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Discussion in 'Other Off Topic Forum' started by rt207, Jan 11, 2004.

  1. rt207

    rt207 Karting

    Jan 4, 2004
    51
    Full Name:
    ryan
    Ok I'm calling on your knowledge, I received an offer for a financial sales postion. The job is commission based. Does anyone have any experience in this area if so could you give me a more in depth view on this field.
     
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  3. DrStranglove

    DrStranglove FChat Assassin
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    Oct 31, 2003
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    No way in hell. I deal with and hate most of them.


    DrS
     
  4. Tyler

    Tyler F1 Rookie

    Dec 19, 2001
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    Tyler
    Well, I can't tell you much about the field. But I can tell you lots about commission based sales. IMO it's the only kind of sales to do. The only way to get paid precisely what you are worth. The question only you know the answer to is the most important one. Can you sell? Can you produce, day in day out, year after year? Straight commission sales is a damn tough game. Like any tough game the stakes are high and if your a winner the rewards are mind boggling. The reality is that very very few people are cut out for commission sales, it's a brutal way to make a living unless you are the brute. :)

    If you truly can sell then I wish you the best of luck. Like I said the rewards are well worth it. While not exactly financial sales, I have couple friends in the life insurance sales biz. Every one of them makes a seven figure income. Again, these are not the typical results. MOST PEOPLE FAIL AT COMMISSION SALES OR SALES IN GENERAL.
     
  5. wax

    wax Four Time F1 World Champ
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    Jul 20, 2003
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    rt207: Define; financial sales postion

    There are some real duds out there.
     
  6. rt207

    rt207 Karting

    Jan 4, 2004
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    ryan
    The position is a broker position for products such as fixed income investments
    equity investmets
    retirement and education planning 401k, ira's etc
    and insurance
     
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  8. cohiba_man

    cohiba_man Formula Junior

    Jan 23, 2003
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    John
    With which company? There's a big difference in work environment and earnings between a prestigeous firm like Merryl Lynch and some high pressure boiler room.
     
  9. kenny

    kenny Formula Junior

    Nov 9, 2003
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    Kenny
    Probably boiler room.... Legit shops, the more prestigious they are,,, the payout commission % is less and less.... Places like Merrill dont even let you sell for yourself, until you finish an 18 month training program...
     
  10. rt207

    rt207 Karting

    Jan 4, 2004
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    ryan
    the name of the company is AXA.
    I would have to give a $555 fee to take the classes for the liscense tests but 500 would be reimbursed after i passed
     
  11. Texas Forever

    Texas Forever Four Time F1 World Champ
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    Apr 28, 2003
    44,826
    Texas!
    Well said Tyler. Commission sales is a lot of hard work. This selling ice to eskimos is bs. You have to be a self starter and be able to keep dusting yourself off and getting back in the race.

    An acquaintance of mine just made about $5M on one sale. Sounds great, but what you don't see are the hundreds of cold calls that he made to just get on the field to hit that home run.

    One other thing. If you are good, you will have life-time employment one way or the other.

    DrTax
     
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  13. Tyler

    Tyler F1 Rookie

    Dec 19, 2001
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    Dale, that's exactly it. Most people don't see the ugly side of sales. They "know" somebody who sells this or that and is "always on the golf course" or "hardly works at all" and "makes a killing". LMAO! I've been in the sales game a long time. I'm proud that I'm a peddler and not a bad one at that.

    My experience is more like your friends. Get used to constant rejection, learn to love it and to thrive off it or sales will wear you down. I've got lot's a great friends who are top producers and I don't know one of them who spends more time at the golf course than at work. Over the years I've seen hundreds of people with great potential get eaten alive by sales. Most simply vacation themselves right out of a job. Also amazing is the large number of people who will find almost any excuse to do anything other than make an actual sales call, lol.

    Your also spot on about employment. I've never met a great salesman(with the records to prove it) who was unemployed unless by choice.


    rt207, there is an AXA rep who frequents my friends cigar shop. I don't know him well but my friend does. I'd be happy to pass along any questions you might have. PM me if interested.
     
  14. wax

    wax Four Time F1 World Champ
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    Jul 20, 2003
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    Here's an interesting stock comparison between AXA and competitors: Note P:E is 99.39. Yowza. Okay, some might say - it's not a P:E type stock - but in the business it's in?

