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CitiFinancial, Investors Group, Freedom 55

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  • Aug 21st, 2009 5:49 am
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Member
Apr 8, 2007
466 posts
34 upvotes
well, went to ig few days ago.
the local manager asked me to finish 3 exams before i start work there....
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Jul 12, 2003
6270 posts
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Markham
ovovov wrote:
Feb 24th, 2008 9:54 pm
well, went to ig few days ago.
the local manager asked me to finish 3 exams before i start work there....
What kind of exams?
Are they refunding your exam fee after you pass them?
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Newbie
May 2, 2008
1 posts
TOronto
faken wrote:
Feb 6th, 2008 9:50 pm
anyone on here work for either of these companies in their sales department? CitiFinancial, Investors Group, Freedom 55. I'm looking to apply to these companies.

What are the pro's and con's of your job? Dicuss!
Hi, I'm a director at Freedom 55, and I was an advisor for Freedom 55 for 3 years prior.

The job isn't for anyone... but it's probably the quickest and easiest and SAFEST way to get self employed.

I won't even interview anyone who mentions salary. Those people aren't risk takers, and they usually don't pan out if hired.

Pros:
-unlimited earning potential
-self employed for tax purposes
-you own your time: you don't have to ask for days off, or for vacation time.
-Training: Freedom and IG are the best training grounds for anyone interested in becoming a financial advisor, or broker.

Cons:
-You have to work hard, very hard: (which most people aren't comfortable with)
-Commission, so your first year will be a grind

When I started, I wasn't comfortable calling on friends and family... so I cold called quite a bit, and it payed off... my second year my friends came to me and I worked with them.

But mark my words, anyone who is actually willing to put in the effort, will come out ahead within 3 years.
Jr. Member
Feb 28, 2007
115 posts
34 upvotes
MP3_SKY wrote:
Feb 25th, 2008 2:32 pm
What kind of exams?
Are they refunding your exam fee after you pass them?
I Believe with IG u have upfront for the course. not sure if they refund your fees though :S
Newbie
Sep 12, 2008
1 posts
Barrie
I have experience in all of these jobs that your are interested in. Here is a break-down from my own experience.
Citi-Financial is a place I would not recommed to anyone. Their turn-over rate is extrememly high, and as previously posted, they are laying off alot of people. Reason being, they have gone bankrupt in the past, and by the looks of things, they are well on their way to a repeat. There jobs in sales are strictly customers that have accounts with merchants (leons furniture,etc) and do alot of cold calling. Which means, you sit at your desk and call people all day long, if you convince them that they need a loan, their interest is insane. I persoally like helping people out, and an interest rate of 29.97% is not helping anyone out. Anywaz, I wouldn't recommend working there. It is definately a non-fufilling position. Your job is not an hourly rate, it is salary, and you do have the chance to make commission, but the commission is very hard to get, because the products they offer, are 'crap'.
Freedom 55's positions in 'sales' as you say, are actually positions as a financial advisor. You need to get 2 licenses to start off. But if they think you are a fit for the position, they will pay for these courses. They will train you on how to do Financial porfolios, and how to get clients. Cold-calling is not requirement for this company. Once you have completed the training, you will then have to build your own clientel. You are considered 'self-employed' which means....you get many tax benefits! write-offs..etc. Your position is strictly commission. That can be very scary for many people, but you have the opportunity to make as much or as little as you want. You make your own hours, and you are your own boss! Who wouldn't love that! The position as a financial advisor has so many benefits, but this job is not for everyone. It is extrmemly difficult for yours first few years. But if you put the time and effort into it, your possibilities are endless. And your income will never be 'capped'. Too make 130,000 in your first year, is extremely rare. A more realistic number would be around 70,000....If you can work hard.
Freedom 55's product line consists of the following: mortgages,visas,line of credits,life insurance, benefits, disability ins., annuities, bank accounts, gics, RRSP, RESP, retirement plannin, estate planning, investments, and much much more.... Basically, what they dont do, is trade on the stock market, and provide, home/vehicle insurance.
Investors Group Is canada's largest investment/insurance company. Freedom 55 is a sister company of IG and quite a bit smaller. One thing IG does that Freedom 55 doesn't is Trade in the stock market. Now as a financial advisor, you do not do the trading yourself. You have mutiple specialists that advise the client on his/her options.
Besides the size, the two companies are almost the same. If it is a career that you want to pursue, get interviews with both companies, and make your desicion from your findings there.

It is a very hard career, but can be very prosperous, for the right person.
Newbie
Mar 30, 2007
15 posts
Mississauga
If you are comfortable with cold calling or door knocking and are not afraid of rejection you should consider Edward Jones. They pay for all of your licenses, they have the reputation for the best training and best of all they pay you a small sallary for the first 18 moths. Then you have the Bank Brokerages like RBC DS, BMO Nesbitt Burns, TD Waterhouse, CIBC Wood Gundy and Scotia Mc Leod. All of the have a training program for new advisors and most of them support you throughout the first year. But be ready for steep quotas and you'll be on the GRID. Be prepared to bring in 5 Mill new assets /per year.
EJ is more flexible on quotas. The best way for you would be start as an associate for some experienced advisor who would mentor you and eventualy pass you his book of business (once he retires).
Another way to break into the industry is go for a salaried FA position with the major banks (not their brokerage arm). BMO has a Financial Planner position with base $40K plus bonuses/commision - you work from the branch with HNW clients. You still have to work hard but you've got access to customers - much easier then cold calls (especialy after the DO NOT CALL REGISTRY). RBC also has a Financial Planner position - base pay cca $50K + bonus/comm. They do investments + MTG as opossed to BMO planners and TD planners who only do investments.
To start as a Financial Planners with the banks will be challenging since you have no experience so you may want to start as a Financial Advisor or Account manager and work your way up and this way you get some experience under your belt and more importantly get to know some good High Net worth clients who can follow you if they like you. (then switch to commision/ fee based work )
If you are or look too young that may work against you if you want start to work through F55, IG , EJ or ... .. just think about it if you would be 50 - 60 Yrs old and have 100 -500 K in investments or bank account would you give it to a young kid who just cold called you or knocked on your door? If you have good contacts and know people who would hand you over 100 K or more
then you will do great and the sky is the limit otherwise be ready for an uphill
battle.
Whatever you choose - do it from your heart
GOOD LUCK.
Deal Addict
User avatar
Mar 29, 2008
2628 posts
167 upvotes
edward jones is a good idea. no experience required, they pay for you to study and get licensed, and you get paid a salary for a little while once you are licensed (though eventually it's commission only)...
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Jun 11, 2001
7701 posts
322 upvotes
I personally don't trust my investing with them (get certified too quickly and just try to cross sell products), BUT my bros GF decided to quit pharmacy and she works for Freedom55. I think she is one of the top sellers in Canada now or top 2% or something like that. Yeah, let's just say her income is quite rediculous. -sg
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Aug 19, 2009
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Toronto
There is a catch with EJ though. What they will not tell you untill the later stage of the interview process is that you will be asked to sign a contract with a pay-back clause that require you to pay back as much as $73K if you leave the company within three years!
Newbie
Aug 11, 2009
41 posts
1 upvote
Richmond
Moosy wrote:
Aug 20th, 2009 10:03 pm
There is a catch with EJ though. What they will not tell you untill the later stage of the interview process is that you will be asked to sign a contract with a pay-back clause that require you to pay back as much as $73K if you leave the company within three years!

Well, is that true? I just got an interview with them.
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