Leaving the business today.

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NYSE2005's picture
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Joined: 2005-09-12

Well, I've made my decision, I'm leaving the securities business. I will be letting EJ know today that I am leaving. Any sugestions or tips I might want to know before making the call?

babbling looney's picture
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Joined: 2004-12-02

Are you leaving the business entirely or just leaving Jones temporarily?

NYSE2005's picture
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Joined: 2005-09-12

Leaving the business completely.

ezmoney's picture
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Joined: 2004-11-30

Couldn't cut it huh? I don't blame you. It is a tought business. If you don't have some assets behind you the odds are against you.

babbling looney's picture
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Joined: 2004-12-02

Hopefully you are past the period where they may ask for you to reimburse them for your training costs.  If they are positive that you are really really quiting and won't be competing for clients you might have an easier time. 
Hang on to your credientials for a while just in case.  I believe that you can still retain your series 7 for a while without a sponsor and your life license can be renewed with continuing education credits even if you are not producing.  You never know. A position might come up that isn't sales related yet will require that you have these credentials.
Good luck and sorry you are quiting.  This isn't an easy occupation and as you may have gathered from some of these posts, Jones does not make it too easy.  Never the less, mark this up as a good learning experience.
 

maybeeeeeeee's picture
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Joined: 2005-02-24

Sorry to hear that.  Best of luck to you.

ezmoney's picture
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Joined: 2004-11-30

BTW. I wish you good luck in your future endeavers. May I ask why your're calling it quits? years in the biz, AUM, r12 gross?

jonesnewbie's picture
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Joined: 2005-02-08

babbling looney wrote:
Hopefully you are past the period where they may ask for you to reimburse them for your training costs.  If they are positive that you are really really quiting and won't be competing for clients you might have an easier time. 

Just an FYI for the original poster.  If you are truly leaving the business, by contract, they will not go after you for training costs.  They also won't go after you if they fire you, regardless of whether you stay in the biz.  The only people that are potentially on the hook are those that quit to take another job as a broker.  That's according to my contract, though, and they may have changed this over time.
 

executivejock's picture
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Joined: 2005-06-29

Its a challenging career... How old are you? Get a 70k job for 10 years and then come back like a bull and make the big bucks!
Cheers to your future and security..

SonnyTheBull's picture
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Joined: 2004-12-29

NYSE2005,
Congratulations and Good Luck!!!
I am glad you made this decision 2 months into the business instead of 2 years. Saved yourself the psychological torture and misery.
All the Best!
Sonny

ezmoney's picture
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Joined: 2004-11-30

c'com, he only gave it 2 months try. Not good.

noggin's picture
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Joined: 2004-11-30

He wasn't really in the business if he only stayed 2 months. I get it, I'm a stockbroker this month, next month I'll be a forklift operator, after that I'll be a CEO and then I'll be a Liontamer......

xej1984's picture
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Joined: 2004-11-30

noggin wrote:He wasn't really in the business if he only stayed 2 months. I get it, I'm a stockbroker this month, next month I'll be a forklift operator, after that I'll be a CEO and then I'll be a Liontamer......
see I knew you worked for EJ   

moneyadvisor's picture
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Joined: 2005-08-02

Don't forget, the guys who are in this business 15 years making $300,000 + ,..........have been in the business.....15 years. You just have to pay your dues. As many times as I've thought about other careers, I can't think of one that will pay me this kind of money, and gives the freedom, and ability to work from anywhere. I think once you get to a point where you are consistantly earning $70,000 +, you are pretty much going to be in this career for the long term. From there it's just a matter of retaining clients, adding a reasonable amount of new assetts, and relying on the market to grow your book -which eventually gets you to the larger levels. I bet if management presented this scenario, they would not have as much turnover.

