any young FA's out there? under 23

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brothaK's picture
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Joined: 2006-04-18

Where do you work?When did you get started?How much AUM?any tips for starting young?how do you like your job? what are the cons?where do you see yourself in five years? how about 10?

rook4123's picture
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Joined: 2006-05-21

I know of a guy that got hired at 21 at jones, other than that most of the ones I know of are 25 or so.

brothaK's picture
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Joined: 2006-04-18

there has to be some young fa out there. please give your insight in the career for starting young.

bankrep1's picture
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Joined: 2004-12-02

It makes your job that much harder.

Machinehead's picture
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Joined: 2006-05-04

I'm 22, got offered a position at a wirehouse but decided not to take
it.  Being young and straight out of school you really don't have
any credibility with the older crowd.  My dad even told me he
wouldn't let me manage his money until I'd proven myself. 
Speaking with the Sales Manager however I think was a great
opportunity.  He was brutally honest with me, unlike some other
firms were, on how hard the business is, what works and what
doesn't.  I had the opportunity to develop a business plan, and
even though it was no where near complete, it was a start, I had a
professional go over it with me, and now I have at least 3-5 years to
go become involved with the organizations I want to be involved with
and fine tune my business plan, how I want to prospect, who I want to
prospect, etc.  As someone in your age group my advice would be to
go get experience someplace else and come back in a few years with more
life experience, and a strong network to prospect.

blarmston's picture
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Joined: 2005-02-26

Sorry about that.... Machinehead- sound slike you made a prudent decision... Good luck and come on back in 3-5 years and make it happen...

Machinehead's picture
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Joined: 2006-05-04

blarmston wrote:Sorry about that.... Machinehead- sound slike you made
a prudent decision... Good luck and come on back in 3-5 years and make
it happen...

Thanks, I didn't want to blow my chance at my dream job when I know I
can come back in a few years and have a much higher probability of
success.

brothaK's picture
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Joined: 2006-04-18

then where should one at this young of an age begin?just take the job that pays the most?

WFL1's picture
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Joined: 2006-05-24

I wouldn't say pay should be your only criteria for your first job. My first job was a research job with a major bank, which was paying slightly below some of the other jobs that I had reviewed.  After two years of hard work and progress towards the CFA (which my employer had encouraged), I was making double what I started at.  I would look for decent pay and career growth/learning potential.
Wealth Managment departments of major banks are not a bad place to start.  You would learn to work with very high net worth individuals, work with some experienced individuals, would have stable employment, and an organization that usually is willing to pay for some designations (CFA, CFP).  Then make the jump.  You will be much more attractive to firms and clients.
 

brothaK's picture
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Joined: 2006-04-18

WFL1 that was a great post that I was waiting for.any more ideas? I'm 21 and going to be graduating from a good school in socal with a degree in math and management.

dude's picture
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Joined: 2005-11-15

Good question....great responses.
Youth is one of the major obstacles in this business.  If you have a chance to be a junior partner with a successful broker it may be of help but I agree with the patient approach.....build some sales skills and successes before you try to embark on this career path.

rook4123's picture
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Joined: 2006-05-21

I would say definitely have some sales skills or develop some. Some kid
straight out of college with no relevant skills probably has little or
no chance. Ask yourself this. How do you carry yourself? How mature do
you act? If you became an FA you can forget about acting like a
kid  in public. 

bankrep1's picture
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Joined: 2004-12-02

I would say get the CFP and start in a support position in a fee based firm within 2 years you'll be a junior planner and wiithin 5 you'll start to pick up your own clients by year 10 your account minimum will be 500,000 - 1,000,000.
If I had to do it all over again that is what I would do.  Instead I worked at a wirehouse, busted my ars making 20-40K for a few years then went to a bank made 150K, 100K, 80K (Got the CFP) notice the decline, went to somewhere I could build a real career made 65K, 85K and will be over 100K forever and building.  Good luck

Boomer's picture
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Joined: 2005-04-01

I am in the same boat. Recent college grad, and I have interviewed at all the wirehouses. I got offered by SB, but in talking with the ML manager, I came to the conclusion that taking a support role of some kind will greatly benefit me for a few years. I am looking at investment analyst roles on larger teams in the private baking divisions. I agree with you...get some good experience and make the jump when you feel you are ready.

EDJIR2005's picture
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Joined: 2005-10-12

I am 23 and recently started. I have not had problems with old clients. A
few ask how old I am, but those have all done business with me. No
clients or prospects have walked from the table because I am young. In
fact I am able to close on most of the appts.   I think being young as an
advantage. The older, 40+ crowd or retired realize that they dont know
jack about investing. THe ones that think they do, you dont want as
clients anywayz. They realize im a young go getter, educated and that i
know my sh*t. You have to project confidence. Age is no factor sitting
accross from clients. That being said. You have to need to succeed. Not
just want. I was in the corporate world prior and I know what I dont want
to do. That motivates me to succeed here. I had the oppurtunity to join
EDJ earlier but passed to go corporate. I knew I wasnt ready yet and knew
I could come back later. It was the smartest decision for me.

