how did you know you wanted to be a FP?

the past couple weeks i've been struggling with this topic. i really felt strongly about becoming a financial planner and dedicated my time and effort into learning about the profession and getting my Life/Health License - but i guess i don't know if RIGHT now is the right time.

what would you guys suggest a recent college grad with a BA (who has about $5k+ of debt) to consider before becoming a financial planner?

i mean, i really love the fact that as a FP, i will be helping people acheive their dreams and goals - but at the same time, i sometimes have doubt in myself that i can do such a task. this is not some job that i can TRY out for a year and dump is it?

i have received a few other job offers, pretty much basic sales positions, but none of them look as attractive as the FP position. at the same time, the FP position is 10 times more challenging because you really have to dedicate your time to learn EVERYTHING - taxes, insurance, retirement, education, etc.

sorry about the long post, but i really would appreciate any advice and suggestions you guys can offer me. TIA.

proverbs, how COMMITTED are you to the basics of a career in financial planning? you have stated those basics fairly well including the initial licensing, ongoing training, and life long education allowing you to help your clients make smart choices. If you are committed to it, then consider it. if not, then move on to other things.

if you are considering it because you ARE committed, then i ask this: how confident are you as a person ... in yourself and the training and knowledge you EXPECT to get?

this is the fundamental down-fall of new folks in this business. they may THINK they are confident, but they wont put that confidence to the test. i enjoy learning new financial concepts and strategies, i enjoy talking to other professionals both in and outside of my profession to hear their strategies, i enjoy educating and about a third of the time debating with my clients.

frankly, a position as a financial professional is akin to that of a Doctor or Lawyer. people PAY you (quite well) because of your KNOWLEDGE and EXPERIENCE. all three of these professions have a significant impact on people's lives - are you up for that responsibility? as a financial planner, you can kill a client through malpractice of your profession as surely as a Dr. in fact, worse. if the Dr. kills a patient, they are gone - your malfeasance or ineptitude can cause them to suffer for decades.

this position is 100 (not 10) times more challenging because it is 100 times more important than hawking cell phones or cable service. it can also pay 100 times more than someone working basic sales positions.

no job that is easy pays well. few jobs that are easy ... are easy. advising families and businesses is different.

so, what do you want? what are you committed to? who do you want to be?

1MO

1mo,

i feel that i am a great fit with FP and i really committed and dedicated myself into getting started in a FP career, but i dont know if right now is the best time to be jumping into it. i started reading "so you want to be a FP" a few days ago (from the recommendation of someone on these boards), and it had a list of characteristics for an IDEAL FP. 2 of them were, a person with experience, both successes and failures, and preferably someone who is at least 45 years old.

now this is the thing that hits my confidence - at 24 years old will i really be able to help these people without any 1st hand experience? can i sit across a table with a guy with gray hair and demand him to do certain things with his money? can i get people in their 50's to trust me with their estate and retirement planning?

on one hand i beleive i can do it, and i also think that i should start early as possible to get all the licenses and education out of the way. but on the other hand i feel that i should work and earn my bones doing something else, obtaining some "battle scars" and success stories of my own. i feel that this would be a great way to market myself and have people trust me.

am i way off base in my thinking here?

Wow! That has to be one of the most refreshing posts I have read in a long time. The fact that these things are concerning you speaks volumes about your character. It scares the heck out of me how confident some of the young professionals are. I am sure they are great sales people because they totally believe in themselves and what they are selling. I guess this is the confidence the 1MO speaks of. This isn’t unique to the FP profession. I see it all the time with the young sales people that I usher in and out of my office. It never even occurs to them that their product has no value to me. I am sure many leave thinking that I am just not smart enough to get it. I really get a kick out of it when they come back a year or 2 later selling for another company. Suddenly they have learned that product A wasn’t the greatest but in fact product B is.

