Remember when everybody wanted to be a Financial Advisor

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American Flag's picture
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So now young people don't want to be Advisors? Remember when everyone wanted to be one? http://www.csmonitor.com/Business/The-Reformed-Broker/2010/0829/Why-the-kids-don-t-want-to-be-financial-advisors

BigFirepower's picture
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Less competition going forward, is a good thing. The barrier to entry is mind boggling. The next bull market will eventually change that, but that's not going to be for at least 5 yrs or so. By then, I'll be nearly 25 yrs in, and growing by acquisition. In the meantime, do the right thing for clients, manage risk, get referrals, expand the social network, keep expenses and expectations low...

tenthtee's picture
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Excellent topic and link. Being an FA is like being a farmer - if you're a small shop, you have to be smart and diversify and be patient ( grain, chickens, your own vegetable plot to trade at the farmer's market in the city).It's best to learn from an existing producer.   Big grain producers are more subject to boom and bust, and the whims of: weather, overproduction, who owns the railroads, controls the capital and the futures markets,  the reputation of tainted eggs and beef, and so on. You can just walk in a get a job driving tractor or picking fruit. For those with talent, it's hard to find a level playing field. The things that make it uneven come from both government and big business. There's still a bright future for the small guy, and a lot of the satisfaction can come from being small and being in control of your own life. In general, Americans need to start figuring out how to own the land, the means of production.

Greenbacks2's picture
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Interesting. Thanks for sharing.  

gethardgetraw's picture
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Joined: 2009-10-22

why this job is a ton of fun

tenthtee's picture
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Question: is everyone who is affiliated at a b/d insurance licensed? ( Life, disability, long term care, annuities?)I'm going somewhere with this question  for new reps.

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B24
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tenthtee wrote:Question: is everyone who is affiliated at a b/d insurance licensed? ( Life, disability, long term care, annuities?)I'm going somewhere with this question  for new reps. No. There is no requirement to be insurance licensed (unless your B/D wants you to be).

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B24
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BigFirepower wrote:Less competition going forward, is a good thing. The barrier to entry is mind boggling. The next bull market will eventually change that, but that's not going to be for at least 5 yrs or so. By then, I'll be nearly 25 yrs in, and growing by acquisition. In the meantime, do the right thing for clients, manage risk, get referrals, expand the social network, keep expenses and expectations low...It's a good point.  But I disagree with the premise of the article.  Just look at the literally THOUSANDS of FA trainees that pass through the doors of B/D's every year.  Unfortunately, maybe several hundred per year make it past a few years.  The problem is not the DESIRE to become an FA, it's Wall Street's entire method for recruiting, training, and developing the new talent.  OK, partnerships, sunset programs, Jones "Goodknight Plans", and other partnering-type programs have helped somewhat.  But it is one fo the few professions/sales jobs in the world that operates the way it does (no client base, no "territory", and literally hundreds of thousands of other competitors).  Think of it this way...how many professional sales people would take a job selling something where there was not some sort of baked-in buyer/territory/client base, and where your primary customer is not even a business?  It's insane.  When (if) the big B/D's ever figured out hwo to really keep their talent and bring them along, the industry would be VERY different.

jackofalltrades's picture
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 I get trainees in my office every week, after they go through 2 interviews, then I meet with them. I go through everything w/ them (ie: potential, requirements, the good bad and the ugly)... It seems more and more they don't last a week if even that.I am talking about people that 2 days earlier said, "This is what I want to do, I have been wanting to do this since I was a little kid. Please give me a chance, oh Please...!"  I am not kidding, people begging and then a week later...no shows, they call and say they are going back to school, working for their Dad, some excuses are worse. When I got into this business I practically paid a firm to let me work there....  There is little to no respect for our business from these morons out of college, and the work ethic of the new genreation is pitiful... "I have a college degree pay me 60k a year. BTW what is prospecting...?"

