next generation?

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gusdelaney's picture
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Joined: 2007-02-07

My son will be graduating from college soon and is interested in getting into the business.  I have worked for thirty years on the retail side but wouldn't recommend that he start on that sie of the industry.  Any thoughts or suggestions on what avenues you would suggest if it were your sone or daughter?

Borker Boy's picture
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Joined: 2006-12-09

Law school

Soothsayer's picture
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Joined: 2005-02-24

Marry the son or daughter of an Edward Jones GP.

Ashland's picture
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Joined: 2007-03-06

gus - have him start as a pb at a bank that will get him licensed. He can transition into the professional sales role down the road with a process, the ability and comfort to talk to people, and a knowledge of where the money is w/n 2 - 3 yrs. If he's not going to make it because of some reason, that will become immediately apparent in that role, but the consequences are not significant. He also gets good benefits, etc.

The truth is that we have 90% of the products, 80% of the technology & 100% more trust of our clients at the bank.

deekay's picture
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Joined: 2007-05-15

If he is interested in sales, have him sell pharma, copiers, whatever.  The pipeline he can bring in once he feels ready to become a rep will put him miles ahead of the recent college grad.  Plus he can learn important sales skills that he may not pick up once he becomes a rep.

BondGuy's picture
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Joined: 2006-09-21

Gus, I agree that your son should get sales experience first, then go right to the retail side with one of the majors or super regionals. As posted, bags sales (copiers etc) will give him the aggressive training and experience selling a tangible product that will give a huge advantage once he moves into this business. Who knows, maybe he'll find an alternative career that he enjoys. In addition to copier sales, medical devise sales and Pharma sales are other high end sales careers. The goal here is for your son to gain experience as well as develope a track record of success. Even if he sold cell phones or cars, a successful verifiable performance record would show that he can close the deal. That will go a long way in preparing him for this career.
 
As for going the bank route, if his goal is to move to the retail side at a major, I'd not go this route. Right or wrong, the majors look down at the bank side. Regardless of how successful your son is at a bank it will do little to impress the management of SB, Merrill, Wach, or MS. On the other hand, if he's successful at a bank why move?

henryhill's picture
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Joined: 2007-08-23

mutual fund internal wholesaler.  Great job for a young person out of school

Morphius's picture
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Joined: 2007-07-21

gusdelaney wrote:My son will be graduating from college soon and is interested in getting into the business.  I have worked for thirty years on the retail side but wouldn't recommend that he start on that sie of the industry.  Any thoughts or suggestions on what avenues you would suggest if it were your sone or daughter?Why wouldn't you recommend it?

NOFX's picture
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Joined: 2006-09-22

As for going the bank route, if his goal is to move to the retail side at a major, I'd not go this route. Right or wrong, the majors look down at the bank side. Regardless of how successful your son is at a bank it will do little to impress the management of SB, Merrill, Wach, or MS. On the other hand, if he's successful at a bank why move?
 
Can't agree with you on that one BondGuy.  My office lost 4 guys (from BAC) to SB in the last 12 months; 2 got $1mm+ and two got $500k+

badmove?'s picture
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Joined: 2006-06-10

But did they bring any assets?
Tough to get a big check then do no biz.

wickedriley's picture
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Joined: 2008-01-07

Gus, I would also entertain having him check out some smaller RIA firms.  While it may not appeal quite as much to him as the big firms at his age, I learned more in a year there than I did anywhere else just because you are involved in some many different parts of the operation.  It is certainly baptism by fire, but I didn't view that as a bad thing.

Morphius's picture
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Joined: 2007-07-21

Gus,I find it very bizarre that you would be against your son going into retail and also be unwilling to clarify your reasons why.More silence, or are you ready to come clean?

gusdelaney's picture
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Joined: 2007-02-07

In my opinion the business is dying.  The market is glutted and the conflicts of interest and regulations are killing it.  When I started it was a people driven business the prized relationships, now it is just an asset grab.....grab the assets, dump them with a money manger and move on to the next prospect. 
 
Just think how many good people you have known along the way who were kicked to the curb or squeezed out when it was convenient for the firm.  There is no loyalty and no friendship.....watch your back at all times...never relax.....neveer stop to enjoy the fruits of your labor, every person oyou meet is a potential client.......

Morphius's picture
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Joined: 2007-07-21

gusdelaney wrote:In my opinion the business is dying.  The market is glutted and the conflicts of interest and regulations are killing it.  When I started it was a people driven business the prized relationships, now it is just an asset grab.....grab the assets, dump them with a money manger and move on to the next prospect. 
 
Just think how many good people you have known along the way who were kicked to the curb or squeezed out when it was convenient for the firm.  There is no loyalty and no friendship.....watch your back at all times...never relax.....neveer stop to enjoy the fruits of your labor, every person oyou meet is a potential client.......Thanks for clarifying your thinking, gus.This really isn't the time or place to debate your beliefs abut the business, other than to say they certainly represent an extremely cynical and fatalistic view.  Dying?  Killing it? Wow.  Obviously you've had some very negative experiences, and it sounds like it's ongoing.  My first reaction is to tell you that - despite plenty of frustrating developments in the industry as a whole - there are many. many people who LOVE their work.  Have you considered changing firms?  There are plenty of different firms & cultures out there.  Maybe one is a much better fit for you.Second, why not arrange a few lunches for your son with several people you know in the business who you consider good folks.  Ask them to give your son their honest opinions, good and bad.  Help him learn how to do some due diligence to make informed decisions.  As the father of a young adult, I've learned they're going to do whatever they decide to do anyway, so hopefully I can help them make informed decisions rather than simply go on their gut.  For some reason they also seem to listen to outsiders more than they do their old man, who we all know is as dense as a two by four!Good luck, gus, for your son and yourself.  Carpe diem!!

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