To All FA's 5 years and younger...

6 replies [Last post]
awesome's picture
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Joined: 2007-01-04

What amount of Assets did you gather your first, second and third years?
 
What were the most effective methods?
 
Notice: I want to know what brought in the most for you, regardless if it will work for me, and regardless if it is the easiest, or most difficult method.

troll's picture
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Joined: 2004-11-29

THe youngest one's I know are between 16 and 19 years old. Bankfc, the word, and guys like that. I don't think they gather assets, per se, but they are handed about $24,000,000 per year.

vbrainy's picture
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Joined: 2006-07-26

Ignore Bobby Hull
Your first year you should try to bring in about $5m and your second year $10m.  And yes, that is what I did. 
But, you have to have about $40m to survive long run at the least.  Good luck.
For me, people who knew me were the best first accounts.  God bless every single one.

Analyst's picture
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Joined: 2007-06-12

vbrainy wrote:
Ignore Bobby Hull
Your first year you should try to bring in about $5m and your second year $10m.  And yes, that is what I did. 
But, you have to have about $40m to survive long run at the least.  Good luck.
For me, people who knew me were the best first accounts.  God bless every single one.

Why do you need $40 million in the long run?
Any info on how you came-up with the $40 million figure would be appreciated.

Indyone's picture
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Joined: 2005-05-30

How much do you want to make?  If you have $40 million and a velocity of 75 bps, you'll gross $300K/year.  Assuming your firm pays 40%, you stand to make $120K/year at that level.  I personally aspire to a higher income level than that.  Heck, my current income level is higher than that and I hope that I'm far from the pinnacle of my career.  My guess is that most wirehouses wouldn't be satisfied with that level of production from a veteran, whether or not you are.  As brainy indicated, that would probably be the bare minimum to survive.
Unless you want a branch manager riding your ass, you probably need closer to 100 million if you're a veteran in this business.

Analyst's picture
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Joined: 2007-06-12

Indyone wrote:
How much do you want to make?  If you have $40 million and a velocity of 75 bps, you'll gross $300K/year.  Assuming your firm pays 40%, you stand to make $120K/year at that level.  I personally aspire to a higher income level than that.  Heck, my current income level is higher than that and I hope that I'm far from the pinnacle of my career.  My guess is that most wirehouses wouldn't be satisfied with that level of production from a veteran, whether or not you are.  As brainy indicated, that would probably be the bare minimum to survive.
Unless you want a branch manager riding your ass, you probably need closer to 100 million if you're a veteran in this business.

Got it IndyOne.  Thanks.
I was looking at it from an independent perspective and thinking 1% of $40 Million was $400k, which I thought was better than just "making it". 
From the wirehouse perspective, $40 million doesn't seem so great.
 
 

blarmston's picture
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Joined: 2005-02-26

Thats why in the beginning you need to focus on accounts that are north of say $250K or $500K and are PAYING. It is not worth it to waste your time opening a $150K money market account unless there is potential for greater things...
 

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