Excellent advice. One question: is this market such that the timing for a new FA is better, worse, or the same as say 2 years ago?

[quote=maddmatt]Excellent advice. One question: is this market such that the timing for a new FA is better, worse, or the same as say 2 years ago?

I am looking to start as an independent as well.  I come from the insurance side selling VA’s, FIA’s and life prods.  I would like to break into the financial sector and have built a large network working as an external wholesaler.  I have the capital to sustain for a year.  I also have the opportunity to work for a family member as long as necessary to sustain financially while finishing the 7 and building a book.  However, I need the sponsorship and was checking into LPL, but they said I’d have to work out a deal w/ a branch mgr.  I wasn’t sure on overrides or how to secure a decent deal since I plan to have my own office once I get to $150K GDC or so.  Would I have to be released by the branch mgr and how would they feel about that?  any advice?  I have checked out EJ, ML, RJ and others, but don’t seem to get positive vibes from them.

I am sure that I am going to be successful, the only reason I am asking this website is to see what is the best way to get there. But like all things and situations, people would rather tell you to quite before you start.  I am looking for advice on how to get to success quicker not just advice of how to get to SUCCESS.  If the answer is work your butt off until you drop for 10hrs a day let me know.  Don’t give me the percentage of fail rate. It can’t be too hard beat the odds because there are many on this website who have survived that didn’t go to Harvard or MIT.  We all know sales is a business that takes sacrifice and hard work.

[quote=TheLongHaul]It can’t be too hard beat the odds because there are many on this website who have survived that didn’t go to Harvard or MIT. 
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If it were easy to beat the odds, the odds would - by definition - reflect that.  Everyone believes they will beat the odds or they wouldn’t start.  You may be among the handful who actually do what they think they will do.  But if you really think beating the odds “can’t be too hard” you are in for a rude awakening. 

If the answer is work your butt off until you drop for 10hrs a day let me know.  

What you need to do is ask Raymond James if they would send a notice out to the RJA (wirehouse) and RJFS (independent) branches near you and ask if the branch is looking for "green representatives". You need to do this with other indy firms. Also, some indy firms will allow you to continue to offer mortgage loans outside of the firm as an outside business activity.

I agree with mrwhitehead. I just left the military (officer) and was looking to start as an FA anywhere. After all the wirehouses in town told me to pound sand because they were on a hiring freeze, I walked straight into an LPL Indy office and told the owner I wanted a job. I got lucky and he paid me a small salary (75% less than the military) and sponsored me to take my exams. There are a few indies who are still doing well and will invest in a promising young FA. If you have any other industry experience it is only going to help. My advice, don’t call around, walk around. Walk into their office and tell them that you aren’t going to leave a door on its hinges in town until someone gives you a job. And have a 1-2years worth of salary in savings. If you don’t have that, don’t bother. 

I think it’s a great time to start… I started in 2001-2002, and just called all day long, built a pretty nice book in about 2 yrs… Half this business is being in the right place at the right time…

This is a great time to start. The majority of clients are questioning the current broker situation. Although they should be questioning the market not the broker, they still think it is the brokers fault for the losses.