In the financial advisory industry, there are some who are content with just staying at a producer level – to constantly hunt for new clients. These people may just enjoy the selling aspect of this career path, and there is completely nothing wrong with that. However, some feel that they want to contribute to something more. To share, pass on their knowledge, build a company, and take the steps to become an entrepreneur.
For those who are looking to advance in their career but are unable to due to various unfavorable circumstances with managers in their current workplace, you might find yourself asking the question, “What do I do now?”. There are a few possible paths you can take at this point in your career to move forward, you will need to find which is the most suitable for your situation. You might decide on building a company, which could offer great incentives, but requires hefty start-up capital and resources. If you possess these resources, then, by all means, go for it! But, you probably don’t have the resources to do so currently.
Besides having to build your own agency, you can take it down a step and join one that is willing to give you Overriding Commissions for managing a team. But it should be taken into account that every company is built differently when it comes to overriding commissions. Smaller independent agencies just don’t have the means to afford for you to take overriding commissions as a manager of your team, but those with financial powers might have.
So, the next best thing is to find a company that is able to offer overriding commissions from a team that you will build and supervise but hiring suitable and competent candidates can be hard. How do you convince someone to join? Other than the incentive of commissions, those with family obligations might need some form of base salary for the first few months. Some will also need leads to get started. All these resources will have to be provided by the company you are working under. Therefore, you will need to choose a company that will fully support your recruitment efforts.
In addition to that, if you’ve been in the industry for a while, a lot of agencies will give you a compensation type of incentive to switch to their company. You will then have to calculate your tradeoffs, your pros, and cons; What you’ll lose from your current recurring vs the switching incentive. Would it be worth it?
If you plan on choosing to be a financial planner for a lifetime career, or on a part-time basis, you need to start planning ahead, because switching at a later stage in your career might be very expensive and difficult. You might have joined the industry because you were advised and encouraged by friends who are also in the industry. And now that you’re a more seasoned professional, there are a lot more things to consider. Such as, If the company you’re with is suitable for you to build a career and grow a team.
As a leader building your own team, your responsibilities will include participating in strategic planning, formulating long-term business plans, recruiting new consultants, leading and working on business development projects, monitoring performance efficiency, and liaising with team members. Your job will be to formulate long-term business plans, recruit, and make sure everyone can put food on their plate
Although these are more responsibilities put on you, the benefits will increase as well. Depending on the company you will be under, you can earn an allowance of up to $6,000 per month on top of commissions & incentives, get quarterly performance bonuses on personal & team sales, go on annual conferences & overseas incentive trips, receive regular welfare, bonding activities & recognition programs, and Generous performance packages offering Financial Planners/Managers/Bankers.
Taking this next step in your career is a big one, and it is crucial that you make the right and informed choices. With so many factors that are involved in this decision, it can be confusing and overwhelming to even start. That is why InsuranceJobs wants to help find better and unbiased options for you to ensure that your career will flourish into the job you have always dreamed of.