American Flag's picture
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It's not that no one that wants to be a Financial Advisor, but there is less interest than there used to be. My guess is that it is the gloomy outlook for the stock market and the future that is holding people back. And it is probably tough to get started right now.Here is another article:http://blogs.wsj.com/financial-adviser/2010/08/17/edward-jones-has-trouble-with-growth-goals/Seems Edward Jones is having trouble finding new people to run into the machine gun fire.

Greenbacks2's picture
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B24 wrote:BigFirepower wrote:Less competition going forward, is a good thing. The barrier to entry is mind boggling. The next bull market will eventually change that, but that's not going to be for at least 5 yrs or so. By then, I'll be nearly 25 yrs in, and growing by acquisition. In the meantime, do the right thing for clients, manage risk, get referrals, expand the social network, keep expenses and expectations low...It's a good point.  But I disagree with the premise of the article.  Just look at the literally THOUSANDS of FA trainees that pass through the doors of B/D's every year.  Unfortunately, maybe several hundred per year make it past a few years.  The problem is not the DESIRE to become an FA, it's Wall Street's entire method for recruiting, training, and developing the new talent.  OK, partnerships, sunset programs, Jones "Goodknight Plans", and other partnering-type programs have helped somewhat.  But it is one fo the few professions/sales jobs in the world that operates the way it does (no client base, no "territory", and literally hundreds of thousands of other competitors).  Think of it this way...how many professional sales people would take a job selling something where there was not some sort of baked-in buyer/territory/client base, and where your primary customer is not even a business?  It's insane.  When (if) the big B/D's ever figured out hwo to really keep their talent and bring them along, the industry would be VERY different.Well said!

gethardgetraw's picture
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great article. there are also good comments if you click "show comments" at the bottom. ive been doing this for a couple years, and right out of the gates i said to myself... wow... why are there SO MANY ADVISORS. if you drastically cut the number of advisors, nationwide & firmwide, investors would be walking in the door. they'd return your phone calls. they'd actually follow up on the literature you sent out last week. i mean jesus, hair salons have a great demand than financial advisors do. they're cutting hair yet generate a ton more phone calls and walk ins, yet we're managing peoples' nest eggs.  its a funny business.

BigFirepower's picture
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GHGR, I remember when I started my career, up in Alaska. One of the Sr. guys, said that when the office was opened in the early 80s, people would get in the elevator, ride up to the top floor with a check. There was a time, in the early 80s, when indeed there were a limited number of reps. The worst I've seen in this biz, was in the late 90s, when I began to wonder if 7-11 wasn't about ready to start licensing their clerks.  In 2002 the head count began to really shrink, as folks just couldn't hang on any longer, and real estate instead was the magical way to make money. Those job hoppers went from securities, then real estate.... Now, I wonder where those follow the money types will go next? After the 2003 National Do Not Call list came into play, I'm not sure why any firm bothered with the typical trainee program? The only real, and logical way for our business to grow in a responsible scale, is the Sr./ Jr. model. IMHO, I think Ed Jones does itself a huge disservice in hiring too many reps, and creating a culture of more failed reps, than successful ones. My only knock on Jones.   

gethardgetraw's picture
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oh i absolutely agree with the sr./jr. model. thats the way it should be done. think of the selection for that position too. you'd get to hire only one person for the jr. role. when the sr. retires, the jr. should be a perfect match for replacement. and the cycle continues.  - btw, this is NOT a goodknight replica. a goodknight is usually a slap in the face. you get the worst possible clients and higher expectations, then you have to live like you were GIVEN something. that's the worst.  there are plenty of us who have been hired lately who are great fits for this industry. it's the business model that's broken.  come to think of it, the model is broken for the advisors. not the GPs. the model is very profitable for the firm. its a green machine.

tenthtee's picture
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Are new Jones reps insurance licensed? And what about new hires at Merrill, for example? Maybe this is the area where our industry is failing to build the next generation. If you are going to call yourself a financial advisor, and can't sell insurance when you start out, how are you going to feed yourself?

