[USER]

Need to ask the hive of smart people for help.

I’ve often read in about the danger of hiring the wrong
financial advisor.

But now I have someone close to me who is working so hard, who wants to BECOME a financial advisor, and I worry they are on the wrong path.

I don’t know all the details, but that this person has been dealing with a company called Equitable(?) …

and Im concerned because over the last 7 months, there has been so much, nonstop, unpaid time and personal money spent for “training” , studying and Finra testing, attending a conference on their expense, etc.

And now that Finra testing has been passed, the “reward” is 6 months of being in the office full time, 8-5 daily….

without any pay! This is all unpaid ‘training’, and then will come the work …

where there still is no pay, only commision on each deal made, work from home.

This seems so predatory to me.

I’m so concerned, but as soon as I mention warning bells to my person, I have been shut down.

Does anyone know anything about a financial company called Equitable?

Any experience with this?

Thank you!

[Frank]

Insurance company ponzi-style operator. I would leave.

[Matt]

It’s called Axa-Equitable.
Not a “ponzi scheme”…. They’ll be working for a company that pushes insurance products though.

It’s hard to start in this industry, and sometimes costs money.

Primerica, WFG is a definite no though!

[Max]

In this situation, if I have already said my piece clearly and multiple times to this person, I would leave them be and, in my mind, wish them the grace to make mistakes without too much adversity or loss.

If they ask, I would neither sign up to be their client nor endorse them and would be honest and gentle in letting them know why, and that it’s nothing personal against them.

[René]

Equitable is a “legitimate” firm.. but those terms seem unacceptable.

If the person now has their Series 7, I’d look elsewhere for a job.

[Adam]

As mentioned, it’s commissioned/sales pretending to be financial advice.

High fees and tons of conflicts of interest.

Another option is to look for RIAs instead of broker dealers.

As soon as you need more than a CFP and/or Series 65 exam it’s usually a red flag that you’ll be selling more than advising.

[Alden]

Edward jones, Charles Schwab, other mainstream ones will atleast pay you min wage I believe while you train

[Rob]

The underbelly of financial product sales has always been like that.

Some people do really well in that environment (not so much the people they are selling to).

[Michelle]

That sounds awful.
I’m a financial advisor/planner.

I got hired as a Paraplanner then they paid for me to get my series 65 and I became an advisor.

Have been the whole time.

Work for a fee only firm so I don’t need other licenses and no need for sales or commissions.

[Dan]

Unfortunately, equitable has a terrible rep for good reason. I would suggest your friend find an independent fee only financial planning firm to get some experience in.

But unfortunately, typically the big insurance companies or brokers (like EJ, etc) are the only companies big enough to hire someone with no experience while they train them how to sell.

Perhaps try to help your friend see the light and leverage their time with equitable into experience and getting the CFP and then moving into the independent space. Good luck!

[Author]

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