does anybody knows about investors group’s consultant role? is it pure Commission based? is it the same as IR in the banks, like TD Waterhouse? what’s the different between an investment rep and a financial planner? Thanks in advance
IG consultant is basically financial salesman where you have to go and find yourself a book. based entirely on commission. IR is base salary low entry level position. the two roles are very different.
Thank you Frank! so IG consultant = Financial Advisor < IR at a major bank? I am a CFA level 2 Candidate trying to find a job in Toronto, anybody knows where does most IR jobs posted?
Do you have your CSC and CPH? You’ll need those in order to be licensed.
synergyzhan, I can definitly say that IG Consultant > IR rep at bank if you want to make a career in retail and HNW investment advice. IG has (even by the admisson of rivals) the best training for rookie advisors on the street. Your product shelf will be limited to the 190 odd MF they carry but you will get a good base of sales, prospecting and practice management. If you are working for a quality Division Director you will learn alot. If you are good at what you do they have a lots of program to rope you in for the long haul so plan to start leaving within your second year and be gone by the end of 3). Becaue it is commison based many people go in and will flame out. If you can squeak by for 2 years then worst case senerio is a place like CIBC Imperial Service at 65K + bonus (no call centers/branches for you). If you are a star(win some of the internal IG sales awards), shops like Nesbit, HSBC, DS, RJ (basically everyone) will be eager to pick you up (esp with CFA) if you want to stay commison based and build a book or with your CFA you can get a advisor positon at an outfilt like PHN, RBC Global etc which aint bad cake either. Also depending on your previous expereince the selling expereicne might open up other doors such as fund wholesale or instituional sales b/c you WILL be a much more polished communicator than you were before(assuming you were a star). Hope this helps. Oh, You need you IFIC licenece but get the CSC and CPH anyway as you will need it anywhere else.
Well said CCM.
Note IG consultants “pay” for their inhouse softwear license. When I was interviwed a few years ago, it was about $300 a month, if I remember correctly.
Thanks a lot CCM, the info you provided is very valuable to me. There is a career session and a Career Luncheon coming up in my area soon, I will give it a try. another question, Do I have to have my CSC and CPH before I get the job? or the company will provide training, and pay for it?
Does no one become an inside sales rep at mutual fund companies anymore? Why not try that instead of these investment rep/consultant jobs. That way you won’t be out there on your own, there’s a definitive career succession (Wholesaler) and you aren’t pitching to grandma and grandpa.
I went that route Turkish … I would say that Inside Sales is a better prospect than an IR at IG unless you are keen to become an advisor down the road (an issue with IG is that if you decide to leave after a few years they own the book, not you). There are alot of good exit ops from IS if you’re with a reputable shop.
IS is a good way to go as well. IS has the disadvantage that if you want to be an advisor down the road it will be much more difficult to get the big shops (where the $ are) to look at you because the expereince will not be seen as being as valuable. if you want to be an advisor : IG>IS>IR at bank, synergyzhan: I think IG will make you pony up for the course but they will train you. Plus you do not need the CPH yet as you will carry an MFDA licence. Check it out is it seems righ look furtehr but if not walk. EMO GEEK, It is b/c they own the book that you set up all your clients that are worth keeping in No Load funds so that you can take them with you when you leave. Techincally IG does own the book but the reality is it is very hard to stop client from leaving w/o DSC attached esp if you spend the time to impress them and make them loyal to you. They only really bring the hammer down if a 100MM book walks.
reality is it is very hard to get clients especially for non-seasoned sales people.