The problem with a FP figuring out there is a better way to do things after they gain experience is the client does not get a mulligan. Compounding is the 8th wonder of the world and you can’t get time back. If a mechanic doesn’t fix your car right the first time you take it back and he gets it right the 2nd time and it’s over. Investment choices today will effect the rest of your life.
One of a persons biggest assets can be knowing what they don’t know. It seems to me that you understand that. I am just an amateur who enjoys finance so I’m not sure how much weight you should give my opinion but I think you have what it takes.

PS
Just to be fair let me also say an amateur doesn’t get a mulligan either. If he figures out he really didn’t know what he was doing and should have been using a FP all along you don’t get that time back either.

I agree with jims money, you've been quite refreshing, proverbs.

You face the same problems that everyone does in starting out - and the best (most effective) way that I can think of to face the lack of experience issue is to borrow experience from a mentor. A well-chosen mentor that you can at first follow through the process, and later validate through, will help immensely, should you decide to go through with your aim of becoming a FP. It's a process that has been used throughout the ages in nearly every profession.

I'm glad to hear that you're getting some good input from Nancy's book. Like I said before, it's probably the best book I've found to address these issues.

Best wishes -

thanks for your comments and suggestions.

on the point that jim made about the overly confident young salesman - i dont think that fits my personality. i always felt that as a financial planner, its geared more towards on how you can really HELP the client as opposed to being a pushy salesman trying to sell them a bunch of products and services that they might not really need. i think this may be where i have a problem. although i do have some years in sales, i was never known as the "aggressive sales guy" - but sometimes i feel that the aggressive attitude is what it takes to be in this industry.

You do need to be aggressive. Whether you are a commission based advisor actually selling securities, or a fee only planner selling advice, you still need to find clients. New clients aren't just going to walk into your office. So while you may be correct in that it is all about the advice you offer, you still need to get to the point where you have someone in the chair accross from you. That's the hard part, because there are so many advisors out there fighting for the same nickels. So you need to be aggressive, to a degree, because you are selling yourself. If you can't do that successfully, it doesn't really matter how good you are at building plans or portfolios, because you'll have nobody to help.

proverbs, make no mistake about it ... it will be harder for you to meet with a 50 yr old husband and wife because of your age. there are many ways to overcome this - such as your dress, demeanor, but mostly your competence.

everyone is giving you some good advice on this topic - especially blankenship and his recommendation of a mentor. your company should provide you a couple to choose from!

finally, sadale is hitting on one of the most common misconceptions about our industry. frankly, i believe a financial planner is akin to other professionals like lawyers and doctors. however, to implement your profession, you need clients which don't line up at your door the way they do these other professions - at least not yet. so, in the mean time you must build your business as a marketer. your first priority is to market your services. over a relatively short period of time this becomes easier and easier for you and as such you spend less time marketing yourself and more with clients.

a final minor point from your post. i don't think you meant it this way but we don't "demand" anything of a client. your ability to educate them about smart choices shoule convince them to implement recommendations that are appropriate. i have no doubt you didnt MEAN demand, but it is such a negative word and frankly most detractors of our profession allege that is what we do that i wanted to correct you from using the word even amongst us ... who know what you mean.

1MO

proverbs, i just registered for this site b/c i read your message and i am in the same boat as you are. i am strongly considering a career change to become a financial advisor. i'm doing research to determine if it's something i really want to do. i have the same sentiments as you do where i want to help others with their finances as i think many people out there, on average, don't know much about what do to do with their money. my initial concern is about leaving my cush pay job to leap into something brand new (it's exciting but scary) and then going into a career that heavily relies on being able to sell and get leads.
i'm interviewing with a few firms and determined i like one of all of them. i'm in the process of writing up a business plan as part of the interviewing process, but am struggling with it. have you, or anyone written a business plan for a new career in financial advisory?
any help would be great, or i'd like to get your thoughts.

a business plan is a great idea. that said, if you have never done one before and especially if you do not have experience in the industry, i think they are a moderate waste of time. i know that state farm looks at a business plan during the interview process, but i found in my discussions with them that most candidates didnt have enough experience to formulate a useable business plan. also, one other thing i found with property / casualty outfits was they "talk" about financial services but in reality their 90% focus is on aut/home insurance. this is fine, cause we need this coverage, but just not my personal cup o tea.

good luck in your interviewing and research Tawla.

