the manipulation of others if they're under financial stress.

Now that's not to say YOU would do something illegal or unethical. We've been in dire straights financially before & took the high road...but statistically someone in a tough financial situation is going to be more likely to succumb & companies don't want to take that risk.

Gregory Said:

Is a position as a Financial Services Rep with Metlife in Houston, TX a positive career move?

We Answered:

MetLife is a solid firm and has been around a long time. My knowledge of them is that they are more of an insurance provider. To be associated with MetLife should be a good thing.

If you are going to function as an insurance agent then the environment will be competitive and there may be lots of "turnover". Not sure what a "pool" of commissions is, maybe it's related to your "hiring class". Income will vary widely from $20K-$80 early on, assuming you are working on 100% sales commission. You should be very clear on how you are compensated, there is no problem asking them lots of questions - it's important. Good Luck.