BullRunt's picture
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ML requires all incoming FAs to get licensed in insurance and securities.

tenthtee's picture
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About how much insurance do new ML or other b/d FAs sell, as a percentage of first year GDC production?

BullRunt's picture
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I've sold one VA that represented about 2% of my 1st yr PCs.  Other than that I havn't done any insurance work and I do not know many if any at my level doing insruance selling.  ML's training pushes annuitized business in the form of MFA, MLPA, PIA (if partnered).  I just do not feel comfortable enough to sell an insruance product  without the help of a sr fa, and the VA happened because the client wanted guaranteed income for life and rates of return were not an issue, I sold peace of mind.

tenthtee's picture
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Right, and the Sr. FA likely could care less about insurance, with some notable exceptions. This is where new advisors are being screwed out of the industry. Being screwed, or screwing themselves out. We can all likely share some blame on our attitude about the importance of insurance, on many levels.So thanks for your honesty, Bull. But let me ask you, how can you call yourself a financial advisor is you are uncomfortable with insurance? I don't mean that personally - learning this biz is like trying to drink from a fire hose. I'm just saying, the "victims" are first the client, second the FA.What  happened was, the industry got fat and lazy, picking up money when it was easy. And now, insurance it is obvious for many reasons that insurance is the key, starting with core financial planning (service) competencies.

tenthtee's picture
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To use the analogy of deer and hunting, you have an entire herd down a path, and at the end only a few deer remain. In fact, some of the trainers are actually shooting at the deer pack and eating the trainees. From the main path, there are little deer paths that penetrate deep into the woods. The best survival tactic is to get off the main path as soon as possible.This happens to be good for both you and your clients, not so good for the hunters. That is why it is called the thundering herd, but lately it is seldom heard from - you have to think outside the box.

BullRunt's picture
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I completely agree with your point.  As an FA a wholistic apporach is a neccessity and as of right now, I fill the role of a stock broker with an FA title.  I am taking courses toward my CFP which are at least giving an idea of the financial planning process.  But what I do not feel comfortable doing, I make sure to ask "experts" or at least people who know a lot more than me.  I embrace the idea that I do not know everything but with more experience I am hoping to better serve my cleints.  The problem is the training.  All of you have hit it on the head, this is an act now, think later industry and b/d's are licensing people and telling them to sell now, think about advising later.  It's a sink or swim industry and while i'm all for weeding out bad seeds, non-producing/lazy FAs, there needs to be more of a apprenticeship mentality.  With that type of model, new hires would be more successful in the long run because they will have a better understanding of the products they are selling.  My two cents and no offense taken.  I know i'm new and have more to learn.

tenthtee's picture
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You have to take some responsibility, too. The problem is, you're flying a very high powered shuttle and it takes a flight plan, and a heck of a lot of courage to think for yourself. The goal is to the place  the shuttle in low earth orbit. As for technical knowledge, just in time learning is better than just in case, so you are right to rely on help. You already have the necessary tools and training and resources. This is about being smart, there are a few specific things you can do to take control, very quickly. This is the perfect time of the year, and the environment is ripe, but you have to execute. I have some ideas, and so do others here, we all know what to do.

tenthtee's picture
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It will involve selling some insurance, which is the single best way to leverage your GDC, fast. Management will be thrilled if you start producing insurance, and will likely give you the freedom to execute. This will be in the best interest of your clients, who are crying for a wholistic approach to personal financial security. I'm not talking about annuities.

American Flag's picture
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gethardgetraw wrote:ive been doing this for a couple years, and right out of the gates i said to myself... wow... why are there SO MANY ADVISORS. if you drastically cut the number of advisors, nationwide & firmwide, investors would be walking in the door. they'd return your phone calls. they'd actually follow up on the literature you sent out last week.There are so many advisors because there are very low barriers to entry. Two months study for a Series 7. A couple days for a Series 6.Financial Advisors are sort of the opposite of Doctors. Doctors need first to get into Medical School, then eight more years of schooling after college. And the AMA limits the number of Doctors. 

