Newbie Wirehouse Schedule

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opie's picture
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Joined: 2006-06-15

What is a typical day like during the first four months for wirehouse newbies?  I know studying for exams is part of the deal, but what else? 

no idea's picture
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Joined: 2005-11-15

Lots of pocket pool followed by words of wisdom from some of your new colleagues...sorry, couldn't resist. 

Greenbacks's picture
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Joined: 2004-12-21

Month one hope you survive to see month two.
Month two hope you survive  to see month three!
Month three hope and pray you see month four!
Month four look for a new job! You and all your new friends ( rookies)have been fired and ushered to the door! 
So goes the life of a wire house rookie!
Sorry!

Mac42's picture
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Joined: 2006-06-14

opie, <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I am not sure why people scour these message boards and think it is really fun to post stupid sh#t. I hope you get good feedback on your question because I am interested too.
From what I have been told, you usually take the first 2 to 4 months to get all the licenses you need. Some places mix in product training, some don’t. I heard the veterans aren’t nice to you and that gets old too.
Good luck getting informative replies.

opie's picture
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Joined: 2006-06-15

Thanks for response, Mac42. 
I had heard that some newbies end up cold calling for leads for other agents... didn't know if that was some sort of common hazing ritual or what.

maybeeeeeeee's picture
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Joined: 2005-02-24

We studied for the 7
Had sales training
Did some calls for other brokers
Just a few trainee stuff, like answering phones.  Don't let ANYONE have you answer the phones full time while you study for the 7.  You won't be able to concentrate.
Work schedule was 8 to 6 M thru F.  No Sats.  One work night till 8.
If you have a family, don't be afraid to tell them realistic hours you can work upfront.  Then stick to your guns and LEAVE from day one at the hour they agreed to.
Good luck.

NASD Newbie's picture
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Joined: 2005-08-01

maybeeeeeeee wrote:
We studied for the 7
Had sales training
Did some calls for other brokers
Just a few trainee stuff, like answering phones.  Don't let ANYONE have you answer the phones full time while you study for the 7.  You won't be able to concentrate.
Work schedule was 8 to 6 M thru F.  No Sats.  One work night till 8.
If you have a family, don't be afraid to tell them realistic hours you can work upfront.  Then stick to your guns and LEAVE from day one at the hour they agreed to.
Good luck.

The most important thing is to watch the clock.  Don't do more than is expected of you at any point.

troll's picture
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Joined: 2004-11-29

Mac42 wrote:opie,
I am not sure why people scour these message boards and think it is really fun to post stupid sh#t. I hope you get good feedback on your question because I am interested too.
From what I have been told, you usually take the first 2 to 4 months to get all the licenses you need. Some places mix in product training, some don’t. I heard the veterans aren’t nice to you and that gets old too.
Good luck getting informative replies.I suggest if you're going into the business you attempt to develop a sense of humor....!!!

FreedomLvr's picture
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Joined: 2006-02-10

Here's a test of your sense of humor:
Q: What's the difference between a pregnant woman and a lightbulb?
 
 
 
 
 
 
 
 
 
A: You can unscrew a lightbulb!
I know, i know, it was funnier when Steve Martin said it in "My Blue Heaven".

peanutbroker's picture
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Joined: 2006-04-06

all of these replies were either stupid or so vague they were not useful. The reason is because the question was too vague. Be more specific to the firm(s) when you ask next time or be more specific about the exact function or you will get more responses like the ones you just got.

opie's picture
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Joined: 2006-06-15

I mean the first four months for a wirehouse newby in an FA training program.  Maybeeee got it.  I assumed that the first four months at all wirehouses were similiar, since the "training" programs are all about the same length of time.  But I would be disappointed if I had to find leads for other people to follow up during this time, since I'll need every lead I can get as a new FA.  I was also wondering what kind of calling we could legally do before passing the series 7.

wlooney's picture
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Joined: 2006-06-03

study, study, bs with others, study, study, go to office lunch meetings with a fund company reps, study, almost fall asleep studying, study...and that's just the first week! :)
 

maybeeeeeeee's picture
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Joined: 2005-02-24