1MO

I'm not sure if we are supposed to mention specific company names so I will refrain for this post.

Although this is an older thread, it hits some of the issues I am dealing with as well. I, like Proverbs, have recently graduated with a bachelor's degree in the social sciences. Where we differ is in our age. I am an older (early 40s) person that is trying to take my life in a new direction. Part of the issue is that I, in spite of being more experinced by virtue of being on the earth longer, also lack the management or experiences of "success" in my prior pursuits.

So, I have taken the standard tests for aptitude and interests and found that financial planner ranks high on my list of possible career choices. I too have a serious interest in finances and would enjoy nothing more than making a difference in people's lives by helping them plan for (and in many cases...actually do anything with their finances) their future needs. I think this can be a truly rewarding career. On to the concerns.

In finishing my undergraduate program I came to realize that in getting out of my comfort zone and doing things that were at one time difficult for me (public speaking for one) gave me a great sense of accomplishment and became easier over time. With that said there is a part of me that knows, on a gut level, that if I can get over the "rejection issue" all other parts of this business could be highly rewarding. And yet, not unlike other posts regarding cold calling, etc., it is definitely an obstacle to be overcome.

As advised above by BlankenshipFP, I am in the process of getting the suggested book for a better picture of the profession.

I am planning on conducting an informational interview with a local financial planner that is part of the company I am considering applying to.

I too am concerned with the commission only aspect but I feel like that will come with time. I just have to begin with the knowledge that there will be a learning curve.

I would also like to say that the most difficult thing is moving into a sales-based career after spending a considerable amount (due to household expenses, etc.) on my education. It is a tough choice and yet I am compelled to continue for not only the sake of a challenging opportunity but growth on a personal level as well.

By the way, are there any companies that you might suggest? I would like to represent a full range of products. By full range I mean not being held captive by proprietary products. Any input would be appreciated.

Thanks

i got into this profession when i was 40 ... so you are not too late by any stretch. in your post, a few things kinda jump out at me so, with your permission, i will focus there.

1. you didnt mention how much debt you are in and even if you did it would mean little to me. what i did perceive is that you are somewhat concerned with it. starting out in this business can be pretty difficult. i know a lot of good people who made 30K in their first year. dont take your interviewing company's word for what you CAN make, speak to a few people finishing their first year and ask what THEY made. no doubt the company will introduce you to their top newbies and you can consider their incomes in that light. again, 30K in this profession in your first year is GREAT! by your third year you can be making 300K and NO OTHER CAREER can offer you that.

(note: not everyone in their 3d year is making 300K either)

2. rejection is a way of life and it is "front loaded" into your early years. the fact is that FEW people are doing what they should be doing, but they live the vast majority of their financial lives in sweet denial. in order for you to be successful, you need to bring in a lot of frogs and kiss them multiple times to find the few who are truly mature enough to appreciate what you are offering. in the meantime, you will get a lot of rejection from warty ol frogs.

interestingly enough, the people who are generally the most financially successful simply ADORE good financial advisors. this group comprises less than 10% of the population. there is probably another 10% who are not YET financially successful but have the knowledge and foresight to seek out professional advice. so that leaves 80% of the population to tell you no. this can be quite daunting ... so think about it and be ready. lastly, and what makes this almost excruciating ... the people who tell you no are GENERALLY less educated, less disciplined, and less wise than you. so, it is like the ugliest girl with the worst personality turning you down for a date. and this will happen over and over and over and over and over (get the point?)

