Commission. Generating leads. COVID-19...these are some of the biggest concerns that candidates are facing as they consider entering a career in financial services. Letʼs not forget recent college grads and their desire for something secure and certain. Trust us...we get it.
Although these concerns may be seen as barriers to beginning a career as a financial services professional, we’ve seen many professionals at MassMutual Great Lakes overcome these obstacles and find success for themselves, their families, and their communities through this career path.
For the right person with the right purpose, passion, and talents, a career in financial services can be an incredible gift. Itʼs a career that challenges you. Drives you. Makes you want to do more. Plus, who doesnʼt love being in control of the amount of money they can make? And letʼs not forget the real purpose of this career: helping to provide long-term financial security, stability, and success for your clients and their loved ones.
Sometimes we receive advice from mentors, loved ones, or other influencers — people we know have experience and perspective — that we wish we had listened to a little more closely. As a financial professional, you offer strategies designed to help people meet their financial goals. You have the chance to impact someoneʼs life for years to come.
A financial professional helps people start a conversation about their plans for their financial future. Without a strategy in place to create long-term security, stability, and success, many find themselves lacking financial wellbeing down the road. The role of a financial professional is especially important in this current unprecedented time in the world. As Firm President and CEO of MassMutual Great Lakes Manuel Amezcua says, “I believe so strongly in the profession of helping others achieve financial wellbeing and success to provide them with one thing: the power of choice.”
The power of choice is something everyone dreams of, and with this profession you can create it for yourself while helping clients achieve this goal too.
Here are the top three reasons why being a financial professional, especially during COVID-19, is an incredible decision to make.
You get to decide how much you want to earn.
Commission can be a scary word. It means hard work with a less-than-immediate reward, which not everyone is comfortable with. However, a career that is based on commission is something that you can ultimately control. You are in control of your effort and decisions, which are directly reflected in your income. In this sense, it brings a sort of certainty into your life. Doing the research and getting insight from professionals is critical to success. As Chief Sales Officer of MassMutual Great Lakes Gina Coleman says, “There are two lanes of people when it comes to career paths and you have to decide if you are the right one for this career.”
The first lane would be the person who likes the typical 9 to 5 salary position with consistent income and comfort. These people are happy with the security that comes with an employee-employer relationship. They are okay with having a consistent salary for the career they signed up for with no major fluctuation. Their security is a top priority for them, which is great.
The second lane, however, is the entrepreneur. This is the go-getter, business-starter type. With a clear vision for what they want to accomplish, they get in the driverʼs seat to reach that vision. They know after grinding for a while, the benefits will reveal themselves. A career in the financial services industry provides them with the ability to earn whatever they've worked for. How does that sound to you? Instead of someone deciding what you should be earning, you decide how hard you are willing to work to generate the type of earnings you want.
A common concern among incoming college graduates and career changers is the inconsistency of income in this career. In particular, the beginning stages while building a business can be volatile. We are here to tell you that your concerns are valid. But hear us out: Isnʼt the process of working hard for a spot on the team, or spending hours studying for a test a little daunting too? At least in the beginning? It may be so, but it can make the positive reward or outcome in the end all the more worthwhile. Typically, hard work is worth it at some point. The rewards in the financial services industry are the power of choice, the potential to earn what you are willing to put in, and the chance to change lives. If you are a college student (which usually means no mortgage, extra bills, or a family on your list of financial priorities), there is no better time to start building your life from the ground up. If you are changing careers, this could be the opportunity for you to structure your lifestyle in the way you’ve wanted while working toward earning the income you’ve dreamt of.
Another plus is there is no overhead. You are provided with training and mentors to get you where you would like to be if you are willing to work for it.
You also donʼt need 200 clients in the first month. If you have 4, youʼre already off to an incredible start.
Itʼs a marathon, not a sprint.
You are changing lives.
Amidst a world with COVID-19, a common concern is the inability to control unexpected situations. All of us can relate to that feeling, especially now. There are people with families to provide for, job losses, and even health concerns when considering a pandemic of this magnitude. The first thought for many is, “Do I have a plan in case something happens?” This is where a financial professional comes in and can make incredible impacts on the lives of those they serve.
Solving problems related to the biggest obstacles in peopleʼs lives is valuable beyond compare. In fact, many people put their financial professional in the same category as a therapist. One of the greatest things you can do in this career is build long-lasting relationships with clients and their families that can last generations. If the “why” and the vision you have created for yourself involves helping others, you can surely check this reason off for starting a career in financial services.
Eric Lowry, a new financial services representative at MassMutual Great Lakes, says, “It is an adventure because through your experiences and meetings, big or small, if you are passionate about sincerely helping people, you are going to help yourself.”
Lowry is a great guide in this industry as a new representative because he understands that you need thick skin — and your heart will have to grow bigger at the same time. As you analyze peopleʼs lives, situations, and experiences, you are going to be part of their unique journeys. He knows how rewarding it is to help others achieve their goals and in turn achieve your own.
You are needed the most during scary moments (like right now).
It is a scary time for us all. Unemployment, loved ones, and healthiness are all concerns that many potential future clients are having daily.
This is where you come in.
You can be the quarterback of their financial playbook. You are here to guide them through the ups and downs and provide them comfort in the financial strategies they have for themselves and their families. This industry isnʼt going anywhere. If anything, it is extremely important for livelihoods, and people need you as a financial professional to help them see the light in these dark times.
COVID-19 has affected the financial industry, and the practices of many of our financial professionals, by requiring meetings to be held virtually. While it has changed the way many professionals do business, it has also introduced some new efficiencies. In one sense, you can more easily and more often meet with clients. Building a practice remotely provides less geographical barriers and makes setting up meetings much simpler when trying to get to know new clients. Clients donʼt need to meet with you at the office, so you can attract them from anywhere.
As with other areas in life, having a different point of view (especially a professionalʼs) can help clients make decisions they otherwise may not have considered. For many people, things like retirement, their children’s education, or the unexpected loss of a loved one aren’t planned and can have a large impact on their financial success. They are looking for the perfect person to help them with their finances and that person could be you.
If this article has you ready to get started as an entrepreneur in the career of financial services, you can start a conversation with our team here.
Securities, investment advisory and financial planning services offered through qualified registered representatives of MML Investors Services, LLC, Member SIPC. Supervisory Office: 3000 Town Center, Suite 3100, Southfield , MI 48075-1102, Phone: (248) 357-7600. CRN202210-27333.