American Flag's picture
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BigFirepower wrote: The worst I've seen in this biz, was in the late 90s, when I began to wonder if 7-11 wasn't about ready to start licensing their clerks.   No joke - do you remember when Wall Mart was talking about selling mutual funds?

BigFirepower's picture
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I guess the hiring practices aren't going to change, until the cost/benefit goes negative. Somehow, the average amount of new accounts and assets that failed brokers bring in, justify the costs. Trouble is, the consumer doesn't like it, and all parties would be better off with jr reps having the umbrella of a sr rep working the background. 3 yrs later, the jr rep gets to take off with a survivable amount of aum, and the sr can have a new jr.  This discussion about insurance... I have seen the push over all these years. Most insurance is sold abusively, and the customer knows even less about the product than the clueless rep. The big banks want 10% annual production from this area, devote typical half meeting times to the subject, and then get cute with payouts. They wonder why it fails.... Every major bank bd requires insurance licenses. I could write a term paper on this subject...

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B24
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One of the inherent problems with our industry and the Sr./Jr. model is that currently most firms treat their FA's as if they own their business, so they can't "force" them to partner.  Yes, it's often best for them, but you can't hire trainees "hoping" that some senior partner decides to bring them on, and you can't leave it up to the FA's to recruit their own, because it's simply not their job (unless they are really building a good internal practice).  That's why the wirehouses push partnerships so much, and firms like Jones push "Goodknights" so much.  The dynamics of our industry are just not conducive to a perfectly linear growth model.  It's like a shootin' range.  But I have always firmly believed that the industry should mandate a salaried apprentice period (say three years) like the CPA world.  Until you complete that, you don't earn your stripes to conduct solo business.  That would improve the retention, improve client service (more knowledgable advisors), and increase barriers to entry. 

tenthtee's picture
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BigFirepower wrote:I guess the hiring practices aren't going to change, until the cost/benefit goes negative. Somehow, the average amount of new accounts and assets that failed brokers bring in, justify the costs. Trouble is, the consumer doesn't like it, and all parties would be better off with jr reps having the umbrella of a sr rep working the background. 3 yrs later, the jr rep gets to take off with a survivable amount of aum, and the sr can have a new jr.  This discussion about insurance... I have seen the push over all these years. Most insurance is sold abusively, and the customer knows even less about the product than the clueless rep. The big banks want 10% annual production from this area, devote typical half meeting times to the subject, and then get cute with payouts. They wonder why it fails.... Every major bank bd requires insurance licenses. I could write a term paper on this subject... This is a pretty broad brush and moves away from what I think is an important concept for newer FAs trying to survive. . Are you insurance licensed and do you sell or make recommendations on insurance?

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Tenth, yes, I'm insurance licensed since 94. I've done term, annuity, and second to die estate planning cases in the past. Insurance is a portion of what a good FC provides their client, but I've seen more abuse in the area of insurance compared to the entire combined other element of what we do. I worked for a big bank that before they failed, was one of the largest annuity sellers in the nation. Again, I could literally write a book on the subject.  Most of the abuse I saw was from the annuity side of things, but I also saw later how those abusive annuity practices were being mined into opportunities to convert those funds into life policies. The second part, was to make up for the "mistake" of owning an annuity...   Again, I'm not saying that all insurance is bad, just that most folks doing it that I've seen, use it primarily for the generation of large tickets, a way to fuel their ambitions to be #1 at said firm, or the region they work in. Having now spent a fairly long time in this biz, and seeing the results from what these policies do, I'd say that most folks have been grossly overpromised and under delivered in the hands of retail insurance vendors.

tenthtee's picture
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Agreed.Bull, what is your GDC payout percent on the sale of a disability income policy for a small business owner?What % on sale of a long term care policy?And what is the amount of GDC on the sale of $100,000 permanent insurance (not variable) to a 35 year old male? The amount that shows up in your pay check?

