Good Time To Start

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MSSB Analyst's picture
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Joined: 2009-11-04

 
Been in the business for 6 years. First as a Sales Assistant, now as an Analyst for a team with 500 AUM. Having a hard time living on 50k/yr and don't see this position going anywhere significant. I'm not sharing in the team revenue or building any client relationships. Thinking about making the move to become a broker or joining a better team situation. Have all my licenses (7, 66, 15, CA Life and Health) Do you think now is a good time to set out and build a book of business?
 
By the way... I think MSSB is a great firm and would like to stay here if at all possible.

Squash1's picture
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Joined: 2008-11-19

ROOGLE..

MSSB Analyst's picture
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Joined: 2009-11-04

Is that a no?

Wet_Blanket's picture
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Joined: 2008-11-13

He means to use the website's search function to find your answer, instead of starting a new thread.
 
RegRep + Google = Roogle

B24's picture
B24
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Joined: 2008-07-08

Why don't you talk to your team about becoming an advisor?  I assume you have done this (or thought of it).  It seems that the path of least resistance would be to get elevated to advisor on the team, and start servicing their small accounts for a piece of the action, and then start building your own book.  It seems to me that this would be a win/win/win (you/team/clients).
However, if your advisors have no interest in that idea, then I think you are SOL.  I think it would be hard to be an advisor in the same office, but NOT on their team, after having worked for them.  If you have a good relationship with them, I don't think it would hurt to ask.  Worst case, they say no, and you do what you would have done anyway (go elsewhere).  You could make 50K at any firm your first year out, without too much effort.  With your background in that environment already, the learning curve would be MUCH shorter.
One thing you should consider...you may be sought after in a larger indy office that is looking to offload some smaller accounts to someone that is willing to take them, and they also wouldn't have to train you (except on the new systems) or get you licensed.  Just a thought.

henrybar's picture
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Joined: 2009-09-22

Wet_Blanket wrote:He means to use the website's search function to find your answer, instead of starting a new thread.
 
RegRep + Google = Roogle
 
I was wondering why he/she keeps posting that.....

MSSB Analyst's picture
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Joined: 2009-11-04

Becoming an advisor was my initial goal with the team however it is not looking like it is going to happen. I also forgot to mention I am going to inherit a significant book of business from a family member at MSSB in aprox 5-7 years which is why it would be advantageous for me to stay with this firm. I would like to build something up in the next 5-7 rather than tread water and make others $$$ with my hard work and knowledge. The Indy office is an idea but I would rather stay put since I am more well versed on our systems and products than many of the advisors here.  Really think I need to reach out and find another team that would allow me to develop my own relationships or just start from scratch on my own.
 
 

Wet_Blanket's picture
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MSSB Analyst wrote:
Becoming an advisor was my initial goal with the team however it is not looking like it is going to happen.  
 
Why?  Tell Wet_Blanket all about it.

henrybar's picture
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Joined: 2009-09-22

MSSB Analyst wrote:
Becoming an advisor was my initial goal with the team however it is not looking like it is going to happen. I also forgot to mention I am going to inherit a significant book of business from a family member at MSSB in aprox 5-7 years which is why it would be advantageous for me to stay with this firm. I would like to build something up in the next 5-7 rather than tread water and make others $$$ with my hard work and knowledge. The Indy office is an idea but I would rather stay put since I am more well versed on our systems and products than many of the advisors here.  Really think I need to reach out and find another team that would allow me to develop my own relationships or just start from scratch on my own
 That doesn't make sense at all... If you are going to inherit the book, why not join his team(dad,grandpa,uncle, brother)?
 
Also 5-7 is a generous time frame, things happen like last year that derail plans..

MSSB Analyst's picture
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Joined: 2009-11-04

Thing is our team does not need another advisor.  We have multiple on the team and we needs an analyst to handle all the performance reporting, manager search and selection, financial plans etc.  Also with team revenue down 30% moving up is not an option at this time
.Geographically I am unable to join the family team in their office and I'm not sure in this market they could afford to "cut me in" as a full time team member at least 50k/yr. What I think I need to do is split my time generating new business and working with them.  I'm not sure if a branch manager would allow me to set this multi office split number.  I am planning some meetings with a few managers in my area to discuss possibilities.

MSSB Analyst's picture
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Joined: 2009-11-04

And yes Henry I agree a lot can change in 5-7 years... especially with an older book.

henrybar's picture
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Joined: 2009-09-22

MSSB Analyst wrote:
Thing is our team does not need another advisor.  We have multiple on the team and we needs an analyst to handle all the performance reporting, manager search and selection, financial plans etc.  Also with team revenue down 30% moving up is not an option at this time
.Geographically I am unable to join the family team in their office and I'm not sure in this market they could afford to "cut me in" as a full time team member at least 50k/yr. What I think I need to do is split my time generating new business and working with them.  I'm not sure if a branch manager would allow me to set this multi office split number.  I am planning some meetings with a few managers in my area to discuss possibilities.
 
So why in 5-7 years will geography matter?

MSSB Analyst's picture
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Joined: 2009-11-04

In 5-7 years geography will not matter.  Trying to leverage my time until then.

MSSB Analyst's picture
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Joined: 2009-11-04

My question is if now is a good time to start building a book?  With all the volitility in the market there must be a lot of clients on the move.

Squash1's picture
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Joined: 2008-11-19

No offense but wouldn't you know? You work at a wirehouse that is going through a merger... Is your team losing clients, putting out fires, are other teams, what is the office like.... ?

MSSB Analyst's picture
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Joined: 2009-11-04

I have seen slightly above average movement in and out not quit as bad as after the tech bubble splattered. Clients are more like deer in the headlights this time around… and this is on accounts over a million.  Wanted some input on smaller accounts from people starting out.

