Planning a new career but not sure where ??

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Bull Rider's picture
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Joined: 2009-01-29

first week on this board....Ok, so I was just layed off from a sales position with a large pharmaceutical co.  I am an MBA with a previous life in finance after college. I have contacted ML and interviewed with the Branch Mgr.  I also contacted Smith Barney.  Although both branch managers seemed positive both are unsure of what the training programs are doing since the change at both firms has been extreme in past 30-60 days.  Quite honestly Im afraid of big wireshoues right now  cause the layoffs have been so common.
 
I am open to AXA, Northestern Mut., and other firms.  Im not sure where to look at this point.  I want a flexible sales career of inside and outside work.  I dont necessarly need to be at my desk and doing trades for clients all the time. I am hoping to run a more conservative book of funds and long term planning rather than trading and options.   I am looking for the right culture.  Let me know your thoughts on where to go and what you think is a good fit for me.  Thanks guys !

troll's picture
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Joined: 2004-11-29

I believe you are wise to be cautious about the big wirehouses at this time. 
Check out a couple regionals: Raymond James and Stifel Nicolaus.

Vin Diesel's picture
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Joined: 2007-04-18

 consider coming in as a jr partner at a major wirehouse. do this for a couple years till things begin to stabilize, then go out on your own.

kappa1997's picture
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Joined: 2006-08-14

Dont forget about the trust companies, Northern, Bessemer, ect...

go_huskies's picture
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Joined: 2008-12-10

wachovia isg's training program is still in taking on new candidates. you get paired with a top producing advisor and get access to his c-book and at least one bank branch's assets. salary is on par with the wirehouses (40-50m). without question the best opportunity to get started in the biz, especially in this market.

Bull Rider's picture
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Joined: 2009-01-29

Go Huskies are you a Uconn fan Or Washington ?  Hopefully Uconn.  yes, I will look into Wachovia.  I am wondering just how hard it will be to start off in this business for first 12-18 months ?  Can Anyone share any insight ? IE-typical day, hours, how your days/nights are spent and most importantly what are the biggest challengs a new FA faces in year 1 ?  and why do 6/10 guys fail ?

go_huskies's picture
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Joined: 2008-12-10

proudly my alma mater is the #1 team in the nation...
 
first three months is training. a lot of bs exercises and sales 101 (the price of admission). then hit prospecting hard. be prepared to make at least 100 out bound calls/day. (wirehouses usually suggest 250+, but calls here are a bit warmer and actually entail a conversation.)  to be successful, you should work 8a-8p weekdays and i'd suggest you work at least until lunch on saturdays.
 
vacations shouldn't be in your vocabulary until you could do at least $20000 revenue a month consistently.
 
if you can close business, you'll do fine. most advisors run minimal assets directly. your job is to match the client with a strategy and/or money manager and monitor the strategy/manager. that way you have the time to meet other clients.
 
most people fail because it's hard to be rejected for appointments 90% of the time, then to be rejected by someone that was willing to meet you (either because you choke the presentation or because the prospect has no $$$).  many also fail as they try to become analysts and traders rather than asset gatherers.  (they get consumed with market data, but have only 3 clients - mom, dad, and uncle joe).  the worst failures find everything to occupy their day other than picking up the f'in phone! 
 
most advisors are over 50 and this market took the wind out of their sails. i'm 39 and i'm already reaping the benefits of the deer in the headlights behavior at the wirehouses.
 
it's the last meritocracy, work hard and focus and you'll do fine...
 

Bull Rider's picture
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Joined: 2009-01-29

Thanks Huskies, I did my MBA at Uconn. I was there when we won both mens and womens hoops !  I appreciate your feedback.  What firm are you at right now and do you like it ?  How long ?
 
We are both the same age so you know what position I am in.  I dont mind working very long hours and not seeing my kids but when does vacation time or time off come into the picture ?  Is it possible in year 2 or 3 ?  I am assuming that this career gets easier every year you survive ?
 
 

henryhill's picture
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Joined: 2007-08-23

If you enjoyed being a drug dealer  ,  you may want to look at becoming a mutual fund/VA wholesaler.  I think the jobs are similar and a wholesaler can be a well paying gig.