opie wrote:I mean the first four months for a wirehouse newby in an FA training program.  Maybeeee got it.  I assumed that the first four months at all wirehouses were similiar, since the "training" programs are all about the same length of time.  But I would be disappointed if I had to find leads for other people to follow up during this time, since I'll need every lead I can get as a new FA.  I was also wondering what kind of calling we could legally do before passing the series 7.
Why thank you.  I assume by now you can determine which people here are serious about helping others and which are just a**holes.  DO NOT WASTE ANY TIME RESPONDING TO THOSE PEOPLE.  THEY FEED ON TRYING TO STIR UP RESPONSES.  IGNORE THEM.
Also during your first four months, you start to develop your leads.  I kept an binder with dividers for every letter in the alphabet.  So, as you meet Mr. Jones, you track down his address and phone (checking to make sure he is not on the Do Not Call list) and you write down other things about him.  Such as, income, marital status, needs, etc.
The point here is that you don't want to be doing this kind of stuff AFTER you have your license.
Hopefully, after your training, you will have a well organized lead list that you can now start prospecting.
One more thing, during your training you will probably be subjected to wholesaler presentations.  These are representatives from mutual fund or annuity companies who are selling their product.  It will all seem like a fog to you--don't worry.  You will understand things better every day, especially after you are finished studying for your 7.  There is only so much a human brain can absorb.
Opie, from your posts, it seems like you are sincere about this business.  If you want to make a run at it, just make sure you are with a good, reputable company.  Everyone knows I am at RJA and I would recommend their training program.
Good luck.

opie's picture
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Joined: 2006-06-15

Thanks maybeeeeeeee.  I've been doing a lot of soul searching recently, as I now have family in a nearby city that my household and I would like to live closer to.  Moving would also allow me to afford more house, as my current area's market has bubbled to absurd proportions (mid-atlantic). 
Anyway, I'm very seriously considering changing careers and going into financial advising, and I'm interviewing with three wirehouses right now.  But I am also considering financial analyst roles supporting portfolio managers with small investment firms.  I realize there is huge difference between these roles, the advisor role being about finding the money, versus an entirely analytical role.  I feel like I have a personality that could be successful in either, but it also seems that long term earnings are stronger as an FA - unless an analyst role turns into a portfolio manager someday.

NASD Newbie's picture
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Joined: 2005-08-01

opie wrote:
I now have family in a nearby city that my household and I would like to live closer to.  

Do you suppose he's talking about a wife and kids?  When you refer to your family as your household it makes one think that he considers himself very close to his Lazy Boy and remote control.

NASD Newbie's picture
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maybeeeeeeee wrote:
Also during your first four months, you start to develop your leads.  I kept an binder with dividers for every letter in the alphabet.  So, as you meet Mr. Jones, you track down his address and phone (checking to make sure he is not on the Do Not Call list) and you write down other things about him.  Such as, income, marital status, needs, etc.
The point here is that you don't want to be doing this kind of stuff AFTER you have your license.

That's right. After you get your license you don't have to work on prospecting lists any longer--and if you do you certainly don't need to be sure they're not on DNC lists and things like that.

maybeeeeeeee's picture
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Joined: 2005-02-24

opie wrote:
Thanks maybeeeeeeee.  I've been doing a lot of soul searching recently, as I now have family in a nearby city that my household and I would like to live closer to.  Moving would also allow me to afford more house, as my current area's market has bubbled to absurd proportions (mid-atlantic). 
Anyway, I'm very seriously considering changing careers and going into financial advising, and I'm interviewing with three wirehouses right now.  But I am also considering financial analyst roles supporting portfolio managers with small investment firms.  I realize there is huge difference between these roles, the advisor role being about finding the money, versus an entirely analytical role.  I feel like I have a personality that could be successful in either, but it also seems that long term earnings are stronger as an FA - unless an analyst role turns into a portfolio manager someday.

Well, here is the ideal position.  Getting a salary as an analyst or assistant to a big producer- - -and still being allowed to build a book and collect some of the revenue off of it.  Starting as an FA, even at a great company, is a long hard struggle.  At least three years to generate an income over $100k.  You are on track.  Keep at it.

NASD Newbie's picture
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maybeeeeeeee wrote:
Starting as an FA, even at a great company, is a long hard struggle.  At least three years to generate an income over $100k.  You are on track.  Keep at it.
And that is based on her vast experience.  Why she's been in the business long enough to have sent Christmas cards to her client, once.

opie's picture
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Joined: 2006-06-15

maybeeeeeeee wrote:Starting as an FA, even at a great company, is a long hard struggle.  At least three years to generate an income over $100k.  You are on track.  Keep at it.Thanks maybeeeeee.  I appreciate the realistic expectations setting!