Squash1's picture
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Joined: 2008-11-19

Why would you want to go after smaller accounts?

Sportsfreakbob's picture
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Joined: 2008-08-24

The answer to your question, is that its a great time to start. People need help more than ever. More people are either unhappy with their broker or orphaned by a broker who failed out and if you are willing to work your arse off and be a bull, the opportunities are there.
 
I left MSSB (actually, SB) in May after being there for 10 years, if you have more specific questions, feel free to PM me

MSSB Analyst's picture
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Joined: 2009-11-04

Thanks Bob... that is the positive info I was looking for. 
 
Squash - I would not target smaller accounts but I would take them in the beginning to help get the ball rolling.

Squash1's picture
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Joined: 2008-11-19

I happen to believe if you take small account you end up with a whole bunch of small accounts.. Because most small accounts refer small accounts.
 
What sort of prospecting do you do now?

MSSB Analyst's picture
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Joined: 2009-11-04

Well I think it is when ok to take $100,000 - $1,000,000 accounts when your at 0.  Can always trim the fat down the road as you star to pick up larger accounts. 
 
Don't do any prospecting... I'm an analyst.  The team prospects through client referals, CPA and personal networking.  I have been building a personal network to prepare.  It's not as a big as I would like but a decent start.  I have no problem working my ass off so I should be ok.

Squash1's picture
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Joined: 2008-11-19

The reason i ask is because the hardest part of this job is the prospecting.. the daily grind.. I am all for personal networks, but would think you would have to add some other methods.

MSSB Analyst's picture
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Joined: 2009-11-04

Yes, I believe so.  I have been successful in sales in the past. It's challenging and has it's ups and downs but I miss it and find it exciting!
 

Squash1's picture
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Joined: 2008-11-19

We all did until that month hits and you wonder "WTF am I doing here'...
 
Have you made the move yet?

MSSB Analyst's picture
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Joined: 2009-11-04

Nope... not yet.

Winston Smith's picture
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Joined: 2009-01-13

Are you certain you will be able to inherit this family members book in 5-7 years if they are in a different geographical area? And if so, why would you think the clients would want to work with you if your in a totally different state and you have no relationship with them? I would try to move there sooner rather than later to form the relationships. I know that was not your question but I'm sorry...it doesn't seem to make any sense to me and you're looking at it as your plan for the future. To answer your other question, its a good time to build a business :)

Winston Smith's picture
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Joined: 2009-01-13

Most of the good advisors in this business started in '73-74, I think this is a similar period of time. I just think it's harder to build a book now, so if you have an opp to take over a family members business you want to make sure you can do it. I'd move there, work for free to meet the clients, and have a side job working at dunkin donuts. Tfs.

JackBlack's picture
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Joined: 2008-08-26

MSSB Analyst wrote:
Becoming an advisor was my initial goal with the team however it is not looking like it is going to happen. I also forgot to mention I am going to inherit a significant book of business from a family member at MSSB in aprox 5-7 years which is why it would be advantageous for me to stay with this firm. I would like to build something up in the next 5-7 rather than tread water and make others $$$ with my hard work and knowledge. The Indy office is an idea but I would rather stay put since I am more well versed on our systems and products than many of the advisors here.  Really think I need to reach out and find another team that would allow me to develop my own relationships or just start from scratch on my own.
 
 

Be very careful. My father worked at MS in one office, I worked at MS at another office. When my father retired his BOM would not allow him to transfer most of his book to me. I got less then 2% of his book. 98% was given to other brokers at my father's branch. My father's BM did not want the assets to leave the branch, so he would not sign off on the asset transfers.

Otane's picture
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Joined: 2008-08-04

I would have had your father gone indy before he retired, and then transfer the book to you. But hindsight is 20/20.

exUBS's picture
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Joined: 2009-04-23

Agree.  Way back when, I worked in an office with a father and son team.  Big producers.  Son was brought in right out of college and spent the next 5yrs learning the bus and the client book.  Then they moved to another firm for a very large check.  Dad works a few days a week and his son runs the business day to day.  Key is they retained control over what happened.  If you have an agreement with a family member to receive his book, be sure of 2 things- 1) that MSSB will let you do this 2) if not, have a proactive plan in place to protect your interests.

LA Broker's picture
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Joined: 2008-12-03

What the h*ll is the matter with you? Things are so bad out there even the lifers are complaining, but not you. No. You're pulling in big money. So what's the score huh..

Gaddock's picture
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Joined: 2007-02-23

Pain motivates this is the greatest time to start in decades. If you know how to make money in the market new accounts are lining up from those brokers that went deer in the headlights during the crash. I was truly starting to dig having the VIX above 90. I asked a senior big producer a year ago about margin requirement on a short against the box hedge, he looked at me with a dazed look and told me he never remembered ever being short in a clients account. I can count the brokers I've spoken with that use stops on one hand, unreal.
 
 

Moraen's picture
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Joined: 2009-01-22

I'm not complaining either.  Lifers are upset because people no longer trust their firms (although Gaddock seems to be doing quite well).  Being RIA is great.  Most of the business we've gotten recently has been from people who don't trust the big firms anymore.  They are tired of being told theory and to wait. They want action.

Gaddock's picture
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Joined: 2007-02-23

Moraen wrote:I'm not complaining either.  Lifers are upset because people no longer trust their firms (although Gaddock seems to be doing quite well).  Being RIA is great.  Most of the business we've gotten recently has been from people who don't trust the big firms anymore.  They are tired of being told theory and to wait. They want action.
 
Did you watch the trades on the list I sent you (was you right?).

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