Pros
Very little micro-managing. They will match your charitable contributions to qualifying 501c3 organizations up to $7000/year. You can get paid commissions as quickly as 1 week after a product issues (best case scenario). Since you are in business by yourself, you do get to deduct business expenses. There are some nice trips for producers that generate roughly $100,000, $200k, and $300k in commissions. Blackberries are supported (but almost no one uses them). They do provide a 401k plan that you can participate in if you meet certain criteria.
Cons
-It's cutthroat, don't expect help or charity. Veteran reps are required to be involved for investment management services and will require the lion’s share of the commission -Compensation across the board is lower than just about every competitor -Constantly changing compensation structure rewards top producers and encourages younger ones to leave and give their business to veterans -Absolutely no financial support... be prepared to pay for envelopes, laptops, licensing fees for software, tests, and even all your brochures. -Most companies will provide you a book of business to start with. You'll get 300 names to cold call -There's no corporate advertising so there are no leads provided by them -Lotus Notes 7 and Internet Explorer 6 are the latest apps provided as of 2011 and you're required to use them. -You may come in as a CFA L3, CFP, LUTCF, Series 7, 63, and 66, but you won't be able to write managed securities business on your own. For managing securities, you are required to split your business and work under a veteran -The focus is on insurance products. You will be compensated for selling investments but it doesn't count towards keeping your job. The benchmark is around $40,000 worth of insurance commissions every year or you're let go, even if you brought it $20 million in IRA mutual fund rollovers last week -Have a letter you'd like to send to your clients? It's $100 to have them approve it. -If you sell an unapproved product, you're terminated. -You pay for your study materials and your tests during licensing -You have to be a closer. The typical life insurance policy issued can pay a few hundred dollars, so be prepared to be selling people constantly -Target customers are middle market. There is no reputation or really infrastructure to handle really high net worth clients. -Be aware that you can't reallocate variable insurance products from your computer system. You must call into the call center, hold for a rep, verify, and then have them do it. It really impresses the client. -Remember that you can't manage investment portfolios, only veteran producers can. So that $100,000 IRA in a managed account you have? When they call for their balance and how many many shares of XYZ stock they have, you'll have to tell them you'll call them back, call the service center, get the info. And if they want to make a trade, give them the 800 number. You're not allowed to initiate it. Did you manage a $1.5 billion portfolio at Citi before. Doesn't matter. -Checks from clients that come in for their accounts are required to be overnighted to the processing center at your expense... You better hope the commission covers the $14 overnight cost. -You can't take income from other sources without elaborate approval processes that take forever and are often rejected. If someone offers your $200 to take photos at their wedding next week, you might as well forget about it. -You're pretty much limited to the Lutheran market because non-Lutherans don't like the idea of supporting the denomination and even current Lutherans feel no loyalty to the brand. -There is often a holiday dinner that's provided by the company, but you will receive a 1099 for it and have to report it as income on your tax return. -It's 2011, and blackberry is the only mobile device supported. No iPhone, Androids, or tablets. You cannot access work information on anything but the official laptop which is old, bulky, and slow. But be aware that the security policy on the blackberry won't let you text message, install apps, or put music or other media onto it. -Be prepared by having a lot of savings and a working spouse. You'll probably rent $500, health insurance $200, laptop lease $100, technology fee $50, EO insurance $50, marketing supplies $50, office supplies $100, utilities $150, internet and phones $250, marketing mailings $300 and your initial purchases of printers, furniture, etc. The vast majority of people that survive here are new college graduates that live at home until they build a large client base -If things don't work out or you're let go from not meeting quota, be aware that as a statutory employee, you're not eligible for unemployment benefits -Many of the reps that drop out end up leaving with $20-50,000 in credit card debt from business costs and trying to last long enough to build a business. Thrivent often says that they essentially lose $10-20k when people leave because of all their "investment" of time and effort into these agents, but that's of little consolation for a 25 year old that just picked up a ton of debt. -No one gets or is allowed to use the title of "Advisor." As an agent, you are only allowed to use the title "associate." If you reach higher production levels, you can pay a monthly fee to use the title "consultant." These fees can be around $100-250/month.