3. i would be quite happy to offer suggestions on companies to look at. but instead of me waxing eloquent on my who's and why's ... why dont you tell us who you have interviewed with and what you have liked and what you have disliked. also, what are you looking for in a firm? if you are looking for highest immediate pay or highest long term compensation or if you are looking for best training or best reputation or most independence ... you may find each of these things at different companies. i will await your response.

Thanks for the thoughtful comments.

I do have a significant amount of debt accumulated from both life in general (mortgage, etc.) and school related expenses. However, carrying myself for a year or so really isn't the issue as long as down the road there is a bright light at the end of the tunnel.

What a great analogy when you said, "lastly, and what makes this almost excruciating ... the people who tell you know are GENERALLY less educated, less disciplined, and less wise than you. so, it is like the ugliest girl with the worst personality turning you down for a date". This may be the best way I've ever heard of to tolerate the "nos" in the world.

I have not interviewed any companies regarding financial planning specifically. I have interviewed Farmer's Insurance however. After careful consideration and crunching the numbers (both short and long term) it was decided there was a little too much risk being assumed by me.

I have been looking into Ameritrade as well as Edward Jones. Now, to be sure, I may not even be accepted into either one of these organizations but I do want to see if it’s feasible for my family. I am planning to talk to an Edward Jones representative regarding opportunities, his business and the company in general. I like (on the surface) that they offer a full spectrum of products that seem to give a little more flexibility (and in my mind credibility) in the ability to service the client.

In direct response to number 3: I am looking for the long term; as the business grows and I develop relationships with clients it seems as though the income will follow. As we (my family and I) discussed when contemplating the insurance route, this isn't just a job, it is a life...and in some ways a life style.

I am definitely looking for training. I have studied finance and investing (on my own) in some way for many years. Bringing it all together in a coherent package would add to my credibility and confidence on the subject. I am not against continuing my formal education and in the past have looked at an MBA in financial planning to prepare me to take the CFP exam.

The reputation of the company is also important to me. I am very driven to succeed in whatever I set out to do but I would like to join forces with a firm that has ideas similar to mine: do the "right thing" for the customer and be paid well for doing so.

I am looking for independence (why Edward Jones appeals to me). I have no need for someone to be hounding me to get up and get moving. Self motivation is not an issue for me. As I am somewhat a Renaissance man (not so good in the corporate world) I am looking for a way to take my life experiences and create a "business" for myself. This sounds like an interesting way to do it. I can't pass it up without more research.

Thank you again for your input and advice.

there are two general routes to take to initiate a career in FP. your own shop or hiring on with some big name company. lets look at those ... at least as i see it.

1. you could hang out your own shingle "Sailing into Retirement, Inc." unfortunately you dont have much knowledge about financial planning as a whole or in the strategies and products in particular. further, i am not sure if your background indicates you have the requisite experience of fully running your own corporation. finally, you are all alone. you have little interaction with others and have few (if any) folks on your rolodex to call if you have technical questions.

not only would i recommend against this route for you, i have found that many "ol timers" really suffer when they live the life of the "mountain man". being independent, totally free from control of others, is a calling we all feel. but it can be expensive, time consuming, and lonely. so, those that go out on their own are often "lured" back to a career company after being out on their own. and in so being lured, their hassels go down and their incomes increase.

2. join a career agency. especially for a new person (though in my opinion for most anyone), this is where you get the best return on your relationship: training - some of which can be beyond excellent. admin support: someone is always tracking your business for you. all you need do is check it. when a minor rule changes, then you have "people" ensuring you are both aware and prepared. case development: everyone occasionally runs into something they have never had experience doing. in a good career agency, you not only have colleagues to turn to; you have certified experts who can both educate you and guide you in helping your clients (and closing your case). my first "dynasty trust" scared the hell out of me. my personal research paled in comparisson to the support from my support team. accountability and mentoring: an old hand in our profession will not likely benefit from the accountability, though everyone can benefit from mentoring. however, even the most self motivated new person will progress further by having some person hold them accountable to their goals. this accountability also includes analysis of where your business can be better based on your personal results so far.

if that were the case, then lets address your companies listed: (please remember that these other companies are not my company and therefor i may have some bias. please consider that).

