Explore the Possibilities with Charter Oak Financial.
Congratulations.
If you’re reading this, you’re considering one of the most noble careers we can think of. After all, financial services isn’t just about insurance and investments. It’s about helping people prepare for life’s unexpected moments, giving them the tools to provide for their families and taking them through the steps necessary to realize their retirement dreams. You’re helping your clients redefine possible for themselves, their families or their businesses.
In short, financial services is about doing good for others.
As you will see, being a financial services professional has distinct advantages and challenges, just like any other career. We’re offering this guide to help you make an informed decision about this career path, and to decide whether Charter Oak Financial is the right place for you to pursue your professional goals.
On behalf of the leadership team here at Charter Oak, we hope this guide will be helpful in showing you the rewards and challenges of a career in financial services, and a meaningful introduction to our firm.
Brendan Naughton and Brad Somma Managing Partners, Charter Oak Financial
Why Become a Financial Services Professional?
Flexibility. Entrepreneurship. Independence. There’s a reason “financial services professional” is consistently rated as one of the top careers. If you love interacting with people and want unlimited income potential while helping others, it’s an ideal choice.
As a financial services professional, you’re in business for yourself, but not by yourself. Just like a business owner, you have control over your practice, which clients you choose and how you spend your time. Unlike a business owner, you won’t need to invest capital to get started, and you’ll have instant access to support from your company and firm.
Lifespans are increasing. Reliance on Social Security and pensions is decreasing. Now more than ever, people are in need of ethical, knowledgeable and committed financial representatives to help them navigate their choices.
Is This the Right Career for Me?
There are many positive, rewarding aspects to a career in financial services. It is important, however, to be aware of the realities and challenges you may face as you get started. The good news? The company and local firm behind you have systems in place to help you build a successful practice. If followed properly, these systems work.
As you consider a career in financial services, ask yourself these questions:
Do I have the finances to survive the early years? Am I willing to make the sacrifices a limited income requires now for financial success later? Until you establish a solid client base, your income will be limited. Most companies or firms like Charter Oak and MassMutual offer subsidies to help you as you begin to generate revenue. Your company will expect you to achieve certain results in exchange for this subsidy.
Does my family support me in this decision? Are they willing to make the sacrifices needed for the long-term rewards? Getting established in this business can be taxing on your finances and time. It’s especially important to have the support of your family or friends as you work through the early years.
Am I willing to approach people I know to ask for their help in getting started? How will I find clients outside of the people I already know? Building your client base is one of the most important parts of establishing yourself as a financial services professional. A marketing mindset is crucial to make it in this business.
Will I be able to handle rejection? Do I believe strongly enough in the value of the products and services I would offer to persevere? Not everyone you meet will want to meet you. Prospects may not take your recommendations. You can’t take it personally.
A word about working on commission
Many people consider commission-based work risky. A career in financial services is not immune to the “feast or famine” perception that often comes with this type of employment. Bear in mind that the risk in this career is actually low in comparison to other sales-oriented professions. If you are a business owner, for example, with only a few accounts that make up the bulk of your revenue, you may not survive if you lost one of those accounts.
Financial services professionals typically have hundreds of clients whose commissions generate their revenue. While you may lose a client here and there, the risk of going under is actually quite low when you consider the percentage of your total income that one client makes up.
Also consider the investment and return of this career. Your financial investment as a financial services professional is actually quite low compared to other professions, such as a doctor or a lawyer (especially when you factor in the cost of medical- and law- school tuition). Representatives often see considerable return on their investment within the first three to five years in the business.
Income as unlimited as your talent and initiative
The decision to pursue any career should be based on more than earnings potential, but the ability to do well by doing good is one reason so many people choose to pursue a career in financial services.
EARNINGS OF MASSMUTUAL TOP PERFORMERS 2024 *
Financial Services Representatives are independent contractors and are not employees of MassMutual, its subsidiaries, or of General Agents with whom they contract. Earnings based on first year and renewal commissions. Individual results may vary based on product mix
What Support Can I Expect from Charter Oak?
Every practice requires a unique combination of services to unlock its full potential. That’s why we have invested considerable resources to offer you intensive product, marketing, training, advisor transition, technology new business and compliance support— all with your individual needs and success in mind.
While our process and platform are exceptional on their own, it’s our people who truly differentiate us. We care as much about seeing your practice thrive as you do. That’s reflected in the care taken to understand your business, respect for what you’ve built, and the results-driven approach used to solve your most pressing challenges, from day one to the day you retire.
1. 2. 3. 4. WHY do you want to become a financial services professional? Are you READY to be a business owner? How will you BUILD a clientele? Do you BELIEVE in what financial services professionals do?
Securities, investment advisory and financial planning services offered through qualified registered representatives of MML Investors Services LLC, Member SIPC. Supervisory Office: 330 Whitney Ave., Suite 600; Holyoke, MA 01040. Tel: 413-539-2000. Financial Services Professionals are independent contractors and are not employees of MassMutual, its subsidiaries or of the General Agents with whom they contract. For recruiting purposes only. Not for use with the general public. CRN202603-4167029