tenthtee's picture
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 guess the hiring practices aren't going to change, until the cost/benefit goes negative. Somehow, the average amount of new accounts and assets that failed brokers bring in, justify the costs. Trouble is, the consumer doesn't like it, and all parties would be better off with jr reps having the umbrella of a sr rep working the background. 3 yrs later, the jr rep gets to take off with a survivable amount of aum, and the sr can have a new jr. Competition is a beautiful thing. I think small independents like me are figuring out how to take some of their lunch. It has to do with teaching Jr. how to satisfy all of the clients needs, it is the new financial planning hybrid and it has little to do with big business, big overhead, and big egos. Competition is already taking the c/b negative, that's why wirehouses are going to teams, which is positive. And wirehouses better figure out that things like personal, portable disability insurance and the right combination of portable term and permanent insurance, and long term care protection, don't stink as bad as they think, especially when you are learning the business. Or they can just leave the door open for somebody else.

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B24
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Tenth Tee,  What is your obsession with insurance all of a sudden?

BigFirepower's picture
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Tenth, as far as payouts go, you'll get a kick out of this. SP Life policies, were being paid out at 5% at the bank. I clearly knew that the GDSC was really 8% if not 10%. Later, after zippo results, they raised the payout from 5 to 7%. Our company put so much marketing and training support behind insurance, I joked that it was equivelent to a football coach creating the concept of winning by focusing on safeties.  Tenth, I am getting an idea of what you do, and I'm impressed. You sound like a real "thinker", and I like that. I'm sure the insurance stuff you do makes sense for all parties. You probably run circles around your immediate competition.   

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Tenth Tee,  What is your obsession with insurance all of a sudden?LOL.

tenthtee's picture
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Tenth, I am getting an idea of what you do, and I'm impressed. You sound like a real "thinker", and I like that. I'm sure the insurance stuff you do makes sense for all parties. You probably run circles around your immediate competition.   Thanks, Big I'm going to be honest and say, I've gotten a bit fat and stupid and say, I'm taking an honest look at myself and getting fired up for fall. That answer your question, B?Plus, I was ready to go RIA a couple of years ago, before the crash. Which one?I have been giving insurance a run for it, before I give up the licenses. I like what I see.As far as philosophy, I see the market forces bringing a confluence of some mighty fine factors that make it totally ironic that young people would be bailing the industry now. And that young man better get back to me with the GDC numbers, otherwise I will mistake him thinking he is above doing what is right for his clients and himself. I have so many ideas for you, Jr.,  you won't be able to implement them all.

tenthtee's picture
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Newby hint: what is the point of being a registered representative if you can't earn some reasonable commission up front? At least enough to pay back the training costs?With regard to developing our book and talking to certain prospects, but also for yourself:What is the most significant employment trend in America? (Self employment.) What is your most valuable asset? (Your ability to earn an income.)What is the most important thing to you? (Get up every day and make a good effort, and know that as long as I make a good effort, my family will be okay.)What is the biggest threat to your peace of mind every day? And so on.You need to block out some time and bear down on insurance a little. You can still sell term, and build a meaningful program around your corporate employee clients. If you are young, you need to mirror the real needs of your clients. That is called marketing.Marketing is also blocking out some time to bear down on a little specific product knowledge, and planning specific time out of the office to match that solution to real needs. The problem with our business is, we've all been trying to take shortcuts, and now that things are tough, it's no fun treading the beaten path like a deer to slaughter. We have to increase our knowledge and value proposition, have more fun, and make more money. We could help each other here, and it is precisely because we are registered reps, most fully licensed up, that we can help each other have a renaissance of sorts. It can happen here.

