Going from Finance --> Sales?!

[shadow191]

Exactly... it's like the infomercials on TV selling seminars on how to get rich in real estate or tax liens. If it was truly that great of a system, why would they advertise it and get competitors in the game.

For the "managing directors" making millions and talking to college grads, it's win win to recruit as many warm bodies as possible. They don't have any up front commitments, typically they only pay a draw and only pay for licensing if you pass. If you sell a few policies to friends and family then fail out, they keep the residuals. It may not be much, but multiply that by the multitudes of people they recruit and it's a lot. If you happen to be the one in a million guy who kills it and stays around, they still win and you get to be the one helping to recruit warm bodies.

The problem with how life insurance is sold is pretty much the problem with how mortgages, real estate, and cars are sold. The buyer is tied to a long term contract or product while the sales guy is being paid up front. So there's a pretty fundamental disconnect - salesman is highly motivated during the process but has no real incentive to care what happens 2,3, 15 years down the road. All life insurance agents care about is that payments are made for the first 12 months, otherwise they lose part of their commission. Add to that the commission based compensation structure and you get the shady reputation of all these industries. People will say whatever it takes to make a sale in order to pay the rent.

Originally Posted by bimmerfrk

Currently work in IT finance now but sold insurance after college. Its garbage. Every one wants to tell you that you will make 7 figures after 10 years. But do you really think they would be talking to you and diluting their sales pool if that were the case. If you have something that good you shut the fuck up and milk it for all its worth. Not take meetings with freshly graduated undergrads promising million dollar pay checks.

Insurance is bullshit always has been always will be...


Cliffs**

been there did it after school never ever going back.

[jtodd_fl]

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[David70]

I'm in sales and have been for about 11 years. B2B for heavy equipment. I am not interested in selling insurance or anything that I don't believe in. With our business there is a limited number of potential customers, I need them for the long haul so it is our best interest to treat them fairly and get repeat business. I like setting my own schedule, travel, etc. and talk to my boss maybe a couple of times a month, generally when I call him with issues. Business I am in takes a lot of technical knowledge (which is where I excel) and less schmoozing (which I am not good at).

A good way to really tell if it is a good job (regardless of what you will be doing) is to ask to talk to 3-4 people that do it and interview them. If everyone has been there a max of 1-2 years and/or tell you many bad things but virtually nothing good then you know.

If you don't have a job the risk is a lot lower as you don't have much to lose (at least if it is local).

[bimmerfrk]

Originally Posted by David70

I'm in sales and have been for about 11 years. B2B for heavy equipment. I am not interested in selling insurance or anything that I don't believe in. With our business there is a limited number of potential customers, I need them for the long haul so it is our best interest to treat them fairly and get repeat business. I like setting my own schedule, travel, etc. and talk to my boss maybe a couple of times a month, generally when I call him with issues. Business I am in takes a lot of technical knowledge (which is where I excel) and less schmoozing (which I am not good at).

A good way to really tell if it is a good job (regardless of what you will be doing) is to ask to talk to 3-4 people that do it and interview them. If everyone has been there a max of 1-2 years and/or tell you many bad things but virtually nothing good then you know.

If you don't have a job the risk is a lot lower as you don't have much to lose (at least if it is local).

Exactly finance to insurance sales.... come on, get your head right.

Op did your company not pay out bonuses this year or something? Don't dont it...

[BMW F22]

Originally Posted by bimmerfrk

Exactly finance to insurance sales.... come on, get your head right.

Op did your company not pay out bonuses this year or something? Don't dont it...

I just enjoy dealing with people and I wanna grow not only income but do something more active (dealihg with clients rather than sitting at a computer most of the time). I'm hungry man. Hungry for that growth.

[jtodd_fl]

Originally Posted by BMW F22

I just enjoy dealing with people and I wanna grow not only income but do something more active (dealing with clients rather than sitting at a computer most of the time). I'm hungry man. Hungry for that growth.

Don't ever say THAT in OT. Just saying. See my pic above. I don't know if insurance sales gets you out to clients a lot. I will let someone with more experience comment on that. Complex B2B sales drives a lot of interesting customer face time.

[M3 Number 86]

Originally Posted by BMW F22

I just enjoy dealing with people and I wanna grow not only income but do something more active (dealihg with clients rather than sitting at a computer most of the time). I'm hungry man. Hungry for that growth.

You don't deal with people in your current job? Finance is a general term. What do you do?

You prob won't be dealing with people except begging them to buy something in the first few years.

[BMW F22]

Originally Posted by M3 Number 86

You don't deal with people in your current job? Finance is a general term. What do you do?

You prob won't be dealing with people except begging them to buy something in the first few years.

Was a financial analyst/project management. Now a Sales Analyst. I deal more with people now in the sense that I support the sales team. However, I don't interact on a business level. Not sure if that makes sense?

[M3 Number 86]

Originally Posted by BMW F22

Was a financial analyst/project management. Now a Sales Analyst. I deal more with people now in the sense that I support the sales team. However, I don't interact on a business level. Not sure if that makes sense?