1. edward jones: no way. first, mediocre training at best. second, they rely primarily on 1960's level marketing (door knocking in neighborhoods to introduce yourself). third, they are pretty independent but their primary push is stocks and they cost their clients tons in fees by recommending they buy and sell just to generate fees. fourth, they have a hell of an exit charge to their advisors. if you check out the second to last page of their 40 page contract, you will find that you will owe up to $70,000 if you leave EJ. they also have a questionable reputation amongst regulators (and the public who are in the know) because they tend to get fined pretty substantially. so many millions in fines also implies to me poor supervision (meaning poor communication to their advisors).

2. Farmers: not a bad company. i like their mutuality. i dislike their emphasis on property casualty. if you work for a PC firm (state farm, allstate, farmers) they will tell you they are "looking to expand into financial services" but they have little idea what they are doing. they still reward their agents more from property casualty sales. they generally have very narrow products in financial services (because their business model is still not yet mature enough to handle varied products and services).

3. i am supremely confused by your listing of Ameritrade as a possible employment opportunity. these companies are the anti-advisor (hmmm, the anti-christ (intentional lower case "c"). they are best utilized by the sophisticated investor who both understands themselves and understands both market macro and nuance. there are maybe 100 of these folks in the us. ok, perhaps a thousand. by the way, i am not one of those thousand. as a result, they attempt to convince everyone they are smarter and better looking than they are and as such they can be trading online. they tell people they do not need advisors or professional advice. i wont go into why (i believe) this is soooooo wrong, it just is. as a result, people lose their shirts (and pants, and car and house) with this legalized gambling.

4. so who do i recommend? it should be no surprise that i recommend the larger mutual insurance companies. sure sure, i know you are thinking "insurance, hell no!" however, the insurance companies have been dealing in

- risk management
- long term strategies
- education of clients
- professional education
- investing
- cash flow
- taxation

longer than any other business in the world. so they are irrefutably good at what they do. so the real question is whether they are good for you. in a nutshell, the training and support is top shelf (bar none). but i have also found the compensation (long term) to be unmatched in the industry (competitive to hanging out your own shingle). remember, i said MUTUAL insurance companies. each will have its own broker dealer and its own financial advisory firm. each should also offer independence (meaning lots of investment AND insurance companies to choose from).

hope this is helpful to you somewhat.

proverbs and tawla - im am also in the same boat as you. 24, college graduate, been in management for 3 years - looking for something that I would love to do (and I believe it is FP). I have the exact same qualms, excitment, fears, etc that you both have.

While I am debt free (except house payment) and have money put away, my wife stays home so we can do foster care. My biggest fear getting into the business is that I somehow won't make enough to cover my expenses the first year and have to dip into my savings.

I also feel the same way - I want to enter this profession because I love dealing with finances and love helping others and educating them in that area. I have not been in sales previously (other than that I am a service manager at a large Ford dealership so I oversee the service advisors) and I do not consider myself a salesman or a "slick talker." I do know that people trust my opinion, I am good at teaching and relating financial concepts, and I have had great success as a Service Manager dealing with all kinds of customers - hopefully that will be enough!

I know this doesn't really help either of you but it is nice too know that there are other people in my shoes too (and hopefully you feel the same way).

