Pros
- Independence: You get to build and run your own wealth management practice. It is a very entrepreneurial endeavor that affords you all the freedom and flexibility to decide who you work with, when you work, and how you focus your particular business. - Income: The uncapped performance-based recognition and pay is a huge draw to AXA Advisors, and this industry overall. The better you are at your job, and the harder you work, the higher your pay, incentive benefits, and level of support you'll receive. - Impact: The best part of working in a performance paying job in this industry is that we do incredibly well for ourselves personally and professionally solely through the great work we do for our clients and community - if we are not helping them, or focusing on their best interests, then we do not get compensated. It puts us on the same side of the table as our clients, to truly make sure we do right by them. - Mentoring: Your VP serves as your coach and mentor to guide you through the process of starting a business from scratch. They have all built advisory careers themselves, and all still run active practices, so they speak from experience rather than just classroom understanding of running a firm. - Models: AXA has been around for 150+ years, and covers every market, every financial product / service. Needless to say, there are a lot of different ways to grow and run an efficient wealth management practice. AXA operates in a collaborative model, so incoming advisors won't have to "reinvent the wheel" - they can take best practices from senior / top advisors and replicate within their own practice to ensure a quicker path to success. - Markets: AXA utilizes a platform that relies on Target or Niche Markets. Rather than try to be an expert in everything to everyone, the platform and culture is best served in finding your specialization and growing your particular expertise. The collaborative office environment allows this to be most effective so no one misses on any opportunities they run across in their marketplace. This creates the atmosphere of working in a "team of specialists," which clients love.
Cons
- You have to be fully bought in, or it will be a waste of your time. When you're a good match for this type of career, and this industry, it will bring great opportunities for you and your family. When you try to "force fit" into this type of role, you'll ultimately flunk out. - It's hard work to start a business, and it takes some time to fully ramp up. Not everyone is willing to put the blinders on and wait for the delayed gratification of when your practice really takes off. - The flexibility is a huge plus for most, but a lot of people can't handle the fluid structure that's inherent to an entrepreneurial role. If you can create systems and processes to make yourself efficient, you will thrive. - Commissions are a turn-off for most, but not for those that are built for this career. You only get paid if you are doing your job, and doing it well. Showing up and being physically present doesn't do anything for our clients / marketplace, and in turn nothing for your bank account. It doesn't matter if you're the first one to show up and the last one to leave, you earn no brownie-points for simply working hard - you have to balance that with working smart as well, and getting better as you go. If you are the best advisor, you will be paid the best, plain and simple. - The learning curve is steep, but it's this dynamic nature that draw the select few to this career. The structured in-the-field training is key to getting you up and running as soon as possible. This allows you to quickly see if you love this career, if you're good at it, and if you see yourself working in this role for the long haul. This also allows you to shorten your runway of "startup" time and an efficiently running financial practice.