Bull Rider's picture
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Joined: 2009-01-29

Henry:  it is funny you say that cause I met a fund wholesaler and he said that the jobs were very similar to pharma sales in that it was more "promotion" than sign on the lone hardcore sales.  The thing I like about fund wholesaling is that Ive heard they are very well paid and they are self managed and on the road alot.  THe thing that is not attractive is that you have to do a year or 2 inside to get an external job and then it could be in any part of the US and not in your home state.  I heard that flexibility to travel is huge.
 
Also, how do you get into mutual fund wholesaing without a series 6 or 7 ?
 
Do you guys think that fund wholesaler is a better job than an FA ?

henryhill's picture
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Joined: 2007-08-23

To be a wholesaler you will need at least your 6.   I wouldn't use the word better, just different.  As an FA, you have to deal with clients which can be very rewarding and very frustrating.  A wholesaler, you are a road warrior.  A lot of time away from the kids.  Pay can be great for both.  An average wholesaler I think will make more than an average FA.  A great FA will make a lot more than a great wholesaler.

Squash1's picture
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Joined: 2008-11-19

For you I think it is since you already have experience in the "promotion" category.
 
When you ask questions about vacation or time off, a wholesaler position would be better... I hate to do this but "If you want vacation time, go teach 3rd grade public school"...

henryhill's picture
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Joined: 2007-08-23

If time off/vacation is important.  FA is much better.  Once you have the business up and running (takes several years to accomplish this) you can take all the time you want. 

Roadhard's picture
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Joined: 2007-02-23

GOT ANY SAMPLES?  Depression is starting to set in!  Go to Jones--I'm a Indy but go there!  Good training and ask for an open office

Vet20's picture
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Joined: 2008-10-29

Planning a new career?  How about Family Dollar Stores, Walmart, or McDonalds??

go_huskies's picture
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Joined: 2008-12-10

What's the deal with Jones?  Selling soon to be extinct loaded products? Great way to be rendered irrelevant in 3-5 years.
 
RIA model is the only way to go indy. get paid for service, not a single trade. takes years of building a book to make the jump.
 
That said, Wachovia ISG is the best place to launch a career.

Morphius's picture
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Joined: 2007-07-21

go_huskies wrote: RIA model is the only way to go indy. get paid for service, not a single trade.
I agree RIA ia a great option for many with established base of assets, but please clarify what you mean by "not a single trade."

ytrewq's picture
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Joined: 2008-08-02

go_huskies wrote:What's the deal with Jones?  Selling soon to be extinct loaded products? Great way to be rendered irrelevant in 3-5 years.
 
RIA model is the only way to go indy. get paid for service, not a single trade. takes years of building a book to make the jump.
 
That said, Wachovia ISG is the best place to launch a career.
 
Your post doesn't make sense.  You say "loaded products soon to be extinct"  Then you say "takes years of building a book to make the jump."  How can you build a book without loaded (read "commission") products then jump RIA (read "fee based") when those very same products are, according to you, extinct?

go_huskies's picture
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Joined: 2008-12-10

you build a book with fee-based assets from day one.  once your base is in place, you move out of the bank and into indy.  if you run a practice properly, the bank's clients see you as the point person and the bank just houses your office.
 
a-b-c shares won't be offered in 3-5 years.  look how big etfs have gotten in a short time. loaded funds are dead.  the only commission product will be insurance going forward.

Squash1's picture
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Joined: 2008-11-19

Go Huskies way to spot the trends for us... ETFs will replace mutual funds??? I think B/C shares will go away, but A will always be there... The idea of Jones going extinct is also retarded.. Just to let you know there are plenty of other firms that charge commission. So are they extinct too?  That is like me saying.. eventually feebased will die out and so will RIAs(no supervision).  Doesn't sound logical does it...

go_huskies's picture
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Joined: 2008-12-10

the original post inquired how one gets started in this biz.  i posted how i've done it, and how i'd recommend others to do it.
 
as far as A shares, why would any semi-intelligent client buy a loaded fund when they could get no-loads from fidelity/vanguard or I-shares in an institutional wrap fee account from an advisor?   my opinion is that loaded funds' days are numbered
 
i didn't intend to bash jones, i just don't get the biz model.
 
the program with wachovia isg pays a salary while offering a book to work with. you could build 200m in fees over the 2 year salary term.  toss in a few insurance tickets, and you've built a nice biz

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