tenthtee's picture
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Tenth, as far as payouts go, you'll get a kick out of this. SP Life policies, were being paid out at 5% at the bank. I clearly knew that the GDSC was really 8% if not 10%. Later, after zippo results, they raised the payout from 5 to 7%. Our company put so much marketing and training support behind insurance, I joked that it was equivelent to a football coach creating the concept of winning by focusing on safeties. Speaking of football and NBA season, that focus and payout remind me of certain programs that were recruiting top talent and them letting them smoke pot and party all the time (building big facilities and bragging) - not walking the talk. Other teams just bear down with good old fashioned discipline. If you get my drift ( pun intended).My own take on the industry is, just like social security other entitlements (like government worker pensions, Jr. broker buyouts) - you have the boomers as me generation, and it is encumbent on the young people to cut through the smoke and find the path, not just step behind the guy in front of them. I would take on the right apprentice right now and pay a small stipend, but I'm not going to spend five hundred bucks to advertise that on the internet.

tenthtee's picture
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Bull, do the #s. The minimum for any small insurance sale should be about $1000 in commission. Assuming you don't want to sell A shares at breakpoint, ( who knows if A shares and C shares will be around in a few years) - a small insurance sale is equal at least to 100k in wrap in year one. If you sell a policy, you get at least some cash assets, anyway. Therefore, your minimum client size should be one small insurance sale, or $100,000 in Aum. Either way, you need to penetrate the account, and that means you need to evaluate and seriously discuss all needs. You need to have high standards ( " I am very concerned that you are unwilling to protect your ability to earn an income or bonus, while the investing can be some fun, we need to take care of basics. What are your thoughts.") ( " You have six times salary coverage at work, and if you choose to leave your job or are laid off, you could keep that coverage but the premium will skyrocket. You will be forced to drop that coverage, unless you are really sick right when you leave your old job. We can buy $250,000 20 year term to give you some portable insurance, but you need something for when that runs out, because I can tell you from experience, that final day of your life that you are going to want permanent insurance is not going to fit neatly into that time frame. Here is the illustration and application for $250,000 of permanent insurance, not the hokey investment kind with high internal fees, but the kind that keeps a fixed value of cash and is designed to be permanent, not really as an investment vehicle."And so on.)If you happen to make a few thousand bucks on insurance, and only move fifty k, that okay too. Since you're a real live broker, you can even start by talking about sexy investments, and move into the really important stuff that everybody loves to hate. If you training sucks, you are doomed to fail. This is financial planning 101.

American Flag's picture
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I am assuming the number of financial advisors has decreased over the last several years.But so have the total assets being managed by advisors..I would be curious if the ratio of assets divided by the # of financial advisor has increased or decreased? I'll bet there are more advisors on a per asset basis today than there were several years ago.

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Agreed, but this is probably always the case.  The same veteran brokers that have been in the biz 15-30 years just keep inheriting assets.  I know several wirehouse brokers that are in their 60's that seem like knuckleheads and barely work, yet have $150mm+ in AUM.  Right place, right time, and simply outlasting the other guys.

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And incidentally, this is why someday big RIA firms will begin to eat wirehouse's lunches.  Too many clients are just orphaned clietns in the wirehouse world.  In the RIA world, nearly every client was "earned" and "chosen", and most of these firms have strict service procedures, including not having more clients per-advisor than they can handle.  I think the RIA model is a much better model.  Many of these firms have salaried CFP's as advisors/relationship managers to the clients, and then there are the investment guys in the background.It's actually a good concept.  Make 125K to be a relationship manager/planner, but not have to worry about prospecting, learning all the investments, closing, etc.  Strictly service clients.  Pretty good career path for the non-sales types.

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I can see your point. As an independent with my own office, I have to wear all the hats (except administrator and office manager). So that means marketing, sales, technology, and money management. There are times I have wistfully thought of what it must be like to be on a team. At Jones, they do everything except for the selling. But at Jones, you are still on your own really. 