NASD Newbie's picture
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Joined: 2005-08-01

Why don't some of you tell these young people who many dollars worth of assets need to be gathered every day--on average of course?
Choose a number--say $5 million per year.  Choose the number of working days in a year--most people figure 230 (365 minus 104 for weekends minus 10 for holidays minus 5 for "extra holidays" like this coming Monday minus 10 for vacation minus five or six more for unexpected things, being sick and so forth.)
That means that you need to "uncover" an average of about $22,000 each and every day.  I know, I know--it comes in chunks, say $100,000 at time.  OK fine--you have to find a $100,000 account every week.
How many people do you even know who have $100,000 to invest?  How many do you know well enough to get them to invest it with you?
Can you see why so many people try this for awhile then move on to something else.
Everytime I think of how hard it is I marvel at how many actually do make it.  Studly boys and girls who work their buns off for a great many years--only to live in fear that their clients are talking to somebody else.
A reality is that the idea of an "annuitized book" has not been around long enough to be really tested.  Clients are fickle, they get divorced, they move away, they meet somebody new--there are as many reasons to leave you as there are clients.
Then there's the idea of selling your book.  Suppose I am about to retire so I offer you my book, for a price.  How much are you going to pay?  What if my biggest accounts are good friends of mine and don't like the idea that I sold them to you so they pull their accounts?
My point is that there is no easy way to do this.
If I were starting today I'd buy a bucket of golf balls and put them somewhere were I could see them--and every time I got discouraged I'd look at them and think of Tiger Woods out there at 5 in the morniing, and noon, and two in the afternoon and six at night and just as dusk falls.  And I'd remember that that was what he was doing when he was 16 or 17.
Dues, it's all about paying your dues.

opie's picture
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Joined: 2006-06-15

NASD Newbie wrote:Dues, it's all about paying your dues. The story of my life.  But I will pay dues again for a few years in this career if after doing so (4-5 years?) will result in reasonable hours, valued relationships and potential for high income.

bankrep1's picture
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Joined: 2004-12-02

If your doing fee based consider this:
5 million a year x 1% for 3 years is 150,000 GDC you'll make around 40,000-60,000 depending on what firm your with in your 3rd year.  Also if your doing 150K at LOS 3 you're probably going to get fired.
100K a week the first year, 150K a week 2nd year, 200K a week 3rd year. Better goals.
That wil put you at 225,000 GDC, you probably still will get fired depending on firm.  My point is mix it up don't do 100% fee based until you've built your book up. 

NASD Newbie's picture
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Joined: 2005-08-01

bankrep1 wrote:

If your doing fee based consider this:
5 million a year x 1% for 3 years is 150,000 GDC you'll make around 40,000-60,000 depending on what firm your with in your 3rd year.  Also if your doing 150K at LOS 3 you're probably going to get fired.
100K a week the first year, 150K a week 2nd year, 200K a week 3rd year. Better goals.
That wil put you at 225,000 GDC, you probably still will get fired depending on firm.  My point is mix it up don't do 100% fee based until you've built your book up. 

Oh, that's right.  It's that easy--just set your goals and do it.
$100,000 per week, each and every week.  If you go into a weekend without having found $100,000 during the previous five days you'll have to find $200,000 the next week to catch up.
Go two weeks without closing a deal and you'll have to find $300,000 the next week.
Sure it can be done--by about 1 out of 10 who try.  That one is way too busy to post on this forum.

bankrep1's picture
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Joined: 2004-12-02

NASD,
Why are you on a brokers forum when your not a broker? 

NASD Newbie's picture
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bankrep1 wrote:
NASD,
Why are you on a brokers forum when your not a broker? 

But I am a broker.  Being a broker is like being a Marine--once a Marine, always a Marine.
If what I say is wrong, correct it.  If what I say is a harsh reality pay attention to it.

bankrep1's picture
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Joined: 2004-12-02

Fact, your not a broker.  Being a broker is not at all like being a marine, if you were successful as a broker you would still be one.  I seen your resume and while you might think it is impressive it shows me you can't commit to something.
The marine who serves his country for 20 years is very different than the one who did 4 and out.  Find a retired managers forum and I bet you'd have more people on your level, whatever level that is... 

NASD Newbie's picture
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bankrep1 wrote:
I seen your resume and while you might think it is impressive it shows me you can't commit to something.

You seen my resume did you?

NASD Newbie's picture
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Joined: 2005-08-01

bankrep1 wrote:
NASD,
Why are you on a brokers forum when your not a broker? 

In light of the fact that you seen my resume you probably could use some more help.
In your sentence above you should have put an apostrophe in the word brokers--broker's is the possessive form.
Then there's the your versus you're error.  Normally when I see it I think it's an honest mistake--but in your case it's clear that you don't know so here's that lesson.
Your is the word used to describe possession--your hair, your car, your job, your mistake.
You're is a contraction of the words you and are.  You see I could say something like, you are not very smart are you?  Or I could say, you're not very smart are you?
Both would be correct.

opie's picture
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Joined: 2006-06-15

I could use some help with the acronyms here: LOS, GDC

bankrep1's picture
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NASD,
You should add english professor to your resume. You're an idiot.  You're the one who posted it.  Why don't you answer my question, why are you here?