ALSO - 1_MORE_OPAI - you are by far the most helpful person and provide the best insight I have found ANYWHERE. I have spent many hours the last few months on forums and other websites and I have gotten the most info and inspiration from you. I have pretty much lurked on every forum but I decided I had to join Kiplinger mainly because of your posts. I may PM you with some questions if that is ok with you. THANK YOU!

thanks for the kind words (and i did receive your PM). if you would allow me to comment on the PM here in the open forum, you may get some additional insight from others based on my comment.

you have mentioned you are looking into Northwestern Mutual Financial Services. generally, i am a pretty big fan of the company. they are a mutual company. they have the highest ratings for financial security. they offer exceptional training. they run a competent business model. i like them and consider them to be one of the top 3 in the business (also Mass Mutual and New York Life).

there is one aspect to them that would keep me from working with them. it doesnt make them bad, it just is not my cup of tea. they are very much proprietary. what this means is that you can only place products through their company. with MM and NYL, if i wanted to place life insurance, disability, long term care, or annuities with a client, i can pick any company i want to ... not just MM or NYL. with NWM, i must place the financial product only with NWM. if for some reason they agreed that the business should be placed outside of the NWM Financial Network, they are the ones who determine the company to be used.

silverstang, you should be aware that i have been told here on this forum that what i said is not true. however, i stand by it because i heard it directly from one of their senior executives and to date have found nothing in writing to contradict it.

also, it gave me a little pause for concern that NWM showed me some comparative company analysis which showed NWM compared to other companies in the industry, and i know for a fact that the information was either wrong (skewed to NWM) or outdated (which is still wrong). NWM is a fine company, and it bothered me greatly that they were not satisfied with that and attempted to make themselves look better.

in the end, if you go with NWM i think you will be fulfilled and have a great career. just, as stated, it would not be for me.

I'll add a quick note for all of the folks who have spoken up here, indicating that you are interested in a career in Financial Planning: keep in mind that Financial Planning is your aim, the reason you started into this industry. The reason I say this is because, especially when you're starting out, it's easy to take your eye off the goal and focus solely on pushing product - not in developing long-term relationships. This is the danger that you face when working for a product-specific organization, as opposed to an independant organization. When your primary focus is on meeting a sales goal (for a product), it is easy to lose sight of the fact that the solution needs to be appropriate for the client, not just available.

Consider this example - you're a stomach doctor, and a fellow comes in to your office complaining of a stomach ache. Your office is having a contest this month, an extra hundred bucks to the guy who takes out the most appendixes. You realize that you haven't checked the patient over, but you're pretty sure that taking his appendix out will fix his problem. So - you go ahead and do it, and charge the patient $10k for the operation. He's still got a stomach ache, though - turns out there's a toad living in his stomach. All he really needed was a little "toad extractor tonic" and he's fine.

Now, you might argue that the patient will be better off in the long run without his appendix - that's just a pita waiting to happen, right? Mere justification... what you've done is made your sales quota more important than the client's needs.

Most financial services professionals who have been in the business more than a couple of years seem to "get it". Unfortunately, a high percentage of folks starting out don't "get it", and end up victimizing folks (without realizing it, most of the time).

Just be diligent, remember what's most important, and do the right thing for your clients and you'll be fine.

Great insight Blankenship FP and 1_more_Opai... Again, 1_more_Opai - your information is very helpful and I will keep that in mind as I pursue the career. My wife and I are meeting with the managing partner today for lunch with his wife to go over final details (also so my wife can ask any questions she wants too). They invited me down this last week to a company training meeting which I was impressed with. I have also heard the same info about them only selling NMFN products but I think I will probably end up accepting the job and just realize that is something I will have to work around (it seems like there are a lot of ++s to NMFN that will make it worth it).

Blankenship_FP - I agree with you 100% - and that is what is feeding my concern (of surviving through the first couple years). After being in Customer Relations at an automotive dealership I understand the importance of building long term relationships, paying it forward, doing the right thing for the customer, etc... I agree that this means focusing on the client and the long-term relationship and not on making a quick sale. It will pay off for my future in regards to referrals and future business which is good enough for me as long as I can hold up the first few months.

