Real Estate Sales to Financial Advisor

4 replies [Last post]
Brick's picture
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Joined: 2011-02-26

Family is moving in one year to a town of about 100,000. Currently selling real estate, been a tough few years but overall have had a successful 8 year career, this year looks pretty good.  I enjoy the work, particularly: consultative selling, relationship building, the unlimited upside, the flexibile hours (I work a lot of hours, but do take time off when I can), the thrill of a big sale, helping people of all economic status and price point.  I have a Bachelors in Finance, spent many years behind the scenes in finance/software, some consulative selling.  I have an OK nest egg, I'm 45, and about 100K socked away in emergency funds. Since moving will require me to give up my business in my current location, deciding whether to pursue real estate sales in the new location, or start fresh as a financial advisor.  Both have lots of pluses and minuses.  I'll be honest that I'm not well versed in hard numbers based selling.  I could learn.   I know it wont be easy.  But generating a new business in real estate in a new town won't be easy either.  I'm being recruited by an EDJ gal who I really like, but the EDJ model may not be up my alley...maybe it will be, cold calling, door knocking...not afraid one bit but more concerned with what I've read/heard about the company culture.  Used to more freedom in my real estate business.  has anyone had similar thoughts about real estate vs. financial advisory, and have any thoughts?  WIth no actual financial sales experience, are there other options to get into the industry in sales besides EDJ I should be pursuing?  I want this to be my last career change and am ready to put 100% into whatever I decide to do.  Brick   

RickRoss's picture
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Joined: 2008-10-14

You don't need to be a math wiz to be an FA.  You need to be a salesperson.  Don't get me wrong, you also need to know what you're talking about and how to interpret the numbers, but for the most part, you'll never have to calculate them.  Just need to know how to interpret the glossy investment proposals that you present to clients in the off chance that they're a smartypants and start asking questions. 

BigFirepower's picture
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Joined: 2010-07-09

From software, then to r/e in 03, now you look at finance? I see, a..pattern....Trust me, this isn't for you. The next 5-6 yrs are going to be brutal, especially for new folks, impossible might be a better word. Whatever you don't like about r/e, is probably even less enjoyable in our biz. Been doing this since Bush, the first one. I would not suggest this career right now unless the candidate was 100%. I bet I'd need to review at least 100 resume, before I found 1 or 2 guys, that would have a 50/50% chance of making it.  

iceco1d's picture
iceco1d (not verified)

I disagree with BFP.I think this industry is the best career on Earth, and with the baby boomers retiring, and the FA population graying, this is a GREAT time to start.As for real estate sales, there are "pros and cons" when compared to this industry.  Real estate sales sucks.  The commissions are low.  The lead times are long.  The tire kickers are plentiful.  The renewable income is zero.Plus, you're starting from scratch either way, so it's not like you're giving up a "brand name" in your hometown that you've spent 20 year developing.If you need to make money to start off (i.e., your spouse isn't a doctor or lawyer), I'd investigate the wirehouses (MSSB, ML, UBS, WFA).  They will give you a nice salary & benefits while you train, and during your first years of production.IF you fail out, which you probably will, you can still go anywhere else in the industry, including EDJ, because wirehouse expectations for a noobie are so unrealistic.  But if you work hard, and with a little luck, you could probably make it.It's likely that you'll get hired anywhere because of your age, and you have vast sales experience.If you don't need money right now (and not for 2 - 3 years), you should contact a few local indies to the town you're moving to (look at guys with Raymond James, LPL, Commonwealth, especially), and tell them your story and see if they would hire you.You won't make any money to start, but you can skip the hassle of going indy later. Good luck either way. 

RickRoss's picture
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Joined: 2008-10-14

Icecold is right.  Residual BIPS are great.  Can't wait for my quarterly check.  =-)

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