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It's all about quality of life. As an independent, you can maintain control and not have to sit through BS meetings and pretend like you are interested in things you hate. I can't think of any other business where you can invest your own labor and annuitize it so efficiently, with so little capital investment. For most, that requires being solo - when you get wistful, go do something fun with your friends (like, fishing on Monday morning). The Jones model is super intelligent, it's just that you can make the same amount of money by having a part time assistant, lower overhead, and working half the time. You don't get to pay the taxes on going to a big free trip with a bunch of other geeky financial advisors. It took me a long time to admit, I'm a geeky financial advisor, not very exciting, but good for living in a beautiful place surrounded by nature, cities and technology. Still the #1 career in my book. You get to help people, and help yourself. First figure out, WDYWFY? (What do you want for yourself?). I was promised, years ago, if I made the investment, I would have my freedom. That was half truth and half lie. Since you are paid to carry the worry of the market by your clients, you are never free. Since you are trained and experienced and are special person (born to do this career, and blessed to have discovered it), after you make the investment and if you are smart and lucky and a good captain of your own ship, you are free to explore the universe of thought and action in a way few are ever blessed. Don't forget to enjoy the last days of summer 2010.

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tenthtee wrote: Still the #1 career in my book. You get to help people, and help yourself. First figure out, WDYWFY? (What do you want for yourself?). I was promised, years ago, if I made the investment, I would have my freedom. That was half truth and half lie. Since you are paid to carry the worry of the market by your clients, you are never free. Since you are trained and experienced and are special person (born to do this career, and blessed to have discovered it), after you make the investment and if you are smart and lucky and a good captain of your own ship, you are free to explore the universe of thought and action in a way few are ever blessed. Don't forget to enjoy the last days of summer 2010.  Great post!

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I'll second that, yes, great post tenth. Hey, come on, remember how easy this all was back in 2006? Easy meant tough times ahead, and now, the tough part will pave the way for the future career we want to have. For me, I'm just like tenth, and the value of free time is at least as appealing as making more money.  I went independent not just the right time, I actually picked the exact day. For others that wonder "when?", you'll know.  

Jennifer Nettles's picture
Joined: 2010-03-01

BigFirepower wrote:Tenth, yes, I'm insurance licensed since 94. I've done term, annuity, and second to die estate planning cases in the past. Insurance is a portion of what a good FC provides their client, but I've seen more abuse in the area of insurance compared to the entire combined other element of what we do. I worked for a big bank that before they failed, was one of the largest annuity sellers in the nation. Again, I could literally write a book on the subject.  Most of the abuse I saw was from the annuity side of things, but I also saw later how those abusive annuity practices were being mined into opportunities to convert those funds into life policies. The second part, was to make up for the "mistake" of owning an annuity...   Again, I'm not saying that all insurance is bad, just that most folks doing it that I've seen, use it primarily for the generation of large tickets, a way to fuel their ambitions to be #1 at said firm, or the region they work in. Having now spent a fairly long time in this biz, and seeing the results from what these policies do, I'd say that most folks have been grossly overpromised and under delivered in the hands of retail insurance vendors. dude  stfuyou are so gd annoying.just ignore you?  right.  i cant.  you're such tool....i cant stay away.   i cant not read one of you're fukcing retarded, self serving, i think i'm the man no nothing transparent retarded posts.fubig   fire   power.   wow   i get it.      you're a big, big stockbroker man.    lots of big firepowerright?   big big firepowerbig tool 

Jennifer Nettles's picture
Joined: 2010-03-01

BigFirepower wrote:Tenth, yes, I'm insurance licensed since 94. I've done term, annuity, and second to die estate planning cases in the past. Insurance is a portion of what a good FC provides their client, but I've seen more abuse in the area of insurance compared to the entire combined other element of what we do. I worked for a big bank that before they failed, was one of the largest annuity sellers in the nation. Again, I could literally write a book on the subject.  Most of the abuse I saw was from the annuity side of things, but I also saw later how those abusive annuity practices were being mined into opportunities to convert those funds into life policies. The second part, was to make up for the "mistake" of owning an annuity...   Again, I'm not saying that all insurance is bad, just that most folks doing it that I've seen, use it primarily for the generation of large tickets, a way to fuel their ambitions to be #1 at said firm, or the region they work in. Having now spent a fairly long time in this biz, and seeing the results from what these policies do, I'd say that most folks have been grossly overpromised and under delivered in the hands of retail insurance vendors. dude  stfuyou are so gd annoying.just ignore you?  right.  i cant.  you're such tool....i cant stay away.   i cant not read one of you're fukcing retarded, self serving, i think i'm the man no nothing transparent retarded posts.fubig   fire   power.   wow   i get it.      you're a big, big stockbroker man.    lots of big firepowerright?   big big firepowerbig    big bigmaybe you could print us a manual.   BIG BIG firepowers manual to be a big big stockbrokerdbag    b me 

