Posted: 3/9/2009 1:18:47 PM EDT
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For those that don't want to read, I'll try to summarize....
Looking for a new job. My uncle offers to hire me on to his investment firm. Start the process and the broker-dealer company wants $2,500 to do paperwork, my Dad pays i cuz I'm broket. Then a week later they want $600 for agent insurance, I and my Dad pay it... Now they want another $540 for miscellaneous fees. My Dad is selling the house b/c my Mom left and dumped all the bills on us so he can't help me out anymore. Should I tell them to kiss my ass and give me back my money??? The job is as an independent financial advisor making commission only. I put up $3,600 for the job, they risk nothing.... Ok so this is pretty screwed up, I'm a financial advisor by trade and am currently seeking new employment. I left a company called AXA Equitable at the end of 08 b/c I couldn't hit my sales quotas in this POS economy. My Uncle then offered to hire me on to his investment firm which is doing really well and has been around for 7 years... Well, it's take a month or two since I sent in my application and started doing all the crap for the SEC and FINRA and such and two weeks ago I'm told I need to pay $2500 to our broker-dealer Woodbury Financial for them to process my paperwork. So I talk my Dad into coughing it up cuz I'm broke and barely getting by doing sidejobs and selling off valuables. I did apply for unemployment but apparently you have to be black or getting fired from your job b/c no one will invest in a collapsing economy isn't a good enough reason so I'm not mooching off society, rather struggling to get by. The $1300 that was in my AR fund has gone to paying off college loans and otherr bullshit. Long story short, my Mom left my Dad a few months ago and dumped all the bills on him including the mortgage and all my college loans they were helping me pay. Well we pay the $2500 to Woodbury Financial, at AXA all I paid was my licensing fees and study materials but that got reimbursed and I got a salary of $2000 a month. This $2500 doesn't get refunded, it's for their trouble in doing the paperwork. Then a week later while finsihing up some new paperwork I find out I have to pay $600 in agent insurance fees. I scrounge up $300 of mostly birthday money and my Dad covers the other $300 for me... No more possible fees right?? HA!!!! Today I hear they got my paperwork and sent another fee schedule coming to $540 more!!!! Altogether, they want me to pay over $3,600 just to get registered with them to sell investments. They don't pay salary at all, commission only. I risk $3,600, they don't put up shit. If I am able to sell something, they get paid, if I don't, I get shitcanned, they get their $3,600 and bring in the next chump to pay $3,600 just to have their name on his business card. It almost sounds like a scam but they're legitimate, it just seems ridiculous to me that I have to pay $3,600 just to get this job and have the oppurtunity to sell. I risk everything and they put up nothing, rather I succeed or fail is no bearing to them, they either get paid on a sale or I don't sell anything, don't get paid and get shit canned.... Do you even think it's worth it at this point?? I know I can get the $600 in agent insurance back, if I can get the $2,500 fee back should I take it and tell them to kiss ass??? As a financial advisor, I look at everything as investments. This looks like a $3,600 oppurtunity to sell investments in a horrible economy that's dropped 40% since the election and no bottom in sight.... Doesn't sound like a very promising oppurtunity. Sorry for it being kind of a rant I just think it's ridiculous I have to pay $3,600 just to sell investments for a company and they risk nothing at all, if I don't sell shit, it's no loss to them, if I do they make money.... A lot of other investment firms I could go to don't make you pay to get registered, hell they'll hire you on the spot b/c you're already licensed to sell investments and can start right away.... Paying $3,600 to sell investments in this economy doesn't sound like a good business decision to me... |