SonnyTheBull's picture
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Joined: 2004-12-29

moneyadvisor wrote:
I think once you get to a point where you are consistantly earning $70,000 +, you are pretty much going to be in this career for the long term.
Getting to 70k though has been the hardest part for most people I have seen including myself. Almost found it impossible to reach this stage only cold calling or cold walking. I have run out of savings after trying for two years to build a book. I have come to the conclusion that I need to rebuild my savings and get a competent mentor and then come back into the business.

moneyadvisor's picture
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Joined: 2005-08-02

Sonny - you are not alone brother........It's the magical 3 year point....you either pack it in because you can't stand the pain anymore, or you push on through....Hang in there! It is a very uncomfortable few years! It's not even so much the money, as the lack of satisfaction.

blarmston's picture
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Joined: 2005-02-26

"It's not even so much the money, as the lack of satisfaction."
I think its a combination of both. You get to 3-4 years in, you have worked your ass off, you have had tremendous amounts of emotional ups/downs, you can see the beginnings of a nice book/career/ financial life, but its still a few years out. You see others who may have hit the family fortune lottery, or inherited a book by getting on the knee pads, or happened to close the once in a career deal, and that all weighs on you. You begin to wonder whether its all worth it. The fact that your friends are making comparable money, working 25% less, arent the walking dead during the week due to lack of sleep, etc, etc, etc...
After all this- I feel that if we stick it out this career is extremely rewarding. From the nice income, the ability to write our own schedule, the ability to evenutally decide who we WANT toi do business with, etc, etc, its all a plus. What is it- 85% fail out or leave this business in the first 3 years? Well, the remaining 15% become the benchmark that we all strive to be.... Hang in there...

ezmoney's picture
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Joined: 2004-11-30

I have to say that even at 20 mill aum, and 3 1/2 yrs I'm starting to see critical mass happening. It is truely amazing. It has been and remains a struggle at times, however I can't think of a better career that offers unlimited income potential, schedule flexabilty throughout the year, and no fears of ever being without income for the rest of your life. I can always go indy if I get canned or have had enough of my b/d. I've never feared being fired like I used to in my previous career. Oh sure it would be a major pain moving clients, but it can be done.

bankrep1's picture
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Joined: 2004-12-02

I think your just trying to get started in the wrong place it took my 5 trys to find a home, you can tell within 3 months if it's going to work or not. Now I am consistently building a book and meeting the right folks.

repwork's picture
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Joined: 2005-11-03

I left the business also. After 8 months in field after training, licensing, etc. Brought in around 2 mil. Was doing good. Could not stand the cold calling, no time off, lack of benefits, insecurity, HQ pressure to do more...more...more. Also wondered if I was really doing what was best for the client by towing the HQ party line. Prior, I was in a career position in another field for many years, kind of burned out, took a year off and did the rep thing.  Another position became available that I couldn't pass up. Bottom line, it came down to a lifestyle decision. Life's too short. No sense being unhappy. Good business for the right folks! Learned alot, and don't regret the experience. Wouldn't mind working on a part time basis. Is this possible?

NYSE2005's picture
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Joined: 2005-09-12

"Wouldn't mind working on a part time basis" I've thought the same thing, but the only place I know of is Primerica that would let me do that. Anyone have any other options?

richardmlake's picture
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Joined: 2005-03-31

Look into HD Vest.  While no salary, no pressure either.  I do tax work during tax season, while clients are in getting taxes done, I talk about investments and set up meetings for after tax season.  Learning taxes is not hard.  H & R Block has a good tax school that is not expesive.
My first year doing business this way has brought me about
$ 800,000.00 in just swiching over exsisting accounts.
Just something to think about.

doberman's picture
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Joined: 2005-02-22

Also, try this website: www.qcwelcome.com. It's a BD that advertises that it allows its brokers to work part-time. However, I have no opinion of them, good or bad. You might contact radarnation, I think he works for them.

repwork's picture
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Joined: 2005-11-03

Hey, thanks to all! I appreciate the advice. The only thing I have to consider is the training cost thing. Don't want to have to pay back the big bill on this. Any insight out there?

radernation-1's picture
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Joined: 2005-06-07

Hi NYSE, I work for Quest Capital, I have been there for 2 years. I would look at their website. www.Questcapital.com  They just updated their website. They have a good program that starts at 50% min payout. I have been satisfied with them. It can be done. See my post under Munis Part 2 as to why I do this part time. I was inspired by TJC 45's post.

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