NMFN works on a 100% commission basis (except for some brief training pay) but after careful consideration I have decided that I am going to go ahead and take the plunge. They have had me doing "market surveys" (talking with people I know about the financial industry and then getting referrals from those people to meet with people I don't know to do the same survey) and it has given me the best insight into my future success in a FP career. I would recommend to anyone getting in the industry to do a similar project even if your company doesn't require it... It will answer the questions in your mind, 1- can I talk to friends and family about financial planning, and 2- how comfortable am I meeting referrals and people I don't know... It also gives great insight on who can be a potential future client and what market you will want to focus on (which is NMFN's goal with the process). They told me upfront - "we won't be able to answer whether or not this is the right career for you. We will present all the information to you but meeting with others (and doing the surveys) will give you a much better view on if this is right for you..." THEY WERE RIGHT!

1MO ~


I too have joined this forum for the sole purpose of interacting with you - and tracking your excellent posts !

You are really out to Help Others ,....and that is so Fantastic !

I have also read through the many other fine Advisors' posts by doing so ,...Thanks Guys & Ladies - Invaluable stuff !

From your advice - I gather you started your career with a Mass Mutual Office ?


I think this way because NYLife does not come across as a ' Planning ' Company ,...rather much more of a Product driven Design.


That said - NYL worked Pretty well for Ben ,.... and their new CEO may be looking to innovate a bit ???

Either way they are #28 on ' the Best Places to Launch a Career ' list for 2008 ,....and the highest of any Insurance Co - so how wrong could you possibly go ?


I am presently interviewing with MM & NYL , and wanted to ask you your Opinion about starting out with a Raymond James & Associates Branch Office & their Training program ?

From what I understand RJ has access to NYLife & MM products from their own Insurance Brokerage Arm ??

And the idea that you can grow into Money Management down the road is a definate plus I would think- especially with RJs' great reputation for Client Satisfaction ( to date ).


Of course the #1 variable that has been so rightly touched upon is getting under the Wing of a Quality Mentor - above all others - I believe.


All things being Equal though - would you go with MM , RJ or NYL ?



Thanks so much in advance !

thanks U2. i in fact did not start out with Mass Mutual. in fact while i carry brokerage with MM today, i have never worked for them. i started out my career with First Command which was an exceptional company doing exceptional work but they started a very long fall from grace shortly after i started with them. they were a pure financial planning firm but in fairness their scope of financial planning was very limited ... though it was fine since the clients they worked with had fairly narrow planning needs.

Each of the big three mutuals offer planning structure to them. they each have investment broker dealers, investment advisory firms, stock/bond platforms, advanced planning support centers. so structurally, they are all similar in that you can take your career in any direction you want to go. in this regard, they are no different than Raymond James either.

that said, the CORE focus of the mutual companies is insurance whereas the CORE focus of RJ is investments. while each has a CORE that does not mean that by virtue of that structure or of their CORE business model that any is superior to the other.

i will state this, SOME people can competently do their own investments. it will be a LOT of work and a LOT of study and a LOT of give and take ... but they can do it. further, NO ONE can do their own insurance (life, disability, health, long term care, etc.). further, no one can be a competent investment or financial planner without understanding insurance. so, theoretically, of only the four i mentioned, you may have a leg up with a large mutual carrier (or at least a leg-down with Raymond James ... but not much of a leg-down). finally, it would be EXCEEDINGLY rare for a RJ advisor to have access to both MM and NYL. it is exceedingly rare because it is exceedingly difficult to get both of these brokerage contracts.

personally, i would not give a recommendation as to one of these companies. i made my own choice based on my own experience and my own needs. yours are and may be different than mine. so, if you will allow me, i will back off to my original recommendation that if you hire on with any of these firms, that you will have your best support, training, education, mentoring, et al giving you the best opportunity for success in this industry.

p.s. i would be interested in both WHAT you think "money management" is and WHY you are drawn to it.