It's been over a year since I left so I have had time to gain some perspective and let the dust settle. This was the first job I have ever quit.
Here is what I feel an prospective "employee" of FC needs to know:
For the first year (they push for sooner than that) you are an employee of the First Command corporation. Then once you "go independent" you are now an independent who works with First Command, gets support and software (both are excellent by the way) from First Command, does things the First Command way, sells to who First Command wants you to sell to, gets money from First Command etc. But....you do not work FOR First Command so your paycheck does not have any taxes taken out, you have to provide your own benefits package, pay your own office rent, supplies, etc. (minus a small stipend based off of performance and the whim of your District Advisor-who interestingly is also an independent contractor even though the company expects them to fly up to home office constantly to conduct training, etc.), pay for your own office assistant, advertising (although it has to be within strict rules), attended mandatory training events, etc. I point this out because asking around to friends in other firms you are an employee of that firm with all that carries. FC saves itself endless expense although in their defense they claim this allows them to pass the maximum amount of compensation on to you.
Here is the challenge with all of that. With normal firms, if you start a client, you keep that client unless there is some reason for them to decide to change advisors. You build up a stable of clients and wealth under management and all those years of struggling pay off in the long run. With First Command, they want their clients to always have someone face to face (which to be fair, is an excellent model for taking care of their clients). That means you start the client and when they move (and their clientele is military so they almost ALWAYS move) you lose that client. Gone. With the assets you brought in. If you are by a large base, you have enough clients moving in to make up for the ones moving out. If you work at a small base or a base with high turnover (like a training base without many permanent personnel), you will start a ton of clients, get great praise heaped on you by the home office for your New Clients Created, and make other advisors down the road rich when the client moves on, meanwhile you struggle to keep up with your goals that First Command directs towards you which are always going up.
If you are not a sales person, do not hire on (this is true of most Financial Advisors I would bet). 90% of your job is convincing people to buy what FC has to offer. The 10% that is actual financial management you will pick up quickly and the vast array of software and home office expertise and eight layers of Compliance will make sure you do a good job at it.
