Independent Capital Management Interview Questions & Reviews

Interview Details – They just go over your resume. They either like it or they dont. They do not rally go over your resume or ask any in depth interview questions. Then there was a 3 hour presentation when i was initially told it was only 2 and then she tells you whether or not she likes you and then you are on your way. I did not feel as though anything would be invested in me. And you are required to pay for fees upfront, which is the new industry standard, but they reimburse you after six months, when industry standard is suppose to be right after you pass your test. This tells me they have a very low retention rate.

Reason for Declining – Felt like a cattle call. I did not feel as though I earned it.

Interview Details – I have prior industry experience (licenses & financial planning certifications) and I was curious about this company as I worked alongside a co-worker who used to be with them. I "interviewed" at the Ontario location.

First, I was expecting a one-on-one interview. Well, that was not the case. There were about 10 people in this room. We were to turn in our resume's and complete a simplistic job application before the presentation. I was noticing all the faded "success" posters that were framed on the wall. Looked like they've been there for quite a few years. Someone really should replace them.

The presentation was where it all went south for me. It's always a big warning sign when a company with a few offices is talking about "opening an office in every city in America" and are looking for "managers". When I looked around at all the fresh college graduates, I sincerely hoped that they could look through all they hype. It felt more like an MLM meeting. I felt that I was being "pitched" the job. (Hint for management: Talk about expanding in the region or just in the current state. Make it more believable.)

Oh, and "don't ask any questions during his presentation, but make sure you participate." (Another "MLM" sign.) These are/were classic sales techniques to recruit distributors for MLM companies. It simply did NOT sit right with me. In financial services, it is always a best practice for the interviewee to ask more questions than the company recruiter. It shows preparation, seriousness and knowledge of the industry. I had to really try hard to keep my mouth shut from asking questions and/or showing up the interviewer on his lack of knowledge compared to mine. But it would be very uncouth for me to interrupt a presenter.

Also, the presenter paints the career with a truly "rose-colored" brush by talking about the "average income" (which he said was $168,000 per year; I don't think so - closer to about $55k), and the joys of "helping people". Let me tell you something: a dentist pulls out people's teeth and is also "helping people". Sometimes in this industry, you are helping people in spite of themselves. They'll thank you LATER as you develop a relationship over time.

WARNING: This is the ONLY financial services company that said they would reimburse your licensing costs AFTER SIX MONTHS WITH THEM. Every other company either pays for them, or reimburses upon passing. This tells me that something isn't right here. They must be hiring a lot of people and they aren't doing the job. "But it costs us more to hire you than what you'll pay!" C'mon, give me a break. Even if it's true, you're trying to justify this to them... and as you can tell, I simply was not buying it.

If you go to their (substandard) website (I emphasize this because they talked about 'how great the website was" during the presentation), you will see that there are only 18 "managers" with the company. If it was so great to work for, why aren't there more managers?

By constantly promoting the "management track", you are also saying that the job of being a "Financial Services Specialist" is just a sales job. Also, REAL LEGITIMATE companies will hire managers directly into their companies - because the skills to be a manager are vastly different than the skills required to be a top producer.

Also, the fact that you can only get the more advanced licenses (series 7, 66 and others) by becoming a Supervisor, means that they are promoting people OUT of doing more advanced work. This is a typical MLM-type venture, except you don't do any recruiting. Wait, I take that back. It was a Divisional Manager doing the "Career Presentation"... so eventually you WILL be doing the recruiting. This IS an "MLM"... and all the signs are there. At least Primerica and World FInancial Group are up-front about it.

If you promote all your "top salespeople" into management, who is going to grow with your client-base to serve the higher net worth clientele? Yes, you may have the products, but that doesn't mean that you are skilled or equipped to serve their needs. Not all salespeople are cut out to be managers. I'm sure not. But your top salespeople need to stay where they are because good top financial advisors can (and should) make much MORE than their manager.

There is a great opportunity for being a true financial advisor that takes great care of their clients. There is a shortage of good advisors. This is where there are great opportunities... not in "management". If you can learn the art and science of building a clientele, you will know that this is the skill for your financial success in this business, not in "managing and recruiting others".