BigFirepower's picture
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Joined: 2010-07-09

Jenni Poo, it's clear you got the hots for me. Babe, I sold my soul to the Devil, long before you heard my name...

BigFirepower's picture
Offline
Joined: 2010-07-09

Jeni, all that talk about Tool... Thought this song fit you to a T...  ToolAenima (1996)Hooker with a Pen#sI met a boy wearing Vans, 501s, and aDope Beastie t, nipple rings, andNew tattoos that claimed that heWas OGT,From '92,The first EP.And in betweenSips of CokeHe told me thatHe thoughtWe were sellin' out,Layin' down,Suckin' upTo the man.Well now I've got someA-dvice for you, little buddy.Before you point the fingerYou should know thatI'm the man,And if I'm the man,Then you're the man, andHe's the man as well so you canPoint that f#ckin' finger up your ass. All you know about me is what I've sold you,Dumb f#ck.I sold out long before you ever heard my name.I sold my soul to make a record,Dip shit,And you bought one.So I've got someAdvice for you, little buddy.Before you point your fingerYou should know thatI'm the man,If I'm the f#ckin' manThen you're the f#ckin' man as wellSo you canPoint that f#ckin' finger up your ass.All you know about me is what I've sold you,Dumb f#ck.I sold out long before you ever heard my name.I sold my soul to make a record,Dip shit,And you bought one.All you read andWear or see and Hear on TVIs a productBegging for yourFat@ss dirtyDollarSo...Shut up andBuy my new recordSend more moneyF#ck you, buddy.  Jenni, thanks for playing. Tool...

Jennifer Nettles's picture
Joined: 2010-03-01

BigFirepower wrote:Jenni Poo, it's clear you got the hots for me. Babe, I sold my soul to the Devil, long before you heard my name...babe?     why dont you tell us how long you have been in the biz again?  

Jennifer Nettles's picture
Joined: 2010-03-01

BigFirepower wrote:Jeni, all that talk about Tool... Thought this song fit you to a T...  ToolAenima (1996)Hooker with a Pen#sI met a boy wearing Vans, 501s, and aDope Beastie t, nipple rings, andNew tattoos that claimed that heWas OGT,From '92,The first EP.And in betweenSips of CokeHe told me thatHe thoughtWe were sellin' out,Layin' down,Suckin' upTo the man.Well now I've got someA-dvice for you, little buddy.Before you point the fingerYou should know thatI'm the man,And if I'm the man,Then you're the man, andHe's the man as well so you canPoint that f#ckin' finger up your ass. All you know about me is what I've sold you,Dumb f#ck.I sold out long before you ever heard my name.I sold my soul to make a record,Dip shit,And you bought one.So I've got someAdvice for you, little buddy.Before you point your fingerYou should know thatI'm the man,If I'm the f#ckin' manThen you're the f#ckin' man as wellSo you canPoint that f#ckin' finger up your ass.All you know about me is what I've sold you,Dumb f#ck.I sold out long before you ever heard my name.I sold my soul to make a record,Dip shit,And you bought one.All you read andWear or see and Hear on TVIs a productBegging for yourFat@ss dirtyDollarSo...Shut up andBuy my new recordSend more moneyF#ck you, buddy.  Jenni, thanks for playing. Tool... wow   i give.powerfulfunny stuff.your good 

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