Ace Planner's picture
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Joined: 2006-03-09

LOS is Length of Service, GDC is Gross Dealer Concession, and PC is Production Credit (a whittled down form of GDC).  Newbie's in my wirehouse study, answer the phones, and network.
Ace

opie's picture
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Joined: 2006-06-15

bankrep1 wrote:100K a week the first year, 150K a week 2nd year, 200K a week 3rd year. Better goals.  That wil put you at 225,000 GDC, you probably still will get fired depending on firm.  
How are these better goals if they will likely result in being fired?

Starka's picture
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Joined: 2004-11-30

Look, Opie, just put your head down and do what you know you have to do.  Forget the politics, the naysayers and the negative folks at the office and, as the saying goes, JUST DO IT.

opie's picture
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Joined: 2006-06-15

Yessir.  Just trying to figure out what numbers to use on my business plan.

bankrep1's picture
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Joined: 2004-12-02

If you do some commission work and some fee based work.  The numbers above will work say your average % is 3%
First year 5 million x 3% =150K
Second year 7.5 million x 3% = 225K + trails from first year maybe 275K-300K
Third year 10 million x 3%= 300K + trails maybe 350K-400K
No way your getting fired with these #'s
My point again is don't do all fee based out of the gate you'll never make it.

Scorpio's picture
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Joined: 2005-05-22

NASD Newbie is Put Trader aka Big Easy in disguise....you're not fooling anyone Put.

As for the original question, try one of my ideas - I recently rented a
crop dusting airplane and "dusted" my business cards over all the area
country clubs, rich neighborhoods, etc.  So far I have received
several call backs and only a few were in regards to the littering.
   

Philo Kvetch's picture
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Joined: 2005-05-17

Scorpio wrote:NASD Newbie is Put Trader aka Big Easy in disguise....you're not fooling anyone Put.As for the original question, try one of my ideas - I recently rented a crop dusting airplane and "dusted" my business cards over all the area country clubs, rich neighborhoods, etc.  So far I have received several call backs and only a few were in regards to the littering.    
That's thinking outside the box!
I'm not sure I'd do that (compliance might object, not to mention the local sanitation authorities), but it's certainly creative.

troll's picture
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Joined: 2004-11-29

Scorpio wrote:NASD Newbie is Put Trader aka Big Easy in disguise....you're not fooling anyone Put.

As for the original question, try one of my ideas - I recently rented a
crop dusting airplane and "dusted" my business cards over all the area
country clubs, rich neighborhoods, etc.  So far I have received
several call backs and only a few were in regards to the littering.
   

OK at the risk of sounding foolish I'll bite....did you ACTUALLY do that?

Indyone's picture
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Joined: 2005-05-30

Scorpio wrote:NASD Newbie is Put Trader aka Big Easy in disguise....you're not fooling anyone Put.As for the original question, try one of my ideas - I recently rented a crop dusting airplane and "dusted" my business cards over all the area country clubs, rich neighborhoods, etc.  So far I have received several call backs and only a few were in regards to the littering.    
I can't imagine that being effective...or a crop duster being a willing party to littering.  Sounds like a bad urban legend to me.
Joe, you're too sharp to fall for that one...

NASD Newbie's picture
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Joined: 2005-08-01

What a clusterphuck of brain power that exchange is.

troll's picture
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Joined: 2004-11-29

NASD Newbie wrote:What a clusterphuck of brain power that exchange is.bite me

Scorpio's picture
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Joined: 2005-05-22

joedabrkr wrote:
Scorpio wrote:NASD Newbie is Put Trader aka Big Easy in disguise....you're not fooling anyone Put.

As for the original question, try one of my ideas - I recently rented a
crop dusting airplane and "dusted" my business cards over all the area
country clubs, rich neighborhoods, etc.  So far I have received
several call backs and only a few were in regards to the littering.
   

OK at the risk of sounding foolish I'll bite....did you ACTUALLY do that?

Of course I actually did it.  You have to be creative to make it
in this business right?  I also recently faked a heart attack in
an upscale restaurant so that I could go back and thank the owner for
his prompt response in calling 911 (got my business card in his hand
along w my elevator speech).   The ER docs also bit
hard....before they hit me with the paddles I was telling them about
our institutional approach....

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