Info from those who know

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Dontknow's picture
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Joined: 2007-05-31

I know that seeking career advice online is going to be pretty hit or miss, but it's not like I can call my regional leader, so here I am.

I've been fairly successful here. I haven't set anyone's hair on fire, but I've done pretty ok. I'm a bit week on prospecting as I don't do the whole door knocking thing, but I do a good job of collecting assets from those I pick up at my seminars and with referrals. The problem is that the BS has just gotten too thick for me to enjoy it anymore. I'm going to have to move on down the road at some point so I can start enjoying my job again. Unfortunately, I'm not big enough to survive on my own yet, so I don't think independent is an option. If I go I'd take $10-15 with me so I do have some assets. My gross is $15K+.

At this stage what are my best options? Banks? Other brokerages? Just suck it up and stay where I am for a few more years and try not get sucked in? Having a branch manager tell me what to sell doesn't motivate me so I know that going to some of the competitors wouldn't be a good fit, but there have to be some viable options for my career at this point.

Billyclub's picture
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Joined: 2007-04-26

How long did it take you to get where you are now?

parachute's picture
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Joined: 2007-04-22

I've learned how to counsel newbys from reading posts here. here's a sampling
end it all
you are a moron
you have a low iq
Being a realtor is looking better to me!
-Fancy Nancy

parachute's picture
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Joined: 2007-04-22

Yep:  It was "I" and I know all of joe's aliases, 2! But you got to pretend you're not fooled - or he will cry
 

fighnancy's picture
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Joined: 2007-05-02

Remind me to never pm parachute again!  Just because I felt sorry for her since she was picked on so much.  Never again!  Who can you trust!  Noone!
What an imposter!
I am Nancy not she!!!!!!!  You can't post here for the silly clowns! I give up!
I am Fancy Nancy not this facade parachute!!!!
But she was right: being a realtor is best: Sampson: don't pm me: I am not pursuing this field any longer.  It's not for me!

troll's picture
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Joined: 2004-11-29

parachute wrote:I've learned how to counsel newbys from reading posts here. here's a sampling
end it all
you are a moron
you have a low iq
Being a realtor is looking better to me!
-Fancy NancyParachute forgot that she'd signed on as parachute and not her latest alias, "fancynancy".  So she signed it "fancynancy", and then tried to cover up her mistake in the subsequent posts.Good try parachute/goforbroke.  Another time you've blown your cover story...

fighnancy's picture
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Joined: 2007-05-02

Mister, I can see what parachute doesn't like you: you are such a big tattletale but you are really telling a tall tell this time.  I just pm'd you and told you she was imitating me just like Fredum Lvr imitated her.  I shared pm's with her since I felt sorry for her because she was picked on so much here.  I'm leaving this site, too, Mister!
here's my pm to Mister joedabrkr
what a b*tch
She even used my graphic.  I copied this in a pm and signed my name Fancy Nancy, too.  I'm leaving the site.  I'll just stick with being a realtor.  If you're in NM, stop by BmcGee's's in Albq.  I'm usually there on Friday night and I normally wear my Minnie Mouse costume, too.  I work part-time there as a waitress and we have to wear costomes.
Chased off the site by an alias master, parachute but she told me you were the king of aliases.
  Fancy Nancy

fighnancy's picture
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Joined: 2007-05-02

No further interest.  I will remain a realtor!
Thanks but no thanks Sampson.  Silo, sorry I didn't here back from you.
Best of luck to everyone!  This appears to be a tough career field. This forum has a tough crowd-I know that much!

ExPropTrader's picture
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Joined: 2006-11-19

fighnancy wrote:
No further interest.  I will remain a realtor!

