I hear a lot of the agents are flunking the required exam. Some agents are getting out of the mutual funds business altogether. What's been your experience? Do they need to bring back field sales support?
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True @2Ween
Even under the old system there were very few agents who engaged in dealing with mutual funds. An occasional large case might show up with recognition given. Dealing with agency long term clients is the norm. Even having seminars was an expensive proposition netting very little results, and financially, not worth while. The series 65 exam is a very tricky test with information unrelated to practical use. Mutual funds only with State Farm’s New Plan. When a company takes their name off the products, (No skin in the game) why should agents who are busy with fire and casualty put themselves out there from a liability perspective. If you have a career specializing in the broad world of investments I can see investing your time on a series 65 joke test. Our customers are better served by seeking out a specialized investment advisor. Have a great day!
The rollout of this has been an abject failure. No communication with agency force who are left with three hour hold times, upset customers, no training at all on the systems and procedures.
Series 65 is a new requirement, at least for State Farm agents. In the past, they were commission based Registered Reps, but now they also have to become fee based Investment Advisor Representatives if they want to continue in the securities business.
Boring
Test is not that hard and was required in the past. You can do it!
I am really struggling with the studying...and I've always been a really really good exam taker. The problem is that the material has nothing whatsoever to do with the products we'll be offering. Well, a little. (6 of the 140 test questions are on Mutual Funds). State Farm can't change that, though.
My concern is that there is no real training. We just have to do a zillion online tutorials and then are allegedly experts. There may be a precious few customers interested in this. But I am buried in the auto/fire/billing minutia that customers think is important. I don't see where I can possibly spend enough time on securities to be current and competent when somebody expresses interest a handful of times per year. I have serious concerns about my own ability to be all things to all people, for very little reward. I am OK with Mutual Fund sales. I'm not sure I should be somebody else's "financial advisor". We're not given the option to walk away from that part of it. I think State Farm is putting too much on the already overwhelmed agents here.
BTW--stop referring to "State Farm Mutual Funds". They no longer exist. The only thing remaining in house is the Associates Funds that employees and agents participate in through payroll deduct.
I am really struggling with the studying...and I've always been a really really good exam taker. The problem is that the material has nothing whatsoever to do with the products we'll be offering. Well, a little. (6 of the 140 test questions are on Mutual Funds). State Farm can't change that, though.
My concern is that there is no real training. We just have to do a zillion online tutorials and then are allegedly experts. There may be a precious few customers interested in this. But I am buried in the auto/fire/billing minutia that customers think is important. I don't see where I can possibly spend enough time on securities to be current and competent when somebody expresses interest a handful of times per year. I have serious concerns about my own ability to be all things to all people, for very little reward. I am OK with Mutual Fund sales. I'm not sure I should be somebody else's "financial advisor". We're not given the option to walk away from that part of it. I think State Farm is putting too much on the already overwhelmed agents here.