Series 7 -Life Insurance Types

I would guess that there are more than a couple guys here with a Series 7, and Life Insurance license; so I'd like to pick your brain a bit.

I'm considering a career change... I love my company, I earn a kick ass paycheck, but promotions, raises, transfers, etc are all on hold indefinitely; and I'm not getting any younger, not to mention a baby that will be here next month...

So! I've recently just gotten sponsored by a firm for my Series 7, and I am also going to get my Insurance license, while working at my current company. I have my job to a science and I end up with quite a bit of down time at work...

The reason that I am doing this is two fold. One, for the reason above. Two, my father-in-law spent his career doing wealth management, financial planning, life insurance; and was damn good at it. As evidenced by the party that Phoenix threw for him when he decided to retire. They flew the entire family, and all of his co-workers to Monaco and presented him with a Lifetime achievment award. The in-laws are still collecting income from trail commissions. He will give me a leg up in the business, with a baseline of a few clients.

So, my question is, how long did it take for you to develope a lucrative client base? I know its not instantaneous, but I'm curious to know the timeframe. I'm not going to leave where I am for less than I'm making, which is as mentioned is quite substantial for a 34 year old professional.

What was it that you did that developed a solid base?

I used to have series 7 and life insurance licence when I graduated from college and wanted to sell variable life insurance on the side to make extra money. Honestly I haven't even given it a try but chose full time work instead. The question that you are trying to tackle is a very tough one. From other sucessful people in that industry, the answer is work... and lots of work...

I'd say it would take about 4 years to develop a client base. My goal is to acquire 5 clients/month over 4 year period. You really have to like sales and build relationships with people to make it the first 4 years. I believe after 4 years is when your referral business would be solid.

At the company I'm with, 5 clients/month who pay $250/month insurance premium checks will solidify a $70k/year salary. My fiancee will be working with me too. I'd say it is one of the best fields to get into as long as you have realistic expectations.

ov1, wealth management is a solid career as long as you are ok with rejection, working long hours and busting your rear for a few years to build your client base. I started a thread on this called Personal Financial Planner on this board and I received some solid advice. I decided I want to be on the institutional side and have since moved on to pursuing that side of finance, but there really is some great info on that thread. Talk to you soon and merry christmas to you and your family.


Tripp, you are as ghostly as I! Good to hear from you.
I will definitely find that thread. Then perhaps we should actually get together for dinner as we've said we would to discuss... :-)

I've had my expectations set by some very solid people in this field, and the situation that I'm sitting on is seemingly unique. I have time during the day to facilitate this goal. Upon completion of the 7, I have some ready made clients that will be passed to me from someone who's on the upper end of the business. And, I'm sitting in a company that has a lot of people with 30+ year sized retirement accounts that are ready to go with me.

I need to leave here with more than 70k... quite a bit more before I'll make the leap.