Then go play on the Yahoo forum for bipolar morons

parachute's picture
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Joined: 2007-04-22

I mentioned I have better things to do.  I was showing how easy it is to be "setup" just as pratoman, joedabrkr and Bobby Hull did with me first stating Bobby Hull was bullying pratoman, etc. and then he posts my pm:  this was a cyberbully setup ...but ohhhh, I'm really fooled.
Nan:
Sorry I used you.  I apologize, Nancy!  To set the record straight, here's the pm she sent me.  You are smart to stick with being a realtor. And yes, this is a tough BIPOLAR crowd!

parachute's picture
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Joined: 2007-04-22

here's the pm I rec'd from Fighnancy:

fighnancyNewbie<?:namespace prefix = v ns = "urn:schemas-microsoft-com:vml" /><?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />Joined: May 02 2007Posts: 20Location: <?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />United States

Sent: May 28 at 1005pm

FreedomAdvocate, Parachute,
I feel so sorry for you. 
You did a good job of defending yourself.  I would leave the site, too, if I were you.  In fact, I will leave since all the advice I see is:
end it all
you are a moron
you have a low IQ
Best of luck to you"!
  
-Fancy Nancy

ExPropTrader's picture
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Joined: 2006-11-19

ExPropTraderSenior MemberJoined: Nov. 19 2006Posts: 138

Sent: May 31 2007 at 11:03pm

You are the bestest ever.  You is the mostest thinking person on this bord, I want to be just like you when I finish my edumacation.
 
And here is the message I got from MYSELF, sometimes the left hand has no idea what the right one is doing. 

parachute's picture
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Joined: 2007-04-22
parachute's picture
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Joined: 2007-04-22

EX: the left hand is probly buzy filling up that sock.
u r my mostest favoriite cyberbully ever!  joedabrkr: u're fired!
I'm done but exprop is so darn cute ...just had to comment.
Shalom, & Amen :-)
Peace and goodwill towards men &women, even the cyberbullies here!
 

new_indy's picture
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Joined: 2007-03-28

ummm.... think lithium or perhaps start with counseling and see where it goes.  If you don't like it, maybe one of your "friends" will...

echo's picture
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Joined: 2007-06-01

new_indy wrote:ummm.... think lithium or perhaps start with counseling and see where it goes.  If you don't like it, maybe one of your "friends" will...
I echo that.  You are a complete moron.

Oldproducer's picture
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Joined: 2007-05-14

This little girl is a strange one....

Dontknow's picture
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Joined: 2007-05-31

schizophrenia is fun but does anyone have any ideas that relate to the actual topic?

EDJ4now's picture
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Joined: 2006-02-08

Must she pollute every thread?

EDJ4now's picture
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Joined: 2006-02-08

My dog is annoyed by rabbits.  Not that my dog is relevant to this post, but neither is any of the rest of this drivel.

Indyone's picture
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Joined: 2005-05-31

Billyclub wrote:How long did it take you to get where you are now?
I'm curious about this also.  In addition, I'm assuming that you mean your gross is $15K+ per month?  If you can give us a bit more background (age, years in business/how long at Jones, composition of your book, etc.), you'll probably get better advice.

EDJ4now's picture
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Joined: 2006-02-08

I'm not going to post it all again, but if you check my old posts you can find something. 
I was in a similar situation last year (not great prospector), my 3 years were up, and I went to a bank.  Lots of variation in bank programs, some are great, some suck, so you need to do your due dilligence if you go that route.  It was a good fit for me, I went from a low Segment 3 broker to producing probably in the $250-300 GDC range for this year, my payout is about the same, and even though there is BS to deal with at a bank, it's just different BS than I had at EDJ or would have at a wire.
Independent would be nice, but I would think that's a pretty small book to start.  I think Indyone, started with pretty low AUM, maybe he will chime in.

troll's picture
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Joined: 2004-11-29

parachute wrote:I mentioned I have better things to do. 
 
I think you're lying. Prove me wrong and go do one of those "better" things....

Dust Bunny's picture
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Joined: 2007-05-07

Dontknow wrote:schizophrenia is fun but does anyone have any ideas that relate to the actual topic?
How long have you been at Jones?  Are you beyond the time where you might have to pay the training costs back.
Given that you feel you will only be able to move 10 to 15 million of your book, you might consider looking into a partnership/working relationship with another independent rep or planning/financial advisory company where you don't have to pull all the freight yourself. 
If you don't like having a branch manager tell you what to do, I imagine you won't like working for a bank either.  The advantage to a bank platform is that you usually have a base salary in addition to commissions.