If you perform at a high level you can leverage that to move to the sales side. I'm good with relationships PLUS you'll get analysis in-house rather than depending on another team.

That way you can already bring heaps of knowledge and better insight as you are making deals - if that makes sense.

Which industry? Are you Sr level or mgmt level? I'd imagine that has business level interaction no?

[BMW F22]

Originally Posted by M3 Number 86

If you perform at a high level you can leverage that to move to the sales side. I'm good with relationships PLUS you'll get analysis in-house rather than depending on another team.

That way you can already bring heaps of knowledge and better insight as you are making deals - if that makes sense.

Which industry? Are you Sr level or mgmt level? I'd imagine that has business level interaction no?

That is along the lines of what I'm thinking too. Senior level now (but really that is just a title and it varies from company to company). For example, at some companies you can be a senior or manager with 3-4 years experience. At my previous place, it would take closer to 10 years AND you have to kind of play the corporate politics game (read: opps and who you know).

I was in the defense industry but it was slow to move up (among other things) in a huge company so I left. Now I'm in the semiconductor industry working for a smaller but very global company. They actually have a sales team here and the culture is different (less red tape). Like I said, I wanna be on the accelerated path. I'm soaking up as much as possible and learning here but I want to do more big picture stuff.

[imserious]

Originally Posted by sirdaft1

The sobering truth is that you will be hard selling life insurance to friends and family for the first 2-3 years. Many of these relationships will be soured. It's a matter of fact. And statistically, most agents on the ground floor level leave the industry within the first few years. They build their small book of business within their network of friends and family and once they leave, that book is inherited by a senior agent within the agency. That said, if you can GRIND for the first 3-4 years and prove yourself, it can become a very lucrative career.

This was always my impression of Life Insurance sales. They are interested in your friends and family, not you. Not really. Once you sell to all your friends and family and run out of contacts you leave and the seniors win. Not quite a pyramid scheme, but also not that dissimilar. I assume a few figure out how to make the system work for them.

I think Finance has far more predictable opportunities for stable growth.

If you did transition into sales, I would go explore B2B opportunities, not B2C.

[hanszilla]

Originally Posted by BMW F22

That is along the lines of what I'm thinking too. Senior level now (but really that is just a title and it varies from company to company). For example, at some companies you can be a senior or manager with 3-4 years experience. At my previous place, it would take closer to 10 years AND you have to kind of play the corporate politics game (read: opps and who you know).

I was in the defense industry but it was slow to move up (among other things) in a huge company so I left. Now I'm in the semiconductor industry working for a smaller but very global company. They actually have a sales team here and the culture is different (less red tape). Like I said, I wanna be on the accelerated path. I'm soaking up as much as possible and learning here but I want to do more big picture stuff.

Finance in semi conductor; sounds like high tech is the way for you to go. Have you considered ERP sales ? It's very a relationship heavy type of sales, a lot of interaction, and a lot of after sales service. Coming from a finance background it should be an easy transition for you and by reading your posts, I think (my own opinion here, feel free to correct me) that it would be a good fit for you as you can already understand the finance jargon, so all you would need to pick up is the product knowledge.

[MKSixer]

Originally Posted by BMW F22

That is along the lines of what I'm thinking too. Senior level now (but really that is just a title and it varies from company to company). For example, at some companies you can be a senior or manager with 3-4 years experience. At my previous place, it would take closer to 10 years AND you have to kind of play the corporate politics game (read: opps and who you know).

I was in the defense industry but it was slow to move up (among other things) in a huge company so I left. Now I'm in the semiconductor industry working for a smaller but very global company. They actually have a sales team here and the culture is different (less red tape). Like I said, I wanna be on the accelerated path. I'm soaking up as much as possible and learning here but I want to do more big picture stuff.

Here is my .02.

Stay put.

Me = Sales. Line Sales Management. Senior Sales Management. Director+ and VP with experience in two industries. Multiple awards as an individual contributor and in management. #1 Salesperson and #1 Team leader in almost every company I've worked at.

Leverage your analytical ability to become an exceptional sales person in your current industry. A sales person who is able to properly analyze more than what is going to happen in their given territory/area/region or whatever is worth their weight in gold.

Read for 1 hour per day about your industry. Again, read for 1 hour per day about your industry.

Learn your company inside and out.

Learn every MISTAKE that has been made by your company in the last 3 years as well as the competitors. Learn the causes, the implications, and how each mistake was managed and overcome.

Document EVERYTHING you do. Everything. From getting your car fixed to taking a crap, the job isn't done until the paperwork is finished. By doing this you will build an irrefutable legacy about your work.

GET A MENTOR. Find someone who has trod the path you wish to successfully traverse. They don't have to be in your company or industry but this is preferred. My current mentor is the former CEO of an international chemical company that you would recognize if I named it. Not in my industry.

Become a mentor to someone. By teaching, you learn.

Learn to be political in a corporate environment...this is my huge opportunity area. I have to work on it consistently.

Lastly if your aren't a hard charger, become one. I don't mean a jerk, I mean someone who won't become deterred by setbacks, strife, or just plain tiredness. Be indefatigable.

