Good Afternoon! How is everyone today? I’d like to welcome you all to Independent Capital Management. My name is _______, I am a _________ in this office. Let me give you an idea of how our interview process works. We’ve had many people applying for the management trainee position, so we’ve found it works best for us to meet as a small group first so I can cover some general information with all the candidates. I will give you a brief introduction to our company, the industry, and the services we offer our clients and of course, I will go into detail about the career opportunity that is available with our firm. Following this introduction, we will be conducting individual interviews to determine whom, if anyone, we would like to invite back for a 2nd, much more extensive interview. I would like you to write down any questions that you may have and hold them until I am finished, at which time, _____________ our __________ will be happy to answer them. So please hold all questions until the end. Let me tell you a little about our company first. Independent Capital Management is an independent, full-service financial planning firm that has been in business for over 20 years. We began a business expansion program of non-proprietary branch offices in August 1988. A few factors have fueled our growth over the years: 1. A business philosophy which promotes educating our clients on how to go about meeting their financial goals. 2. A management training program which fosters the growth and development of top quality managers. This office in particular will be a major contributor to the expansion of ICM by developing several top managers who can fill Senior Management positions and open new offices for the firm. The policy of ICM is and always has been to promote its managers from within. Do you agree with this policy? We do.
Many of our management trainees are registered representatives with SagePoint Financial, Inc. SagePoint Financial is one of the largest, independent, full-service broker-dealers in the United States. They are members of FINRA and SIPC which is important. As our broker-dealer, SagePoint helps to make sure we are compliant with current federal and state regulations. Through SagePoint Financial we can offer our clients various services to meet their financial needs. In addition, we have another division that is on an SEC registered independent investment advisory platform.For those interested in a fee based advisor track. In this track you affiliate with our partner, Regal Investment Advisors, and focus your activities more on being an advisor and managing clients assets for a fee as opposed to commission products. This appeals to a different client set and is the fastest growing area in the financial service industry. This year’s ride went off without a hitch
Now, I realize you didn’t come here for an investment seminar so I want to shift gears. You came here in response to an ad for the financial services specialist and management trainee position. While, both career paths are available, we have found that most candidates are interested in the management opportunity, so I want to be sure to cover it in detail during the group session. Now I know that when I was sitting in your seat, I had a specific list in mind of things that I was looking for in a management career. So, what we are going to do now is explore what it is that you are looking for in the management career. As you shout out various characteristics, I am going to make a short list on the board and tell you whether that applies to our company or industry, and if so, provide you with more details. This will help you better understand the career opportunity available, and whether it fits what you are looking for in a management career.So, what are you looking for in a management career? Stability—it is not only important nowadays that you are with a stable company, but it is also important to be in a stable industry. As far as the company – ICM has been providing financial services for over 20 years and is a well-established company in our industry. Now, let’s talk about the industry. Who here wants to retire someday? As long as people want to retire we will be in a very stable industry. Training—who in here has experience in the securities industry? Not very many of you. So, obviously, training is very important. We start our training classes with the basics - what is a stock and what is a bond - and progress from there. Not only do we provide initial training, but also continual training in the industry as well as in management.Growth/advancement— I’m sure most of you have worked in the corporate world, where in order to get promoted, the person ahead of you had to: quit, retire, (maybe die) or get fired before you could get promoted, right? At ICM there is no corporate ladder of seniority. We only promote from within and you are promoted as quickly as your ambitions and your abilities allow you to be promoted.Responsibility—anyone who wants to be involved in management has to enjoy responsibility.income— Who can guess what the average income was of a representative in the country last year? The answer is: $168,750. There is a publication in our industry called Registered Representative magazine and they publish an annual compensation survey every year. This figure is from their 2010 compensation issue. Now, this is an average – it includes people who are starting out who may be making $40,000 - $70,000 their first year, and it also includes people who’ve been in the business for 5 – 10- 15 – 20 years, who are making more in the $300,000-$400,000 range. But I hope that is not the only reason you are here. You can make a lot of money doing different things, but I think you have to enjoy what you do and as a District Manager, I enjoy helping and working with people. How many of you here like to work with people? Great!Helping people—In order to be successful in this industry, it is essential that you like working with people. This is a core value here at ICM. We believe in helping anyone who wants to improve their financial situation. Because of this, as a firm we do not require investment minimums, and we do not require that our reps charge a fee when meeting with clients. This makes our services more accessible to everyone.Benefits—I put this in the same category as compensation. However, we also have available medical insurance, dental and vision plans, life insurance, disability insurance, 401k with matching, and stock options.We have a pretty good list on the board – is there anything else anyone wants to add before we move on . . . .
At ICM, our Division Managers are just that – managers. They spend 100% of their time in management related duties. At most firms, the Division Manager is also a top producer for the branch – which means they are out seeing clients all day. The problem is that if they are out seeing clients, and a new rep needs help or has a question, there is no one there to help them. At ICM, we don’t want that to happen. Our Division Managers focus their time on training and developing the skills of their management trainees so we can promote from within and meet our corporate objectives of opening more branch offices. Our Division Managers are true entrepreneurs. It’s like you are running your own business, but ICM pays all the overhead. When it comes time to open your office, you can open it anywhere in the United States. It may be local or it may be out of state. If it involves relocation, ICM will pay for all relocation expenses. Our Division Managers are highly compensated. They qualify for monthly cash bonuses and company ownership through stock options. I hope this introduction has helped answer some initial questions you may have about our company, the industry and the career opportunity available with us today. At this time I would like to introduce you to_________. She/He is the __________ in this office and she/he will be able to answer any miscellaneous questions you have while you wait for your individual interview.
Our business is highly regulated and not everyone is eligible to work in the securities industry. In order to work in the Financial Services Industry, you must first be registered with FINRA, which stands for the Financial Industry Regulatory Authority.If you are offered the position, the first step is to fill out a very detailed registration application. This application requires employment and/or educational background for the past 10 years and a residential history for the past 5 years. We also have to do a credit check – the minimum FICO you can have is 600. If you are below 600, but there is a reasonable explanation, you may qualify for an exception. You are also fingerprinted and all of this is sent off to FINRA and the FBI. Felony convictions in the last 10 years usually make you ineligible.Why do you think we have to do this in our industry? (wait for response)Right, because we handle other people’s money. If you pass the background and credit checks, you also need to get some licenses before you can help people manage their money.We are going to help you get these licenses. The first license is the series 6 license which allows you to offer mutual fund investments. The exam itself is 100 questions, multiple choice and you need a 70% or better to pass. The tests are taken locally, and the results are known immediately.The second license you will get during your initial training is the series 63 license. It allows you to do business in every state in the country and consists of 65 multiple choice questions and you need a 72% or better to pass, it is taken locally and the results are known immediately.If we decide that the correct career track is as an investment advisor representative, the series 65 license will be required. The series 65 exam is 140 multiple choice questions and you need a 72% or better to pass. The tests are taken locally, and results are known immediately. The series 65 test is administered by the SEC. Your affiliation would be with Regal Investment Advisors on the Fidelity platform. ICM is going to help you prepare for these licenses. We will pay for and provide you with the self-study books, outlines, study guides, practice tests and CD-roms. We also conduct a training class 2 hours a day, 3 days a week to supplement the study materials and help you prepare for the exam. The class and study materials are designed for people who are new to the industry and start with the basics –what’s a stock, what’s a bond and progress from there.Once you’ve passed these licensing exams, there is one more that you will get initially. It is the State Life and Health Insurance License. This license has its own application process with background checks. ICM will pay for the costs associated with your insurance license and annuity certification.
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