Pros: 100% commission sales, good specialist support, good training, theoretically no upper limit to income, ability to offer complete financial planning, insurance, investments, securities., mortgages. good (but expensive) marketing support, software.
Cons: 100% commission sales, expensive underperforming funds, lower commissions then some firms, a small-time rep - average account is 11k.
As a new consultant you will at best, have about a one in twenty likelihood of seeing your second year anniversary. Unless you have an established book from another firm to double-dip, parents that own a real estate company to feed you insurance prospects, plus a spouse that is happy to support you for the several years it will take to build a viable – more... book you will be unlikely to succeed.
If you can build a 20 plus million dollar book apparently its then a great job, I will never know...
The job is 97% sales and 3% financial planning, at least for the first 5 or so years. So unless you love cold calling, door knocking or are an extroverted queen of professional networking - consider another career.
You will be badgered to sign up your grandmother, mummy, daddy and all of your friends. As this will not pay you enough to live, you will then run up a 14k draw (funny how this is sort of considered salary for taxation, but then ends up a loan, again probably works best for head office...but I digress...) you will be forced to go and find a salaried job at about the 2 year mark.
IG will keep the family clients (You were pressured to place them into IG proprietary, deferred sales charge mutual funds with an seven year schedule). They will then hand you the bill for 14k as you leave (for your loan/ salary/ advance/ draw/ whatever...careful with the tax on that...).
Its a great business model - if you are the owners of Power Corporation.
If you are considering this career, shop around to different firms, pay close attention to the success rates of the under fours. Consider starting as an associate if possible, and work toward purchasing a book. – less