    Check out the rest of the data, while you're at it.
     
  15. F328 BobD

    F328 BobD Formula 3

    Mar 17, 2001
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    BobD
    I've been in hi-tech sales a long time and I have to disagree with this statement. I have a couple of good friends who were making 200K (one was making a lot more than that) a few years ago and are currently unemployed.

    Sales is no different than any other profession. All successful sales people I know have made a choice to specialize and become experts in a specific field. You have to work hard to learn the product (or services), learn the business issues and get to know the contacts. Then you build relationships so they have complete confidence in you and your company. This takes years. And yes, I've had some of my very best business dealings on golf courses.

    Sales is a difficult, stressful job... you have to pay your dues, get very good at it and only then can you become successful. Why do you think good sales people make more than a lot of doctors?

    And it's not easy to change fields... just because you're a "good salesperson", it's not easy to go from selling hi-tech to medical equipment to insurance to widgets... at least not if you expect to earn a good, consistent living. On the other hand, I've seen sales people move around within the same industry and use their experience and contacts with other companies.
     
  16. 62 250 GTO

    62 250 GTO F1 Veteran

    Jan 9, 2004
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    Neil
    I was in sales for 3 years knocking door to door/cold calling/moving through Nova Scotia every day. I made good coin from the start {about 1000-1500 a week,after expenses}. I was selling home security systems by the way. Then I learned to program and install them. That landed me in my bosses job. Then I started hiring my own guys. Out of about 250 resumes I hired about 20. The others just couldn't take it. Most of them {70%} quit on or befor the 2nd day. Out of abot 500 total resumes I had in 3 years, 3 count them 3 people stayed for the long haul. I used that experience to land my current employment as a media monitor. Sales experience is the best tool you can have. The only downfall is you may go a week or two or twent seve without a payday, depending on what you are selling. My biggest payday {1 week} was $8,900. It took me a couple of months playing phone tag but I landed a co-op! My longest no-cash stretch was 13 days, in the dead of winter in some back roads.
     
  17. Kds

    Kds F1 World Champ

    rt207...

    Sales in the only way to go IMHO.

    Having said that...have you ever succesfully done it before ?

    If not, maybe a company that offers a guarantee/draw of some sort is the best approach for you to take at this time. If you answer yes....consider the next paragraph.

    The only question I have is aren't commisioned financial services reps a field that is dying due to the internet sales of products and general backlash against commisioned reps versus the perceived "more ethical" fee based planners ? Personally I deal with a fee based strategic planner and choose my own products directly from the supplier. I have no need for someone in the position you are looking at working in as do many others I imagine.

    Look at internet stock trading now.........I think in a few more years, maybe a decade or so, actual stock brokers will become a vanishing breed.......slowly dying out as their commission based services are replaced by salaried advisors at companies that supply internet trading services....etc....etc.....look at insurance salesmen.......they are probably half or 3/4 fewer than there were a decade or so before.

    Just my thoughts. People have been wrong about this before, as they predicted the internet would kill car salespeople (wishful thinking) but when you think about it you "need" to touch, feel and smell and, most importantly, drive the car you want before you pull the trigger....that's where I come in.....there is no emotion or "TFS" involved in holding a piece of paper in your hand for an IRA or insurance plan.
     
  18. Tyler

    Tyler F1 Rookie

    Dec 19, 2001
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    Tyler
    BobD, I should have clarified "great". I mean top ten in your industry. Not top ten percent but literally one of the top 10 producers. I've yet to meet a top tier producer who is without a job unless by choice, myself included.

    As for changing fields, that must be an individual thing. I've done and am doing medical and software right now. Totally different fields in which my products are not related. My experience and that of close friends in the sales industry is that you get competing companies trying to lure you away on a monthly basis. I'm sure this is not the case for most people though. I stand by my statement that if you are among the very best in your field you will never lack for employment.



    KDS, a thought about the insurance industry. I like to deal with people I have relationships with. I won't switch companies to save 20%. I value the personal relationship with the agent. It's nice to have a face and name that you deal with at your insurance company. Same thing for car dealers. I have a couple sales people that I am very good friends with and very loyal to.
     

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