As you can tell, I'm pretty negative about it. I felt that the entire thing was a waste of my time. But as with any career or investment, always ask yourself "compared to what?" My interview with Merrill Lynch Wealth Management is tomorrow.

Reason for Declining – Read my description. As you can tell, I was not going to join this company.

Interview Details – First Round Interview:

You'll be placed in their main meeting room with other candidates. One of the District Managers will give a presentation about the firm and the licensing process that you'll have to go through if you get hired. All associated costs are mentioned. They'll meet you half way at the 6 months mark and reimburse your fees if you decide to stay. Other than that, it's basically a presentation on why not to keep your money in the bank. Then, the main manager will come out and answer any of your questions while each candidate is individually interviewed briefly.

Second Round Interview:

Same deal with the meeting room, just a lot more detail into their training/licensing schedule and "the typical day which consists of office/non-office days). Compensation and room for growth is all spelled out. Also all the various compensations are spelled out. (purely commission based, there is a draw but with strict requirements).

After that, you'll again be individually interviewed briefly. You should get a call back the same day if you got it or not.

Reason for Declining – Nice office, amiable people, good support/ safety net from the managers, but ultimately you have to have what it takes to succeed in this industry. I'd recommend them if you're looking for a career into financial services.

Interview Details – So I interviewed for their Financial Advisor Trainee program and I believe it was through monster.com. I talked to someone on the phone and they said they would like me to come into their local office for an interview. when i showed up there were 6 people in the room. they started talking about the company and how it is competitive and how not all of us would make it though the interview process. Then they started "selling" their company. At the end of the hour long presentation they had <5 minute one on one interviews and I was asked back at a set time a few days later. I showed up to the same location and this time there were only 4 of the original 6 in the room. they did a group interview and were mainly concerned on who we knew and how much money we could invest from family members and close friends. After that they said they would let us know by 5pm their decision if we would have a job offer. Also, during the original interview they mentioned no salary during training (takes about 6-12 months) and you have to pay about ~$321 for fees and licenses. They called me back and I accepted the offer but didn't have adequate time to research the company. after doing so i realized it wasn't a good fit for me so i contacted them and declined the offer.

Reason for Declining – A good reputable BD would not have you pay for fees and even during training will offer some base salary. Also, if you join you must transfer any of your invested assets to their company. They also push for you too have you r family invest with them then if you quit they keep you family and friends accounts and pass on to other higher ranking advisors.

Interview Details – Cattle call with about 10 people. pick the people they think can sell immediately to people the know. All commission.

Reason for Declining – not right for me, looking to work with a more supportive company

Interview Details – First was called by an HR manager and asked a few basic questions about why I was applying for the job, what I expected from the position, etc. Was asked to come in to a group interview. Once I arrived, there was a variety of 25 different people of all background and we were given about an hour and 30 minute intro. The intro seemed more like presentation on why you need a financial adviser or why you should not invest with banks. The girl presenting gave some completely skewed numbers of how much financial advisers make and dodged every possible question about how much their advisers make on average, and what the average first year earnings were for their advisers. After the group panel "interview", each candidate was taken in one by one and interviewed for no more than 5 minutes. I was asked to come back for a second interview.

Reason for Declining – The interview process was very much a cattle call. It seemed like anyone interested in the position would be "hired" You go into training for about 2 months and have to front all the costs of taking your series 6, 66, and California life and health exams, which they told us was around $675. If you complete the training, they give you something like $1000 at the end of training, and after 6 months they will reimburse you for half of your expenses up to a certain amount. The downside is, nobody really gets support and the company doesn't invest much in their employees. There also is no guaranty that in between getting your licenses and the first six months they won't can you for whatever reason they wish so they don't have to reimburse you.

Interview Details – 1st interview meets as a group where they go through financial services overview and the career track. Staff was friendly, professional, and courteous. 2nd interview is one on one

Negotiation Details – none

Interview Details – I found the job on my school's website. I was called a day after I applied and was told to come in for an interview the next day. I came in expecting it to be a one-on-one, but instead found 3 other people in the room. The process went smoothly, but I would have preferred a one-on-one. The job is mostly commission-based, but we were told that we weren't expected to "cold-call", just work through referrals. Not sure if I believe that, but I guess I'll never find out because I received a better offer and won't be working for this company.