bankrep1's picture
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Joined: 2004-12-02

EDJ,
What is your average account size?  I am 31 and have trouble with my age.  If your prospecting the acounts I do your age will be an issue until your in your late 30's unless you look like that guy from american idol.  If your taking 40K accounts your age probably won't be to much of an issue.   I target assets of 250K - 1 million.
EDJIR2005 wrote:I am 23 and recently started. I have not had problems with old clients. A few ask how old I am, but those have all done business with me. No clients or prospects have walked from the table because I am young. In fact I am able to close on most of the appts.   I think being young as an advantage. The older, 40+ crowd or retired realize that they dont know jack about investing. THe ones that think they do, you dont want as clients anywayz. They realize im a young go getter, educated and that i know my sh*t. You have to project confidence. Age is no factor sitting accross from clients. That being said. You have to need to succeed. Not just want. I was in the corporate world prior and I know what I dont want to do. That motivates me to succeed here. I had the oppurtunity to join EDJ earlier but passed to go corporate. I knew I wasnt ready yet and knew I could come back later. It was the smartest decision for me.

EDJIR2005's picture
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Joined: 2005-10-12

I have clients from all ranges. Yes since Im fairly new to the industry I
have had a lot of 50-100k size accts. Some with nearly nothing. Ive had
several clients w/ 300-500 range and 1 about 750k. So far Ive dont
about 1.5MM In SMA's. I obviously would like the big accts, but so far I
havent run into any problems. So far so good!! Just cross my fingers. I
might have a problem later. I dont know. But no I do not look like Taylor
Hicks. I look like im 18 sometimes, but I just dont let it get in my.
NOthing I can do about it anywayz.

BankFC's picture
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Joined: 2005-05-27

I am younger than you bankrep, and I really don't let age become a factor.  I have 4 relationships greater than a million dollars, and PLENTY of folks with million dollar net worth.
My avg account size is 96K (just looked at it on my rep report yesterday).
What issues specifically do you run into that brings your age into question???

bankrep1's picture
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Joined: 2004-12-02

I ignore my age but alot of potential customers do not. I have gotten this feedback from customers, another older rep, people are always asking my age how long I have been doing this telling me I look young etc.  It does not deter me from success, however, a little gray can go a long way.

Beagle's picture
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Joined: 2005-03-21

I started at a national firm when I was 23.  Age was a serious problem at the beginning.  Rightfully so.  There is no way in the world I would have given money to some kid to invest but some people did take that gamble with me.  I very quickly moved to an independent and took over a book of business from two old guys who retired - best move possible.  I basically supported the President with his clients also and it gave me great experience.Do what you want.  Age can be overcome.  Best piece of advice ever given to me was that if you don't know the answer to something, tell them so and tell them you'll get back to them with the correct answer.  People always respect that and will automatically believe everything else you told them.

rankstocks's picture
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Joined: 2005-02-10

I started after getting my masters at 24.  Age is absolutely NO excuse.  This has been rehashed on some threads before, but all you need to do is have a good response ready if someone brings it up.
1.      I have over 100 years of firm experience backing me.
2.      I’ll be around long after you retire, most advisors will retire well before.
3.      You could take your money to an advisor with 300 million and because of his asset base, you won't get much attention.  Your 500k account means a lot more to me that a more veteran broker.  I'm going to do everything I can to make sure you keep those assets and grow them with me.
 

bankrep1's picture
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Joined: 2004-12-02

rank,
Thats nice to say, but if you found out your going to have to have a heart transplant tomorrow and in walks a 25 year old doctor would you let him do it?  I wouldn't.  Maybe a 35 year old.  Not a 25 year old.  Some experience proves to be very very important

Big Easy Flood's picture
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Joined: 2005-08-29

rankstocks wrote:
I started after getting my masters at 24.  Age is absolutely NO excuse.  This has been rehashed on some threads before, but all you need to do is have a good response ready if someone brings it up.
1.      I have over 100 years of firm experience backing me.
2.      I’ll be around long after you retire, most advisors will retire well before.
3.      You could take your money to an advisor with 300 million and because of his asset base, you won't get much attention.  Your 500k account means a lot more to me that a more veteran broker.  I'm going to do everything I can to make sure you keep those assets and grow them with me.

Ah, snappy responses right out of Selling 101.
The fact remains that the prospect with significant bucks doesn't trust.
The same 100 years of experiene backs every advisor at that firm, and an older person knows how to access the experience far better than a kid.
You'll be around after I retire?  Fine, get back with me then and we'll talk.  Right now you're a kid and I'm looking for an adult.
I happen to agree with the concept that an account--any account--means more to those with fewer of them. 
However, essentially what you're saying is, "The captain of the football team won't go out with you, but I will."  It is not a form of flattery to the girl you're talking to.
Additionally you're saying, "I'm just starting out so I don't mind dating you....."  What is unsaid, but implied, is that the prospects small account is meaningful to you now but that he can expect to become less and less important to you as the years go by.

exdrone's picture
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Joined: 2005-07-01

rankstocks wrote:
I started after getting my masters at 24.  Age is absolutely NO excuse.  This has been rehashed on some threads before, but all you need to do is have a good response ready if someone brings it up.
1.      I have over 100 years of firm experience backing me.
2.      I’ll be around long after you retire, most advisors will retire well before.
3.      You could take your money to an advisor with 300 million and because of his asset base, you won't get much attention.  Your 500k account means a lot more to me that a more veteran broker.  I'm going to do everything I can to make sure you keep those assets and grow them with me.
 