I hope this helps you. PM me if I can help you in any way.
Cheers-mk

[BMW F22]

Originally Posted by MKSixer

Here is my .02.

Stay put.

Me = Sales. Line Sales Management. Senior Sales Management. Director+ and VP with experience in two industries. Multiple awards as an individual contributor and in management. #1 Salesperson and #1 Team leader in almost every company I've worked at.

Leverage your analytical ability to become an exceptional sales person in your current industry. A sales person who is able to properly analyze more than what is going to happen in their given territory/area/region or whatever is worth their weight in gold.

Read for 1 hour per day about your industry. Again, read for 1 hour per day about your industry.

Learn your company inside and out.

Learn every MISTAKE that has been made by your company in the last 3 years as well as the competitors. Learn the causes, the implications, and how each mistake was managed and overcome.

Document EVERYTHING you do. Everything. From getting your car fixed to taking a crap, the job isn't done until the paperwork is finished. By doing this you will build an irrefutable legacy about your work.

GET A MENTOR. Find someone who has trod the path you wish to successfully traverse. They don't have to be in your company or industry but this is preferred. My current mentor is the former CEO of an international chemical company that you would recognize if I named it. Not in my industry.

Become a mentor to someone. By teaching, you learn.

Learn to be political in a corporate environment...this is my huge opportunity area. I have to work on it consistently.

Lastly if your aren't a hard charger, become one. I don't mean a jerk, I mean someone who won't become deterred by setbacks, strife, or just plain tiredness. Be indefatigable.

I hope this helps you. PM me if I can help you in any way.
Cheers-mk

So...would you like to be my mentor?

[BMW F22]

Originally Posted by hanszilla

Finance in semi conductor; sounds like high tech is the way for you to go. Have you considered ERP sales ? It's very a relationship heavy type of sales, a lot of interaction, and a lot of after sales service. Coming from a finance background it should be an easy transition for you and by reading your posts, I think (my own opinion here, feel free to correct me) that it would be a good fit for you as you can already understand the finance jargon, so all you would need to pick up is the product knowledge.

I will look into this. Thank you.

[MKSixer]

Originally Posted by BMW F22

So...would you like to be my mentor?

I'd be happy to discuss your career with you. Seriously.

[BMW F22]

Originally Posted by MKSixer

I'd be happy to discuss your career with you. Seriously.

I'll be sure to ping you and others with questions as they come up.

[jtodd_fl]

Originally Posted by BMW F22

I'll be sure to ping you and others with questions as they come up.

OK... I am going to be the dick here. Sorry in advance. The below response ignores things I recognize, like this is a conversation between randoms, but anyway... here goes.

As someone who manages a sales organization, this response is concerning. The number one thing we generally look for in people who want to be in sales is initiative. I like that you came here seeking advice. Smart move. But, MKSixer proactively offered to be a mentor or sorts. To "discuss your career". That was an extremely generous offer - ones time and knowledge are two of the most valuable things they have to offer. Your response was that you would ping him with questions as they came up. I am really not trying to be a jack hole here and please take this as constructive, but the response I would have loved is "awesome thanks, do you mind if I pm to set up a phone call" or something that actively drives this forward. He has demonstrated here that he is knowledgeable and successful and I would be that his insight could be highly valuable. Your response felt reactive and being prepared BEFORE you have questions and before any one else asks questions of you is a big chunk of successful sales. /rant

Anyway, please don't take this as an insult or anything. Take it as guidance for the future. I hire a lot of salespeople in high value sales and this is my observation on VERY limited information.

[BMW F22]

Originally Posted by jtodd_fl

OK... I am going to be the dick here. Sorry in advance. The below response ignores things I recognize, like this is a conversation between randoms, but anyway... here goes.

As someone who manages a sales organization, this response is concerning. The number one thing we generally look for in people who want to be in sales is initiative. I like that you came here seeking advice. Smart move. But, MKSixer proactively offered to be a mentor or sorts. To "discuss your career". That was an extremely generous offer - ones time and knowledge are two of the most valuable things they have to offer. Your response was that you would ping him with questions as they came up. I am really not trying to be a jack hole here and please take this as constructive, but the response I would have loved is "awesome thanks, do you mind if I pm to set up a phone call" or something that actively drives this forward. He has demonstrated here that he is knowledgeable and successful and I would be that his insight could be highly valuable. Your response felt reactive and being prepared BEFORE you have questions and before any one else asks questions of you is a big chunk of successful sales. /rant

Anyway, please don't take this as an insult or anything. Take it as guidance for the future. I hire a lot of salespeople in high value sales and this is my observation on VERY limited information.

No worries. Everyone is entitled to an opinion and I appreciate your comment. I wasn't going to reply to MKSixer's post but since he was so kind I did. Didn't have any questions at the time nor am I ready to go into sales ATM so I don't have anything I would like to discuss per se. When I do I will be sure to PM him and set up a call if he's ok with that. I really don't have to (and shouldn't) write down everything I'm thinking on internet.

[junx]

Interesting topic, in a similar situation myself. Currently work in financial advisory sales but want to try something else. Not really sure what else I can do with this kind of work experience ugh..