Indyone's picture
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Joined: 2005-05-31

EDJ4now wrote:Independent would be nice, but I would think that's a pretty small book to start.  I think Indyone, started with pretty low AUM, maybe he will chime in.
I left AUM in the upper 40's and targeted about half of that (23-24 mil) as moveable/desireable.  Most of that came over and with new business/appreciation, I'm just over $35 mil now, a little less than two years in.  You can make independence work at your level, but it will be a struggle if 10-15 mil max, all transaction-based is what you expect to bring.  Again, if the original topic poster will fill in a few more details, he/she will most likely get better advice.

Dontknow's picture
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Joined: 2007-05-31

I've been at Jones past my 3 year point, and have a bit under $20million. Only about $15 of that would I want to take with, so obviously if that is my target, less would actually follow.   

I do mostly mutual funds, some bonds but I don't like what I have to offer in that arena. Insurance is just starting to be a real focus. VA's but mostly 1035 targets when I do them. My client base is late 30's to mid 60's. Avg acct size around $150K. I know the mother ship doesn't train us on anything other than the recipe, and I know there is a bigger world out there. I've always figured I would end up independent eventually, but the longer I'm here the more clear it becomes that it's pretty hard to see all the colors of the rainbow through the green magical glasses. How am I supposed to learn about the rest of the story if I'm still here in the mix?

I don't have some driving goal to be the biggest or richest advisor in the world. I want to treat my clients well, feel like I am actually working in their best interest, and provide a comfortable lifestyle for my family.

Broker24's picture
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Joined: 2006-10-12

Dontknow,
That's fine if you want to go independant. But I don't think hanging a
new shingle will make you magically "know more" or be a better advisor.
You need to be self-taught in this industry. I don't think any veteran -
Jones or otherwise - would tell you that they learned what they know
from their firm. I work for Jones and am well aware that I need to teach
myself what is out there. I like Jones, but I am NOT a kool-aide drinker.
My suggestion would be to get your AUM up, continue learning as much
as you can (read a LOT - but not Jones literature), and keep researching
the alternatives out there. Making the jump too soon can really derail
your plans.
Just my own thoughts...

Indyone's picture
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Joined: 2005-05-31

That's sage advice...I'm thinking too that it may be just a bit early to make a move.  Consider using some C shares to create a poor man's fee-based account for those who suit a fee-based arrangement.  You might also enroll in the CFP curriculum and eventually sit for the exam.  A better benchmark for making the move is probably five years in and at least $30 million AUM.

noggin's picture
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Joined: 2004-11-30

I totally agree with Broker24 and Indyone. Wait until you have 35-45 Mil. At that point you have scale to succeed.

AllREIT's picture
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Joined: 2006-12-16

Indyone wrote: Consider using some C shares to create a poor man's fee-based account for those who suit a fee-based arrangement.

With a total expense ratio north of 2%, C-share are indeed suitable for creating a poor man's account.

Dontknow's picture
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Joined: 2007-05-31

I got a phone call yesterday that has me interested. Is anyone familiar with LPL Advisors working through banks? I was under the impression that bank brokers were employees of the bank. Anyway, I'm going to talk to them next week because I don't know what the opportunity looks like at all.   

charliefoxpapa's picture
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Joined: 2007-06-11

Dontknow... yep, LPL reps are in about 600 financial institutions... they have a whole infrastructure for it.  Bought UVEST early this year which is big on that line of business.  I'm personally not familiar with how it works, but I can see where the synergy/opportunity is (HELLO AGE FC's in Wachovia branches!), for sure.

Dontknow's picture
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Joined: 2007-05-31

Ok, so now I've got a call from M&I bank. anyone have info on them? they're one of the smaller ones in my area so I'm not really familiar with them.

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