At some point you need to quit repeating the bs that you know is bs.

BankFC's picture
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Joined: 2005-05-27

Big Easy Flood wrote:rankstocks wrote:
I started after getting my masters at 24.  Age is absolutely NO excuse.  This has been rehashed on some threads before, but all you need to do is have a good response ready if someone brings it up.
1.      I have over 100 years of firm experience backing me.
2.      I’ll be around long after you retire, most advisors will retire well before.
3.      You could take your money to an advisor with 300 million and because of his asset base, you won't get much attention.  Your 500k account means a lot more to me that a more veteran broker.  I'm going to do everything I can to make sure you keep those assets and grow them with me.

Ah, snappy responses right out of Selling 101.
The fact remains that the prospect with significant bucks doesn't trust.
The same 100 years of experiene backs every advisor at that firm, and an older person knows how to access the experience far better than a kid.
You'll be around after I retire?  Fine, get back with me then and we'll talk.  Right now you're a kid and I'm looking for an adult.
I happen to agree with the concept that an account--any account--means more to those with fewer of them. 
However, essentially what you're saying is, "The captain of the football team won't go out with you, but I will."  It is not a form of flattery to the girl you're talking to.
Additionally you're saying, "I'm just starting out so I don't mind dating you....."  What is unsaid, but implied, is that the prospects small account is meaningful to you now but that he can expect to become less and less important to you as the years go by.

 
BEF,
Your argument just isn't valid.  Young people do succeed in this industry (albeit not at the highest rate), so it is somewhat odd that you hold that no one (a young person) can make it.
I have been in this industry since I was a 21 year old intern, and never has age been an issue FOR ME.  Maybe it was for some of the folks I didn't sell anything to, but that's okay.  You just move on to the next person, and hopefully it might not be an issue with them.
Rinse and repeat.
Does your mutual fund do better than mine since you are older? 
The greatest thing about this country is that everyone has the freedom to do whatever they want.  Including giving their account to a twenty something year old.  Believe me, it happens all the time. 

Devoted SA's picture
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Joined: 2006-03-28

Big Easy Flood wrote:rankstocks wrote:
However, essentially what you're saying is, "The captain of the football team won't go out with you, but I will."  It is not a form of flattery to the girl you're talking to.
Additionally you're saying, "I'm just starting out so I don't mind dating you....."  What is unsaid, but implied, is that the prospects small account is meaningful to you now but that he can expect to become less and less important to you as the years go by.

It's a passive aggressive form of mind control. (sick, sad and true) The same kind of mind control an abuser utilizes on his victim...."noone else will date you because they think you are fat and ugly, but I will always love you." It's a part of getting clients to jump into the "Jones Client Contiuum"

bankrep1's picture
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Joined: 2004-12-02

bankrep1 wrote:
rank,
Thats nice to say, but if you found out your going to have to have a heart transplant tomorrow and in walks a 25 year old doctor would you let him do it?  I wouldn't.  Maybe a 35 year old.  Not a 25 year old.  Some experience proves to be very very important

I heard all the BS, I grew up in this business and if I did it again it would be in a supportive role, defend the above?

keith121883's picture
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Joined: 2006-05-02

Im 22 yars old and recently got into the business. I love it but I have to agree with the consensus that I am too young to make it on my own. Yet now i am working as a junior with a team of 2 other senior brokers. In my opinion if you are young and want to make it in the business without waiting 5 years then you have to get in with a good team. Not just a team that will abuse you but one will look at you as though you are an investment in their business, this way they will train you and mold you to be successful and of course still abuse you. Though starting young in this business has its issues it also has its benefits. Look at it this way i am 22 years old now and by the time i will be done with my grunt work and actually start making money ill hopefully be in my late twentys. Another good post for keith, I am contantly impressing myself.

keith121883's picture
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Joined: 2006-05-02

I never said i could spell though. My grammar kind of sucks too, sorry.

bankrep1's picture
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Joined: 2004-12-02

keith you'll likely be around making the big bucks while the rest of these guys will be finding a new career.  Don't worry they abuse young employees in just about every business.
 
keith121883 wrote:Im 22 yars old and recently got into the business. I love it but I have to agree with the consensus that I am too young to make it on my own. Yet now i am working as a junior with a team of 2 other senior brokers. In my opinion if you are young and want to make it in the business without waiting 5 years then you have to get in with a good team. Not just a team that will abuse you but one will look at you as though you are an investment in their business, this way they will train you and mold you to be successful and of course still abuse you. Though starting young in this business has its issues it also has its benefits. Look at it this way i am 22 years old now and by the time i will be done with my grunt work and actually start making money ill hopefully be in my late twentys. Another good post for keith, I am contantly impressing myself.

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